APACHE CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) The diluted EPS calculation excludes options and restricted shares that were anti-dilutive totaling 4.9 million, 4.4 million, and 2.5 million for the years ended December 31, 2013, 2012, and 2011, respectively.
For the year ended December 31, 2012, 14.3 million shares related to the assumed conversion of the Mandatory Convertible Preferred Stock were also anti-dilutive.
Stock Repurchase Program In May 2013, Apache’s Board of Directors authorized the purchase of up to 30 million shares of the Company’s common stock, valued at approximately $2 billion when first announced.
Shares may be purchased either in the open market or through privately held negotiated transactions.
The Company initiated the buyback program on June 10, 2013, with the repurchase of 2,924,271 shares at an average price of $85.47 during the month of June.
During the fourth quarter of 2013, 8,297,648 shares were repurchased at an average price of $90.08.
An additional 2,393,917 shares were purchased subsequent to December 31, 2013 at an average cost of $84.67.
The Company anticipates that further purchases will primarily be made with proceeds from asset dispositions, but the Company is not obligated to acquire any specific number of shares.
Common Stock Dividend The Company paid common stock dividends of $0.77 per share in 2013, $0.66 per share in 2012, and $0.60 per share in 2011.
Stock Compensation Plans The Company has several stock-based compensation plans, which include stock options, stock appreciation rights, restricted stock, and conditional restricted stock unit plans.
On May 5, 2011, the Company’s shareholders approved the 2011 Omnibus Equity Compensation Plan (the 2011 Plan), which is intended to provide eligible employees with equity-based incentives.
The 2011 Plan provides for the granting of Incentive Stock Options, Non-Qualified Stock Options, Performance Awards, Restricted Stock, Restricted Stock Units, Stock Appreciation Rights, or any combination of the foregoing.
A total of 27.3 million shares were authorized and available for grant under the 2011 Plan as of December 31, 2013.
Previously approved plans remain in effect solely for the purpose of governing grants still outstanding that were issued prior to approval of the 2011 Plan.
All new grants are issued from the 2011 Plan.
For 2013, 2012, and 2011, stock-based compensation expensed was $136 million, $167 million, and $113 million ($94 million, $119 million, and $73 million after tax), respectively.
Costs related to the plans are capitalized or expensed based on the nature of each employee’s activities.
A description of the Company’s stockbased compensation plans and related costs follows:
## Table 0 ##
Stock Options As of December 31, 2013, officers and employees held options to purchase shares of the Company’s common stock under one or more of the employee stock option plans adopted in 2000 and 2005 (collectively, the Stock Option Plans), as well as the 2007 Omnibus Equity Compensation Plan (the 2007 Plan), and the 2011 Plan
APACHE CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
## Table 1 ##
(1) 2013 includes total proved reserves of 90 MMboe attributable to a noncontrolling interest in Egypt.
PART II ITEM 5.
MARKET FOR THE REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES During 2013, Apache common stock, par value $0.625 per share, was traded on the New York and Chicago Stock Exchanges and the NASDAQ National Market under the symbol “APA.
” The table below provides certain information regarding our common stock for 2013 and 2012.
Prices were obtained from The New York Stock Exchange, Inc.  Composite Transactions Reporting System.
Per-share prices and quarterly dividends shown below have been rounded to the indicated decimal place.
## Table 2 ##
The closing price of our common stock, as reported on the New York Stock Exchange Composite Transactions Reporting System for January 31, 2014 (last trading day of the month), was $80.26 per share.
As of January 31, 2014, there were 394,724,983 shares of our common stock outstanding held by approximately 5,000 stockholders of record and 313,000 beneficial owners.
We have paid cash dividends on our common stock for 49 consecutive years through December 31, 2013.
In the first quarter of 2014 the Board of Directors approved a 25 percent increase to $0.25 per share for the regular quarterly cash dividend on the Company’s common shares.
This increase will apply to the dividend on common shares payable on May 22, 2014, to stockholders of record on April 22, 2014, and subsequent dividends paid.
