NOTE 12—TOTAL EQUITY

A summary of changes in total equity is presented below:


		Stockholders' Equity
				Additional
	Common Stock			Paid-In				Retained		Noncontrolling		Total
(in thousands)	Shares	Amount		Capital		AOCI		Earnings		Interests		Equity
Balance at December 31, 2017	30,016	$	300	$	229,080	$	93	$	579,943	$	5,565	$	814,981
Walker & Dunlop net income	—		—		—		—		77,973		—		77,973
Net income (loss) from noncontrolling interests	—		—		—		—		—		(233)		(233)
Other comprehensive income (loss), net of tax	—		—		—		(180)		—		—		(180)
Stock-based compensation - equity classified	—		—		10,169		—		—		—		10,169
Issuance of common stock in connection with equity compensation plans	809		8		8,059		—		—		—		8,067
Repurchase and retirement of common stock	(435)		(4)		(12,744)		—		(8,709)		—		(21,457)
Cash dividends paid	—		—		—		—		(15,699)		—		(15,699)
Balance at June 30, 2018	30,390	$	304	$	234,564	$	(87)	$	633,508	$	5,332	$	873,621

During the first quarter of 2018, the Company repurchased under a 2017 share repurchase program 244 thousand shares of its common stock at a weighted average price of $46.77 per share and immediately retired the shares, reducing stockholders’ equity by $11.4 million. During the first quarter of 2018, the Company’s Board of Directors authorized the Company to repurchase up to $50.0 million of its common stock over a 12-month period. The Company had the full $50.0 million of authorized share repurchase capacity remaining as of June 30, 2018.

In February 2018, the Company’s Board of Directors declared a cash dividend of $0.25 per share for the first quarter of 2018. The dividend was paid during the first quarter of 2018 to all holders of record of our restricted and unrestricted common stock and restricted stock units. This dividend was the first such dividend payment since the Company’s initial public offering in December 2010. In May 2018, the Company’s Board of Directors declared a dividend of $0.25 per share for the second quarter of 2018. The dividend was paid on June 5, 2018 to all holders of record of our restricted and unrestricted common stock and restricted stock units as of May 18, 2018. On July 31, 2018, the Company’s Board of Directors declared a cash dividend of $0.25 per share for the third quarter of 2018. The Company expects the dividends paid during 2018 to be an insignificant portion of the Company’s net income, retained earnings, and cash and cash equivalents.

The Company’s note payable contains direct restrictions to the amount of dividends the Company may pay, and the warehouse debt facilities and agreements with the Agencies contain minimum equity, liquidity, and other capital requirements that indirectly restrict the amount of dividends the Company may pay. The Company does not believe that these restrictions currently limit the amount of dividends the Company intends to pay for the foreseeable future.