EQUITY

Unaudited condensed consolidated statement of changes in owners’ equity

The following table shows the changes in our consolidated owners’ equity accounts from December 31, 2015 to June 30, 2016 (in thousands):



	Common Stock		Additional Paid-in Capital			Treasury Stock			Accumulated Deficit			Accumulated Other Comprehensive Loss			Noncontrolling Interests			Total Owners’ Equity
Balance at December 31, 2015	$	439	$	1,217,255		$	(5,593	)	$	(38,012	)	$	(58,562	)	$	80,829		$	1,196,356
Net income (loss)	—		—			—			(7,259		)	—			10,942			3,683
Other comprehensive income, net of income taxes	—		—			—			—			2,482			—			2,482
Issuance of common shares	86		228,460			—			—			—			—			228,546
Distributions to noncontrolling interests	—		—			—			—			—			(21,485		)	(21,485		)
Dividends paid	—		(39,720		)	—			—			—			—			(39,720		)
Unvested dividend equivalent rights	—		206			—			—			—			66			272
Non-cash equity compensation	—		4,592			—			—			—			731			5,323
Issuance of common stock under compensation plans	1		774			—			—			—			—			775
Repurchase of common stock	—		—			(904		)	—			—			—			(904		)
Balance at June 30, 2016	$	526	$	1,411,567		$	(6,497	)	$	(45,271	)	$	(56,080	)	$	71,083		$	1,375,328

Accumulated other comprehensive loss

The following table presents the changes in the components of accumulated other comprehensive loss from December 31, 2015 to June 30, 2016 (in thousands):



	Currency Translation			Employee Benefit Plans			Total
Balance at December 31, 2015	$	(57,201	)	$	(1,361	)	$	(58,562	)
Currency translation adjustment, net of income tax expense of $1,589	2,608			—			2,608
Changes related to benefit plans, net of income tax benefit of $42	—			(126		)	(126		)
Balance at June 30, 2016	$	(54,593	)	$	(1,487	)	$	(56,080	)

There were no significant items reclassified out of accumulated other comprehensive loss to net income for the three months and six months ended June 30, 2016.

Equity issuances

On June 22, 2016, we issued and sold 8,625,000 shares of our Class A common stock, valued at $27.00 per share, to the public for proceeds of $228.5 million, net of underwriting fees and other offering costs of $4.3 million. Proceeds were used to repay borrowings on our revolving credit facility and will be used for future capital expenditures and general corporate purposes.

During the six months ended June 30, 2016, we issued 30,718 shares under the Employee Stock Purchase Plan and 157,077 shares related to our equity based compensation awards.

Equity-based compensation

At June 30, 2016, there were 797,812 unvested shares that have been granted under our director and employee compensation programs. The par value of these shares is not reflected in common stock on the condensed consolidated balance sheet, as these shares have not yet vested. For certain of the awards, the number of shares that will vest is contingent upon our achievement of certain specified targets. If we meet the specified maximum targets, approximately 408,000 additional shares could vest.

The holders of certain restricted stock awards are entitled to equivalent dividends (“UDs”) to be received upon vesting of the related restricted stock awards and will be settled in cash. At June 30, 2016, the value of the UDs to be settled in cash related to unvested restricted stock awards was approximately $390 thousand.

During the six months ended June 30, 2016, we granted 548,143 restricted stock awards with a weighted average grant date fair value of $19.20 per award.

Dividends

The following table sets forth the quarterly dividends per share declared and/or paid to shareholders for the periods indicated:



Quarter Ending	Dividend Per Share		Date of Record	Date Paid
March 31, 2015	$	0.34	March 9, 2015	March 20, 2015
June 30, 2015	$	0.38	May 18, 2015	May 29, 2015
September 30, 2015	$	0.42	August 17, 2015	August 25, 2015
December 31, 2015	$	0.45	November 16, 2015	November 24, 2015
March 31, 2016	$	0.45	March 7, 2016	March 17, 2016
June 30, 2016	$	0.45	May 16, 2016	May 26, 2016
September 30, 2016	$	0.45	August 15, 2016	August 25, 2016