Note 6—Shareholders’ Equity and Noncontrolling Interests

Net income attributable to noncontrolling interests is classified below net income. Earnings per share is determined after the impact of the noncontrolling interests’ share in net income of the Company. In addition, the equity attributable to noncontrolling interests is presented as a separate caption within equity.

A rollforward of consolidated changes in equity for the nine months ended September 30, 2018 is as follows:


	Amphenol Corporation Shareholders
								Accumulated
	Common Stock							Other
	Shares			Additional		Retained		Comprehensive		Treasury		Noncontrolling		Total
	(in millions)	Amount		Paid-In Capital		Earnings		Loss		Stock		Interests		Equity

Balance as of December 31, 2017	305.7	$	0.3	$	1,249.0	$	2,941.5	$	(201.0)	$	—	$	53.6	$	4,043.4
Cumulative effect of adoption of revenue recognition standard (Note 2)							3.2								3.2
Net income							866.9						8.8		875.7
Other comprehensive loss									(136.3)				(2.7)		(139.0)
Acquisitions resulting in noncontrolling interest													0.3		0.3
Purchase of noncontrolling interest					(2.3)								(5.4)		(7.7)
Distributions to shareholders of noncontrolling interests													(10.2)		(10.2)
Purchase of treasury stock											(680.2)				(680.2)
Retirement of treasury stock	(7.7)						(680.2)				680.2				—
Stock options exercised	3.3				123.0										123.0
Dividends declared							(195.6)								(195.6)
Stock-based compensation expense					40.4										40.4
Balance as of September 30, 2018	301.3	$	0.3	$	1,410.1	$	2,935.8	$	(337.3)	$	—	$	44.4	$	4,053.3

A rollforward of consolidated changes in equity for the nine months ended September 30, 2017 is as follows:


	Amphenol Corporation Shareholders
								Accumulated
	Common Stock							Other
	Shares			Additional		Retained		Comprehensive		Treasury		Noncontrolling		Total
	(in millions)	Amount		Paid-In Capital		Earnings		Loss		Stock		Interests		Equity

Balance as of December 31, 2016	308.3	$	0.3	$	1,020.9	$	3,122.7	$	(469.0)	$	—	$	48.2	$	3,723.1
Net income							753.9						7.2		761.1
Other comprehensive income									182.8				2.1		184.9
Acquisitions resulting in noncontrolling interest													1.2		1.2
Purchase of noncontrolling interest					(5.5)								(9.5)		(15.0)
Distributions to shareholders of noncontrolling interests													(7.1)		(7.1)
Purchase of treasury stock											(555.6)				(555.6)
Retirement of treasury stock	(7.7)						(555.6)				555.6				—
Stock options exercised	4.4				135.3										135.3
Dividends declared							(155.7)								(155.7)
Stock-based compensation expense					37.1										37.1
Balance as of September 30, 2017	305.0	$	0.3	$	1,187.8	$	3,165.3	$	(286.2)	$	—	$	42.1	$	4,109.3

On January 24, 2017, the Company’s Board of Directors authorized a stock repurchase program under which the Company could purchase up to $1,000.0 of the Company’s Common Stock during the two-year period ending January 24, 2019 in accordance with the requirements of Rule 10b-18 of the Exchange Act (the “2017 Stock Repurchase Program”). During the three months ended March 31, 2018, the Company repurchased 4.2 million shares of its common stock for $382.0 under the 2017 Stock Repurchase Program, bringing total repurchases under this program to approximately 12.6 million shares or $1,000.0, thus completing the 2017 Stock Repurchase Program.

On April 24, 2018, the Company’s Board of Directors authorized a new stock repurchase program under which the Company may purchase up to $2,000.0 of the Company’s Common Stock during the three-year period ending April 24, 2021 in accordance with the requirements of Rule 10b-18 of the Exchange Act (the “2018 Stock Repurchase Program”). During the three and nine months ended September 30, 2018, the Company repurchased 0.4 million and 3.5 million shares of its common stock for $34.8 and $298.2, respectively, under the 2018 Stock Repurchase Program. These treasury shares have been retired by the Company, accordingly common stock and retained earnings were reduced. The Company has not repurchased any additional shares of its common stock through October 24, 2018, and has remaining authorization to purchase up to approximately $1,701.8 of its common stock under the 2018 Stock Repurchase Program. The price and timing of any future purchases under the 2018 Stock Repurchase Program will depend on factors such as levels of cash generation from operations, the volume of stock option exercises by employees, cash requirements for acquisitions, dividends, economic and market conditions and stock price.

Contingent upon declaration by the Board of Directors, the Company generally pays a quarterly dividend on shares of its Common Stock. The following table summarizes the declared quarterly dividends per share as well as the dividends declared and paid for the three and nine months ended September 30, 2018 and 2017:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2018		2017		2018		2017
Dividends declared per share	$	0.23	$	0.19	$	0.65	$	0.51

Dividends declared	$	69.3	$	57.9	$	195.6	$	155.7
Dividends paid (including those declared in the prior year)		69.0		48.8		184.4		147.1

On April 24, 2018, the Company’s Board of Directors approved an increase to its quarterly dividend rate from $0.19 to $0.23 per share effective with dividends declared in the second quarter of 2018.