11. 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 nine months ended September 30, 2017 and 2016:


	Nine months ended September 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		(57.5)		3.5		(54.0)
Realized and unrealized gain on hedging activities, net of tax		0.2		—		0.2
Foreign currency translation adjustment		15.9		—		15.9
Defined benefit plan, net of tax		0.1		—		0.1
Common share repurchases		(0.2)		—		(0.2)
Preferred share repurchases		—		(3.1)		(3.1)
Stock-based compensation		1.6		—		1.6
Dividends declared on preferred shares of a subsidiary company		—		(6.5)		(6.5)
Balance at September 30, 2017	$	24.7	$	215.2	$	239.9


	Nine months ended September 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		(116.2)		6.4		(109.8)
Realized and unrealized loss on hedging activities, net of tax		(0.1)		—		(0.1)
Foreign currency translation adjustment		(2.6)		—		(2.6)
Common share repurchases		(13.9)		—		(13.9)
Stock-based compensation		1.4		—		1.4
Dividends declared on preferred shares of a subsidiary company		—		(6.4)		(6.4)
Balance at September 30, 2016	$	82.5	$	221.3	$	303.8

Stock Repurchase Program

In December 2015, our Board of Directors approved a normal course issuer bid (“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 September 30, 2016, we repurchased and cancelled 5.7 million common shares at a total cost of $13.9 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. Through September 30, 2017, we repurchased and cancelled 0.1 million common shares at a cost of $0.2 million. Through September 30, 2017, we also repurchased and cancelled 0.3 million of our Cdn$25.0 par value 4.85% Cumulative Redeemable Preferred Shares, Series 1 at Cdn$15.5 per share for a total payment of Cdn$3.9 million, resulting in a $3.0 million gain recorded in net (loss) income attributable to preferred shares of a subsidiary company in the three and nine months ended September 30, 2017.