When, and if, declared by our Board of Directors, future dividend payments will depend upon our level of earnings, financial requirements, and other relevant factors.
On July 28, 2010, Apache issued 25.3 million depositary shares, each representing a 1/20th interest in a share of Apache’s 6.00-percent Mandatory Convertible Preferred Stock, Series D (Preferred Share), or 1.265 million Preferred Shares.
Upon conversion of the outstanding Preferred Shares on August 1, 2013, 14.4 million Apache common shares were issued.
In 1995, under our stockholder rights plan, each of our common stockholders received a dividend of one preferred stock purchase right (a Right) for each 2.310 outstanding shares of common stock (adjusted for subsequent stock dividends and a two-for-one stock split) that the stockholder owned.
These Rights were originally scheduled to expire on January 31, 2006.
Effective as of that date, the Rights were reset to one right per share of common stock, and the expiration was extended to January 31, 2016.
On February 5, 2014, the Company’s Board of Directors voted to terminate the Company’s stockholder rights plan.
As a result of this decision, the Board approved an amendment to the Rights Agreement that will have the effect of terminating the Rights.
The amendment will change the expiration date to March 7, 2014, and, thereby, accelerate the expiration of the Rights.
The Company expects that the amendment will be fully executed on March 7, 2014.
For a description of the rights, please refer to Note 10—Capital Stock in the Notes to Consolidated Financial Statements set forth in Part IV, Item 15 of this Form 10-K.  Information concerning securities authorized for issuance under equity compensation plans is set forth under the caption “Equity Compensation Plan Information” in the proxy statement relating to the Company’s 2014 annual meeting of stockholders, which is incorporated herein by reference.
Entergy Texas, Inc.  and Subsidiaries Management’s Financial Discussion and Analysis In addition to the contractual obligations given above, Entergy Texas expects to contribute approximately $17 million to its qualified pension plans and approximately $3.2 million to other postretirement health care and life insurance plans in 2017, although the 2017 required pension contributions will be known with more certainty when the January 1, 2017 valuations are completed, which is expected by April 1, 2017.
See “Critical Accounting Estimates- Qualified Pension and Other Postretirement Benefits” below for a discussion of qualified pension and other postretirement benefits funding.
Also in addition to the contractual obligations, Entergy Texas has $15.6 million of unrecognized tax benefits and interest net of unused tax attributes and payments for which the timing of payments beyond 12 months cannot be reasonably estimated due to uncertainties in the timing of effective settlement of tax positions.
See Note 3 to the financial statements for additional information regarding unrecognized tax benefits.
In addition to routine capital spending to maintain operations, the planned capital investment estimate for Entergy Texas includes specific investments such as the Montgomery County Power Station discussed below; transmission projects to enhance reliability, reduce congestion, and enable economic growth; distribution spending to enhance reliability and improve service to customers, including initial investment to support advanced metering; system improvements; and other investments.
Estimated capital expenditures are subject to periodic review and modification and may vary based on the ongoing effects of regulatory constraints and requirements, environmental compliance, business opportunities, market volatility, economic trends, business restructuring, changes in project plans, and the ability to access capital.
Management provides more information on long-term debt in Note 5 to the financial statements.
As discussed above in “Capital Structure,” Entergy Texas routinely evaluates its ability to pay dividends to Entergy Corporation from its earnings.
Sources of Capital Entergy Texas’s sources to meet its capital requirements include: ?
internally generated funds; ?
cash on hand; ?
debt or preferred stock issuances; and ?
bank financing under new or existing facilities.
Entergy Texas may refinance, redeem, or otherwise retire debt prior to maturity, to the extent market conditions and interest and dividend rates are favorable.
All debt and common and preferred stock issuances by Entergy Texas require prior regulatory approval.
Debt issuances are also subject to issuance tests set forth in its bond indenture and other agreements.
Entergy Texas has sufficient capacity under these tests to meet its foreseeable capital needs.
Entergy Texas’s receivables from or (payables to) the money pool were as follows as of December 31 for each of the following years.
## Table 3 ##
See Note 4 to the financial statements for a description of the money pool.
