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, 2021, 66,865,416 shares of common stock and no shares of excess stock were issued and outstanding.

On December 4, 2020, our Board of Directors declared the Total Dividend. The Total Dividend was paid on January 15, 2021 to shareholders of record at the close of business on the Record Date. Shareholders had the opportunity to elect to receive the Total Dividend in the form of all cash or all stock, subject to proration if either option was oversubscribed. Shareholders who elected to receive cash received, for each share of common stock they owned as of the Record Date, approximately $0.3735 in cash and 0.0279 shares of common stock. Shareholders who elected to receive shares received, for each share of common stock they owned as of the Record Date, approximately 0.0343 shares of common stock. The number of shares issued was calculated based on the volume weighted average trading price of SLG's common stock between January 5-7, 2021, of $58.15 per share.

To mitigate the dilutive impact of the common stock issued in the special dividend, the Board of Directors also authorized a reverse stock split, which was effective after markets closed on January 20, 2021. On January 8, 2021, a committee of the Board of Directors calculated the ratio for the reverse stock split of our issued and outstanding shares of common stock as 1.02918-for-1. After the issuance of the dividend and the completion of the reverse stock split, the number of shares of our common stock outstanding was equivalent to the number of total shares outstanding on the Record Date (not including any issuances or repurchases that occurred following the Record Date, as well as any fractional shares that would have been issued but for which cash-in-lieu was paid). However, on a relative basis, some individual shareholders may have more shares of SLG’s common stock, and some individual shareholders may have fewer shares of our common stock, depending on their individual elections to receive cash or stock and as a result of the cash option being oversubscribed.

All share-related references and measurements including the number of shares outstanding, share prices, number of shares repurchased, earnings per share, dividends per share, and share-based compensation awards, have been retroactively adjusted to reflect the reverse stock split for all periods presented in this Quarterly Report on Form 10-Q.

In August 2016, our Board of Directors approved a $1.0 billion share repurchase program under which we can buy shares of our common stock. The Board of Directors has since authorized five separate $500.0 million increases to the size of the share repurchase program in the fourth quarter of 2017, second quarter of 2018, fourth quarter of 2018, fourth quarter of 2019, and fourth quarter of 2020 bringing the total program size to $3.5 billion.


Period	Shares repurchased	Average price paid per share	Cumulative number of shares repurchased as part of the repurchase plan or programs
Year ended 2017	8,105,881	$104.61	8,105,881
Year ended 2018	9,468,617	$99.03	17,574,498
Year ended 2019	4,465,857	$86.06	22,040,355
Year Ended 2020	8,529,279	$62.39	30,569,634
Nine months ended September 30, 2021	3,797,082	$72.89	34,366,716

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 any time, in whole or from time to time in part, at par for cash. 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.

In February 2021, 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 our common stock under the DRSPP. The DRSPP commenced on September 24, 2001.

The following table summarizes SL Green common stock issued, and proceeds received from dividend reinvestments and/or stock purchases under the DRSPP for the three and nine months ended September 30, 2021 and 2020, respectively (dollars in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Shares of common stock issued	2,004		4,086		9,038		9,604
Dividend reinvestments/stock purchases under the DRSPP	$	146	$	202	$	613	$	566

We use the two-class method of computing earnings per share (“EPS”), which is an earnings allocation formula that determines EPS for common stock and any participating securities according to dividends declared (whether paid or unpaid). Under the two-class method, basic EPS is computed by dividing the income available to common stockholders by the weighted-average number of common stock shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from share equivalent activity.


	Three Months Ended September 30,				Nine Months Ended September 30,
Numerator	2021		2020		2021		2020
Basic Earnings:
Net income attributable to SL Green common stockholders	$	388,205	$	13,859	$	486,073	$	185,104
Less: distributed earnings allocated to participating securities	(363)		(333)		(1,090)		(777)
Less: undistributed earnings allocated to participating securities	(1,942)		—		(1,736)		(141)
Net income attributable to SL Green common stockholders (numerator for basic earnings per share)	$	385,900	$	13,526	$	483,247	$	184,186
Add back: dilutive effect of earnings allocated to participating securities	363		333		1,090		777
Add back: undistributed earnings allocated to participating securities	1,942		—		1,736		141
Add back: effect of dilutive securities (redemption of units to common shares)	22,683		802		28,489		10,073
Net income attributable to SL Green common stockholders (numerator for diluted earnings per share)	$	410,888	$	14,661	$	514,562	$	195,177


	Three Months Ended September 30,		Nine Months Ended September 30,
Denominator	2021	2020	2021	2020
Basic Shares:
Weighted average common stock outstanding	66,840	70,943	68,275	73,373
Effect of Dilutive Securities:
Operating Partnership units redeemable for common shares	3,834	4,029	4,024	4,123
Stock-based compensation plans	813	442	684	441
Contingently issuable shares from special dividend declared December 4, 2020 and issued January 15, 2021	—	—	104	—
Diluted weighted average common stock outstanding	71,487	75,414	73,087	77,937

The Company has excluded 969,631 and 1,032,243 common stock equivalents from the calculation of diluted shares outstanding for the three and nine months ended September 30, 2021, respectively, as they were anti-dilutive. The Company has excluded 2,071,169 and 1,728,767 common stock equivalents from the calculation of diluted shares outstanding for the three and nine months ended September 30, 2020, respectively, as they were anti-dilutive.


	Net unrealized loss on derivative instruments (1)		SL Green’s share of joint venture net unrealized loss on derivative instruments (2)		Net unrealized gain on marketable securities		Total
Balance at December 31, 2020	$	(57,415)	$	(10,853)	$	1,021	$	(67,247)
Other comprehensive loss before reclassifications	7,032		(19,453)		294		(12,127)
Amounts reclassified from accumulated other comprehensive loss	12,619		6,158		—		18,777
Balance at September 30, 2021	$	(37,764)	$	(24,148)	$	1,315	$	(60,597)

(1)Amount reclassified from accumulated other comprehensive loss is included in interest expense in the respective consolidated statements of operations. As of September 30, 2021 and December 31, 2020, the deferred net gains from these terminated hedges, which is included in accumulated other comprehensive loss relating to net unrealized loss on derivative instruments, was $(0.6) million and $(0.5) million, respectively.