13. Equity

The following table provides a reconciliation of the beginning and ending equity attributable to shareholders of Atlantic Power Corporation, preferred shares issued by a subsidiary company, noncontrolling interests and total equity for the nine months ended September 30, 2016 and 2015:


	Nine months ended September 30, 2016
	Total Atlantic		Preferred shares
	Power Corporation		issued by a subsidiary
	Shareholders’ Equity		company		Total Equity
Balance at January 1, 2016	$	213.9	$	221.3	$	435.2
Net (loss) income		(116.2)		6.4		(109.8)
Realized and unrealized loss on hedging activities, net of tax		(0.1)		—		(0.1)
Foreign currency translation adjustment		(2.6)		—		(2.6)
Common share repurchases		(13.9)		—		(13.9)
Stock-based compensation		1.4		—		1.4
Dividends declared on preferred shares of a subsidiary company		—		(6.4)		(6.4)
Balance at September 30, 2016	$	82.5	$	221.3	$	303.8


	Nine months ended September 30, 2015
	Total Atlantic		Preferred shares
	Power Corporation		issued by a subsidiary		Noncontrolling
	Shareholders’ Equity		company		Interests		Total Equity
Balance at January 1, 2015	$	356.2	$	221.3	$	239.0	$	816.5
Net income (loss)		26.1		6.7		(11.0)		21.8
Realized and unrealized gain on hedging activities, net of tax		(0.2)		—		—		(0.2)
Foreign currency translation adjustment		(52.7)		—		—		(52.7)
Stock-based compensation		2.1		—		—		2.1
Dividends paid to noncontrolling interest		—		—		(3.7)		(3.7)
Dividends declared on common shares		(8.5)		—		—		(8.5)
Dividends declared on preferred shares of a subsidiary company		—		(6.7)		—		(6.7)
Derecognition of noncontrolling interests upon sale of subsidiaries		—		—		(224.3)		(224.3)
Balance at September 30, 2015	$	323.0	$	221.3	$	—	$	544.3

Stock Repurchase Program

In December 2015, our Board of Directors approved an NCIB for each series of our convertible unsecured subordinated debentures, our common shares and for each series of the preferred shares of Atlantic Power Preferred Equity Ltd (“APPEL”), our wholly-owned subsidiary. The Board authorization permits the Company to repurchase stock through open market repurchases. The NCIB will expire on December 28, 2016 or such earlier date as the Company and/or APPEL complete their respective purchases pursuant to the NCIB. For the nine months ended September 30, 2016, we repurchased a cumulative 5,678,736 common shares at a total cost of $13.9 million. Repurchases and retirement of common shares are recorded to common shares on the consolidated balance sheets. Subsequent to September 30, 2016, we repurchased an additional 1,394,096 common shares.