Stockholders' Equity

9 Months Ended

Sep. 30, 2017

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Preferred Stock

On May 5, 2017, we redeemed, with the proceeds of our unsecured debt offering, the outstanding 3.3 million shares of our 6.97 percent Cumulative Redeemable Preferred Stock, Series A (the “Series A Preferred Stock”). The Series A Preferred Stock was redeemed at a price of $50.00 per share, plus accrued and unpaid dividends from May 1, 2017 to, but excluding, the May 5, 2017 redemption date.

Common Stock

The following table summarizes our common share repurchases and issuances.

	Three Months Ended   September 30,				Nine Months Ended   September 30,
(Shares and per share amounts in actuals)	2017		2016		2017		2016
Shares repurchased related to employee stock-based compensation plans(1)(2)	81,817		371,165		2,666,781		1,763,092
Average purchase price per share	$	10.93	$	7.22	$	12.09	$	6.35
Common shares issued(3)	423,112		561,100		5,652,886		3,727,574

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⁽¹⁾ Comprised of shares withheld from stock option exercises and vesting of restricted stock for employees’ tax withholding obligations and shares tendered by employees to satisfy option exercise costs.

⁽²⁾ At the present time, we do not intend to initiate a publicly announced share repurchase program.

⁽³⁾ Common shares issued under our various compensation and benefit plans.

The closing price of our common stock on September 29, 2017 was $11.47.