Equity

Common Stock

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



	Nine Months Ended September 30,
	2017	2016
	(in thousands)
Shares issued as of January 1	896,279	664,796
Exchange of convertible notes	—	55,428
Exchange of senior notes	—	53,924
Exchange/conversion of preferred stock	9,966	1,021
Restricted stock issuances (net of forfeitures and cancellations)	2,417	1,852
Shares issued as of September 30	908,662	777,021

During the Current Period, our shareholders approved an amendment to our certificate of incorporation to increase our authorized common stock to 2,000,000,000 shares, par value $0.01 per share.

Preferred Stock

Outstanding shares and the liquidation price per share of our preferred stock for the Current Period and the Prior Period 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 September 30, 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 September 30, 2016	1,472			1,099			2,559		2,096

Liquidation price per share	$	1,000		$	1,000		$	100	$	100

____________________________________________

(a)

In the Current Period, 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 Period, 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 Period, we suspended dividend payments on our convertible preferred stock to provide additional liquidity in the depressed commodity price environment. In the Current Period, we reinstated the payment of dividends on each series of our outstanding convertible preferred stock and paid our dividends in arrears.

Accumulated Other Comprehensive Income (Loss)

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



	Nine Months Ended September 30,
	2017			2016
	($ in millions)
Balance, as of January 1	$	(96	)	$	(99	)
Other comprehensive income (loss) before reclassifications	4			(23		)
Amounts reclassified from accumulated other comprehensive income	25			21
Net other comprehensive income (loss)	29			(2		)
Balance, as of September 30	$	(67	)	$	(101	)

For the Current Quarter, the Prior Quarter, the Current Period and the Prior Period, 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 $8 million, $7 million, $25 million and $21 million, respectively.