Stockholders' Equity of the Company

9 Months Ended

Sep. 30, 2015

Stockholders' Equity Note [Abstract]

Stockholders' Equity of the Company

Stockholders’ Equity of the Company

Common Stock

Our authorized capital stock consists of 260,000,000 shares, $0.01 par value per share, consisting of 160,000,000 shares of common stock, $0.01 par value per share, 75,000,000 shares of excess stock, at $0.01 par value per share, and 25,000,000 shares of preferred stock, par value $0.01 per share. As of September 30, 2015, 99,659,376 shares of common stock and no shares of excess stock were issued and outstanding.

At-The-Market Equity Offering Program

In June 2014, the Company, along with the Operating Partnership, entered into an "at-the-market" equity offering program, or ATM Program, to sell an aggregate of $300.0 million of SL Green's common stock. During the three months ended March 31, 2015, we sold 895,956 shares of our common stock for aggregate net proceeds of $113.4 million comprising the remaining balance of this ATM Program. The net proceeds from these offerings were contributed to the Operating Partnership in exchange for 895,956 units of limited partnership interest of the Operating Partnership.

In March 2015, the Company, along with the Operating Partnership, entered into a new ATM Program to sell an aggregate of $300.0 million of SL Green's common stock. During the nine months ended September 30, 2015, we sold 91,180 shares of our common stock for aggregate net proceeds of $12.0 million. The net proceeds from these offerings were contributed to the Operating Partnership in exchange for 91,180 units of limited partnership interest of the Operating Partnership. As of September 30, 2015, $288.0 million remained available for issuance of common stock under the new ATM program.

Perpetual Preferred Stock

We have 9,200,000 shares of our 6.50% Series I Cumulative Redeemable Preferred Stock, or the Series I Preferred Stock, outstanding with a mandatory liquidation preference of $25.00 per share. The Series I Preferred stockholders receive annual dividends of $1.625 per share paid on a quarterly basis and dividends are cumulative, subject to certain provisions. We are entitled to redeem the Series I Preferred Stock at par for cash at our option on or after August 10, 2017. In August 2012, we received $221.9 million in net proceeds from the issuance of the Series I Preferred Stock, which were recorded net of underwriters' discount and issuance costs, and contributed the net proceeds to the Operating Partnership in exchange for 9,200,000 units of 6.50% Series I Cumulative Redeemable Preferred Units of limited partnership interest, or the Series I Preferred Units.

Dividend Reinvestment and Stock Purchase Plan

In February 2015, the Company filed a registration statement with the SEC for our dividend reinvestment and stock purchase plan, or DRSPP, which automatically became effective upon filing. The Company registered 3,500,000 shares of SL Green's common stock under the DRSPP. The DRSPP commenced on September 24, 2001.

During the nine months ended September 30, 2015, the Company issued 775,529 shares of SL Green's common stock and received net proceeds of $99.5 million of proceeds from dividend reinvestments and/or stock purchases under the DRSPP. DRSPP shares may be issued at a discount to the market price.

Earnings per Share

SL Green's earnings per share for the three and nine months ended September 30, 2015 and 2014 are computed as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
Numerator	2015		2014		2015		2014
Basic Earnings:
Income attributable to SL Green common stockholders	$	163,658	$	64,688	$	167,829	$	446,319
Effect of Dilutive Securities:
Redemption of units to common shares	6,468		2,636		6,634		16,010
Diluted Earnings:
Income attributable to SL Green common stockholders	$	170,126	$	67,324	$	174,463	$	462,329

	Three Months Ended September 30,		Nine Months Ended September 30,
Denominator	2015	2014	2015	2014
Basic Shares:
Weighted average common stock outstanding	99,621	95,734	99,205	95,437
Effect of Dilutive Securities:
Redemption of units to common shares	3,901	3,585	3,924	3,423
Stock-based compensation plans	407	387	480	462
Diluted weighted average common stock outstanding	103,929	99,706	103,609	99,322

SL Green has excluded 263,236, 233,586, 231,970 and 769,790 common stock equivalents from the diluted shares outstanding for the three and nine months ended September 30, 2015 and 2014, respectively, as they were anti-dilutive.