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 three months ended March 31, 2019 is as follows:


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

Balance as of December 31, 2018	299.2	$	0.3	(0.7)	$	(55.0)	$	1,433.2	$	3,028.7	$	(390.2)	$	47.2	$	4,064.2
Net income										267.5				2.4		269.9
Other comprehensive income												5.4		0.9		6.3
Distributions to shareholders of noncontrolling interests														(3.2)		(3.2)
Purchase of treasury stock				(1.8)		(160.0)										(160.0)
Retirement of treasury stock	(0.8)			0.8		72.4				(72.4)						—
Stock options exercised	1.0			0.3		22.9		37.6		(13.2)						47.3
Dividends declared ($0.23 per common share)										(68.5)						(68.5)
Stock-based compensation expense								14.4								14.4
Balance as of March 31, 2019	299.4	$	0.3	(1.4)	$	(119.7)	$	1,485.2	$	3,142.1	$	(384.8)	$	47.3	$	4,170.4

A rollforward of consolidated changes in equity for the three months ended March 31, 2018 is as follows:


	Amphenol Corporation Shareholders
											Accumulated
	Common Stock			Treasury Stock							Other
	Shares			Shares			Additional		Retained		Comprehensive		Noncontrolling		Total
	(in millions)	Amount		(in millions)	Amount		Paid-In Capital		Earnings		Loss		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										3.2						3.2
Net income										265.6				2.7		268.3
Other comprehensive income												61.3		1.5		62.8
Acquisitions resulting in noncontrolling interest														0.1		0.1
Distributions to shareholders of noncontrolling interests														(3.9)		(3.9)
Purchase of treasury stock				(4.2)		(382.0)										(382.0)
Retirement of treasury stock	(4.2)			4.2		382.0				(382.0)						—
Stock options exercised	0.6							20.7								20.7
Dividends declared ($0.19 per common share)										(57.4)						(57.4)
Stock-based compensation expense								12.7								12.7
Balance as of March 31, 2018	302.1	$	0.3	—	$	—	$	1,282.4	$	2,770.9	$	(139.7)	$	54.0	$	3,967.9

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 (the “2017 Stock Repurchase Program”) in accordance with the requirements of Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). 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 months ended March 31, 2019, the Company repurchased 1.8 million shares of its Common Stock for $160.0 under the 2018 Stock Repurchase Program. Of the total repurchases during the first quarter of 2019, approximately 1.0 million shares, or $87.6, have been retained in Treasury stock; the remaining 0.8 million shares, or $72.4, have been retired by the Company. The Company has not repurchased any additional shares of its Common Stock through April 23, 2019, and has remaining authorization to purchase up to approximately $1,286.7 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 dividends declared and paid for the three months ended March 31, 2019 and 2018:


	Three Months Ended March 31,
	2019		2018
Dividends declared	$	68.5	$	57.4
Dividends paid (including those declared in the prior year)		68.7		58.1