10. Equity

The following table provides a reconciliation of the beginning and ending equity attributable to shareholders of Atlantic Power Corporation, preferred shares issued by a subsidiary company and total equity for the six months ended June 30, 2017 and 2016:


	Six months ended June 30, 2017
	Total Atlantic		Preferred shares
	Power Corporation		issued by a subsidiary
	Shareholders’ Equity		company		Total Equity
Balance at January 1, 2017	$	64.6	$	221.3	$	285.9
Net (loss) income		(24.6)		4.3		(20.3)
Realized and unrealized gain on hedging activities, net of tax		0.1		—		0.1
Foreign currency translation adjustment		6.7		—		6.7
Defined benefit plan, net of tax		0.1		—		0.1
Stock-based compensation		1.1		—		1.1
Dividends declared on preferred shares of a subsidiary company		—		(4.3)		(4.3)
Balance at June 30, 2017	$	48.0	$	221.3	$	269.3


	Six months ended June 30, 2016
	Total Atlantic		Preferred shares
	Power Corporation		issued by a subsidiary
	Shareholders’ Equity		company		Total Equity
Balance at January 1, 2016	$	213.9	$	221.3	$	435.2
Net (loss) income		(33.5)		4.2		(29.3)
Realized and unrealized loss on hedging activities, net of tax		(0.3)		—		(0.3)
Foreign currency translation adjustment		19.4		—		19.4
Common share repurchases		(4.7)		—		(4.7)
Stock-based compensation		0.8		—		0.8
Dividends declared on preferred shares of a subsidiary company		—		(4.2)		(4.2)
Balance at June 30, 2016	$	195.6	$	221.3	$	416.9

Stock Repurchase Program

In December 2015, our Board of Directors approved an NCIB for each series of our convertible unsecured subordinated debentures, our common shares and for each series of the preferred shares of Atlantic Power Preferred Equity Ltd (“APPEL”), our wholly-owned subsidiary. The Board authorization permitted the Company to repurchase stock through open market repurchases. The NCIB expired on December 28, 2016. Through June 30, 2016, we repurchased and cancelled 2.0 million common shares at a total cost of $4.7 million. For the year ended December 31, 2016, we repurchased a cumulative 8.0 million common shares at a total cost of $19.5 million. Repurchases and retirement of common shares are recorded to common shares on the consolidated balance sheets.

On December 29, 2016, we commenced a new NCIB that will expire on December 28, 2017 or such earlier date as the Company and/or APPEL complete their respective purchases pursuant to the NCIBs. Under the new NCIB, we may purchase up to approximately 11.3 million common shares, or 10% of our public float. We did not repurchase any common shares in the six months ended June 30, 2017. In July 2017, we repurchased and cancelled 171,612 of our 4.85% Cumulative Redeemable Preferred Shares at Cdn$15.5 per share for a total payment of Cdn$2.7 million.