Entergy Texas has a credit facility in the amount of $150 million scheduled to expire in August 2021.
The credit facility allows Entergy Texas to issue letters of credit against 50% of the borrowing capacity of the facility.
As of December 31, 2016, there were no cash borrowings and $4.7 million of letters of credit outstanding under the credit facility.
In addition, Entergy Texas is a party to an uncommitted letter of credit facility as a means to post collateral

<table><tr><td></td><td> 2013</td><td> 2012</td><td> 2011</td></tr><tr><td></td><td colspan="3"> (In millions)</td></tr><tr><td>Stock-based compensation expensed:</td><td></td><td></td><td></td></tr><tr><td>General and administrative</td><td>$89</td><td>$104</td><td>$69</td></tr><tr><td>Lease operating expenses</td><td>47</td><td>63</td><td>44</td></tr><tr><td>Stock-based compensation capitalized</td><td>55</td><td>67</td><td>42</td></tr><tr><td></td><td>$191</td><td>$234</td><td>$155</td></tr></table>
<table><tr><td></td><td colspan="7">Total Equivalent Reserves (Thousands barrels of oil equivalent)</td></tr><tr><td></td><td>United States</td><td>Canada</td><td>Egypt-1</td><td>Australia</td><td>North Sea</td><td>Argentina</td><td>Total-1</td></tr><tr><td> Proved developed reserves:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 2010</td><td>895,223</td><td>477,594</td><td>234,419</td><td>161,866</td><td>116,396</td><td>99,493</td><td>1,984,991</td></tr><tr><td>December 31, 2011</td><td>905,069</td><td>456,569</td><td>222,651</td><td>148,328</td><td>163,248</td><td>96,462</td><td>1,992,327</td></tr><tr><td>December 31, 2012</td><td>1,021,610</td><td>390,800</td><td>221,819</td><td>128,395</td><td>137,626</td><td>81,695</td><td>1,981,945</td></tr><tr><td>December 31, 2013</td><td>976,795</td><td>322,362</td><td>222,880</td><td>126,948</td><td>117,457</td><td>66,494</td><td>1,832,936</td></tr><tr><td> Proved undeveloped reserves:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 2010</td><td>409,290</td><td>279,389</td><td>72,194</td><td>152,353</td><td>38,663</td><td>16,385</td><td>968,274</td></tr><tr><td>December 31, 2011</td><td>385,013</td><td>307,724</td><td>69,212</td><td>181,214</td><td>33,493</td><td>20,871</td><td>997,527</td></tr><tr><td>December 31, 2012</td><td>402,677</td><td>150,113</td><td>51,464</td><td>213,811</td><td>31,563</td><td>20,106</td><td>869,734</td></tr><tr><td>December 31, 2013</td><td>370,566</td><td>139,509</td><td>48,028</td><td>199,240</td><td>32,633</td><td>23,504</td><td>813,480</td></tr><tr><td> Total proved reserves:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Balance December 31, 2010</td><td>1,304,512</td><td>756,984</td><td>306,613</td><td>314,219</td><td>155,059</td><td>115,878</td><td>2,953,265</td></tr><tr><td>Extensions, discoveries and other additions</td><td>117,842</td><td>106,778</td><td>57,882</td><td>40,534</td><td>483</td><td>18,559</td><td>342,078</td></tr><tr><td>Purchase of minerals in-place</td><td>16,949</td><td>2,225</td><td>—</td><td>—</td><td>61,246</td><td>—</td><td>80,420</td></tr><tr><td>Revisions of previous estimates</td><td>-8,477</td><td>-38,570</td><td>-12,456</td><td>—</td><td>—</td><td>417</td><td>-59,086</td></tr><tr><td>Production</td><td>-104,263</td><td>-45,856</td><td>-60,176</td><td>-25,211</td><td>-20,047</td><td>-17,521</td><td>-273,074</td></tr><tr><td>Sale