Equity

Common Stock

A summary of the changes in our common shares issued for the Current Quarter and the Prior Quarter is detailed below.



	Three Months Ended March 31,
	2017	2016
	(in thousands)
Shares issued as of January 1	896,279	664,796
Exchange of convertible notes	—	14,699
Exchange of senior notes	—	2,556
Exchange/conversion of preferred stock	9,966	1,022
Restricted stock issuances (net of forfeitures and cancellations)	1,798	1,488
Shares issued as of March 31	908,043	684,561

Preferred Stock

Outstanding shares of our preferred stock for the Current Quarter and the Prior Quarter are detailed below.



	5.75%		5.75% (A)		4.50%	5.00% (2005B)
	(in thousands)
Shares outstanding as of January 1, 2017	843		476		2,559	1,962
Preferred stock conversions/exchanges^(a)	(73	)	(13	)	—	(151	)
Shares outstanding as of March 31, 2017	770		463		2,559	1,811

Shares outstanding as of January 1, 2016	1,497		1,100		2,559	2,096
Preferred stock conversions/exchanges^(b)	(25	)	(1	)	—	—
Shares outstanding as of March 31, 2016	1,472		1,099		2,559	2,096

____________________________________________

(a)

In the Current Quarter, holders of our 5.75% Cumulative Convertible Preferred Stock exchanged 72,600 shares into 7,442,156 shares of common stock, holders of our 5.75% (Series A) Cumulative Convertible Preferred Stock exchanged 12,500 shares into 1,205,923 shares of common stock and holders of our 5.00% (Series 2005B) Cumulative Convertible Preferred Stock exchanged 150,948 shares into 1,317,756 shares of common stock. In connection with the exchanges, we recognized a loss equal to the excess of the fair value of all common stock issued in exchange for the preferred stock over the fair value of the common stock issuable pursuant to the original terms of the preferred stock. The loss of $41 million is reflected as a reduction to net income available to common stockholders for the purpose of calculating earnings per common share.


(b)	In the Prior Quarter, holders of our 5.75% Cumulative Convertible Preferred Stock converted 24,601 shares into 975,488 shares of common stock and holders of our 5.75% (Series A) Cumulative Convertible Preferred Stock converted 1,201 shares into 46,018 shares of common stock.

Dividends

Dividends declared on our preferred stock are reflected as adjustments to retained earnings to the extent a surplus of retained earnings exists after giving effect to the dividends. To the extent retained earnings are insufficient to fund the distributions, payments constitute a return of contributed capital rather than earnings and are accounted for as a reduction to paid-in capital.

Dividends on our outstanding preferred stock are payable quarterly. We may pay dividends on our 5.00% Cumulative Convertible Preferred Stock (Series 2005B) and our 4.50% Cumulative Convertible Preferred Stock in cash, common stock or a combination thereof, at our option. Dividends on both series of our 5.75% Cumulative Convertible Non-Voting Preferred Stock are payable only in cash.

In the Prior Quarter, we suspended dividend payments on our convertible preferred stock to provide additional liquidity in the depressed commodity price environment that existed throughout 2016. In the Current Quarter, we reinstated the payment of dividends on each series of our outstanding convertible preferred stock.

Accumulated Other Comprehensive Income (Loss)

For the Current Quarter and the Prior Quarter, changes in accumulated other comprehensive income (loss) for cash flow hedges, net of tax, are detailed below.



	Three Months Ended March 31,
	2017			2016
	($ in millions)
Balance, as of January 1	$	(96	)	$	(99	)

Other comprehensive income before reclassifications	4			(4		)
Amounts reclassified from accumulated other comprehensive income	10			4
Net other comprehensive income (loss)	14			—

Balance, as of March 31	$	(82	)	$	(99	)

For the Current Quarter and the Prior Quarter, net losses on cash flow hedges for commodity contracts reclassified from accumulated other comprehensive income (loss), net of tax, to oil, natural gas and NGL revenues in the condensed consolidated statements of operations were $15 million and $4 million, respectively.