Equity

Changes to equity during the nine months ended September 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	956,064			57,843			1,013,907
Dividends	(175,921		)	—			(175,921		)
Distributions to noncontrolling interest holders	—			(93,128		)	(93,128		)
Other comprehensive loss, net of tax	(3,963		)	—			(3,963		)
Allocated equity on HEP common unit issuances, net of tax	42,198			58,202			100,400
Equity-based compensation	23,840			2,256			26,096
Purchase of treasury stock ⁽¹⁾	(186,632		)	—			(186,632		)
Purchase of HEP units for restricted grants	—			(58		)	(58		)
Adoption of accounting standards	(14,129		)	—			(14,129		)
Balance at September 30, 2018	$	6,012,286		$	551,226		$	6,563,512

(1) Includes 12,593 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 September 2018, 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 September 30, 2018, we had remaining authorization to repurchase up to $949.3 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.