of properties</td><td>-36,481</td><td>-17,268</td><td>—</td><td>—</td><td>—</td><td>—</td><td>-53,749</td></tr><tr><td>Balance December 31, 2011</td><td>1,290,082</td><td>764,293</td><td>291,863</td><td>329,542</td><td>196,741</td><td>117,333</td><td>2,989,854</td></tr><tr><td>Extensions, discoveries and other additions</td><td>217,598</td><td>68,612</td><td>45,516</td><td>35,772</td><td>3,325</td><td>1,570</td><td>372,393</td></tr><tr><td>Purchase of minerals in-place</td><td>68,486</td><td>614</td><td>—</td><td>567</td><td>3,790</td><td>—</td><td>73,457</td></tr><tr><td>Revisions of previous estimates</td><td>-38,172</td><td>-247,811</td><td>-6,007</td><td>-49</td><td>-7,258</td><td>585</td><td>-298,712</td></tr><tr><td>Production</td><td>-113,461</td><td>-44,725</td><td>-58,089</td><td>-23,626</td><td>-27,409</td><td>-17,687</td><td>-284,997</td></tr><tr><td>Sale of properties</td><td>-246</td><td>-70</td><td>—</td><td>—</td><td>—</td><td>—</td><td>-316</td></tr><tr><td>Balance December 31, 2012</td><td>1,424,287</td><td>540,913</td><td>273,283</td><td>342,206</td><td>169,189</td><td>101,801</td><td>2,851,679</td></tr><tr><td>Extensions, discoveries and other additions</td><td>253,578</td><td>74,107</td><td>51,135</td><td>4,764</td><td>2,001</td><td>3,751</td><td>389,336</td></tr><tr><td>Purchase of minerals in-place</td><td>273</td><td>—</td><td>5</td><td>—</td><td>5,698</td><td>—</td><td>5,976</td></tr><tr><td>Revisions of previous estimates</td><td>13,482</td><td>18,274</td><td>859</td><td>-135</td><td>24</td><td>35</td><td>32,539</td></tr><tr><td>Production</td><td>-121,074</td><td>-39,177</td><td>-54,374</td><td>-20,647</td><td>-26,822</td><td>-15,589</td><td>-277,683</td></tr><tr><td>Sale of properties</td><td>-223,185</td><td>-132,246</td><td>—</td><td>—</td><td>—</td><td>—</td><td>-355,431</td></tr><tr><td>Balance December 31, 2013</td><td>1,347,361</td><td>461,871</td><td>270,908</td><td>326,188</td><td>150,090</td><td>89,998</td><td>2,646,416</td></tr></table>
<table><tr><td></td><td colspan="4"> 2013</td><td colspan="4"> 2012</td></tr><tr><td></td><td colspan="2"> Price Range</td><td colspan="2"> Dividends Per Share</td><td colspan="2"> Price Range</td><td colspan="2"> Dividends Per Share</td></tr><tr><td></td><td> High</td><td> Low</td><td> Declared</td><td> Paid</td><td> High</td><td> Low</td><td> Declared</td><td> Paid</td></tr><tr><td>First Quarter</td><td>$86.35</td><td>$72.20</td><td>$0.20</td><td>$0.17</td><td>$112.09</td><td>$91.48</td><td>$0.17</td><td>$0.15</td></tr><tr><td>Second Quarter</td><td>87.57</td><td>67.91</td><td>0.20</td><td>0.20</td><td>102.13</td><td>77.93</td><td>0.17</td><td>0.17</td></tr><tr><td>Third Quarter</td><td>89.17</td><td>75.07</td><td>0.20</td><td>0.20</td><td>94.87</td><td>81.55</td><td>0.17</td><td>0.17</td></tr><tr><td>Fourth Quarter</td><td>94.84</td><td>84.15</td><td>0.20</td><td>0.20</td><td>89.08</td><td>74.50</td><td>0.17</td><td>0.17</td></tr></table>
<table><tr><td>2016</td><td>2015</td><td>2014</td><td>2013</td></tr><tr><td>(In Thousands)</td></tr><tr><td>$681</td><td>-$22,068</td><td>$306</td><td>$6,287</td></tr></table>

Question: When is Proved developed reserves of United States the largest?