Note 11 – Equity

Share Activity

In February 2016, the Company’s Board of Directors authorized a $100 million share repurchase program (the “2016 Share Repurchase Program”). Under the 2016 Share Repurchase Program, which does not have an expiration date, the Company may repurchase shares from time to time in open market transactions or in privately-negotiated transactions in accordance with applicable securities laws. The timing and the amount of any repurchases will be determined based on market conditions, legal requirements, cash flow and liquidity needs and other factors. The share repurchase program may be modified or suspended at any time at the Company’s discretion. Share repurchases, which are recorded at cost and are held in the Company’s treasury, are funded with available cash or with availability under the Credit Facility. The Company repurchased 38.8 thousand shares of the Company’s common stock for an aggregate purchase price of $1.6 million under this program during the year ended December 31, 2017, and no shares were repurchased during the year ended December 31, 2016. During the year ended December 31, 2015, the Company repurchased 5.2 million shares of its common stock under a separate and completed share repurchase program that was established in 2014 for an aggregate purchase price of $100 million.

The Company may use either authorized and unissued shares or treasury shares to meet share issuance requirements, including those resulting from vesting of restricted shares and other share issuance requirements.

Comprehensive Income (Loss)

Comprehensive income (loss) is a measure of net income (loss) and other changes in equity that result from transactions other than those with shareholders. Comprehensive income (loss) consists of net income (loss), foreign currency translation adjustments, primarily from fluctuations in foreign currency exchange rates of the Company’s foreign subsidiaries with a functional currency other than the U.S. dollar, unrealized gains and losses from investment activities and net income (loss) attributable to non-controlling interests.

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss is composed of unrealized foreign currency gains and losses and unrealized gains and losses from certain investment activities. Unrealized foreign currency activity for the three years in the period ended December 31, 2017 is primarily related to translation gains and losses resulting from the Company’s Canadian operations. Investment activity for the years ended December 31, 2017 and 2016 relates to unrealized gains and losses on interest rate swaps associated with the Waha JVs.

Activity for the periods indicated was as follows (in thousands):



	For the Years Ended December 31,
	2017									2016									2015
	Foreign Currency			Other			Total			Foreign Currency			Other			Total			Foreign Currency			Other			Total
Balance as of January 1	$	(64,478	)	$	(1,336	)	$	(65,814	)	$	(67,063	)	$	(5,288	)	$	(72,351	)	$	(28,716	)	$	(5,288	)	$	(34,004	)
Unrealized gains (losses), net of tax	1,627			475			2,102			2,585			3,952			6,537			(38,347		)	—			(38,347		)
Balance as of December 31	$	(62,851	)	$	(861	)	$	(63,712	)	$	(64,478	)	$	(1,336	)	$	(65,814	)	$	(67,063	)	$	(5,288	)	$	(72,351	)