Equity

Changes to equity during the six months ended June 30, 2018 are presented below:



	HollyFrontier Stockholders’ Equity			Noncontrolling Interest			Total Equity
	(In thousands)
Balance at December 31, 2017	$	5,370,829		$	526,111		$	5,896,940
Net income	613,598			38,177			651,775
Dividends	(117,500		)	—			(117,500		)
Distributions to noncontrolling interest holders	—			(60,759		)	(60,759		)
Other comprehensive loss, net of tax	(17,956		)	—			(17,956		)
Allocated equity on HEP common unit issuances, net of tax	42,201			58,263			100,464
Equity-based compensation	15,758			1,548			17,306
Purchase of treasury stock ⁽¹⁾	(55,550		)	—			(55,550		)
Purchase of HEP units for restricted grants	—			(58		)	(58		)
Adoption of accounting standards	(11,019		)	—			(11,019		)
Balance at June 30, 2018	$	5,840,361		$	563,282		$	6,403,643

(1) Includes 12,469 shares withheld under the terms of stock-based compensation agreements to provide funds for the payment of payroll and income taxes due at the vesting of share-based awards.

In May 2015, our Board of Directors approved a $1 billion share repurchase program, which replaced all existing share repurchase programs, authorizing us to repurchase common stock in the open market or through privately negotiated transactions. The timing and amount of stock repurchases will depend on market conditions and corporate, regulatory and other relevant considerations. This program may be discontinued at any time by the Board of Directors. As of June 30, 2018, we had remaining authorization to repurchase up to $123.7 million under this stock repurchase program. In addition, we are authorized by our Board of Directors to repurchase shares in an amount sufficient to offset shares issued under our compensation programs.