Stockholders' Equity

12 Months Ended

Dec. 31, 2016

Stockholders' Equity [Abstract]

Stockholders' Equity

13. Stockholders’ Equity

The following is a summary of our stockholder’s equity capital accounts as of the dates indicated:

		December 31, 2016	December 31, 2015
Preferred Stock, $1.00 par value:
	Authorized shares	50,000,000	50,000,000
	Issued shares	25,875,000	25,875,000
	Outstanding shares	25,875,000	25,875,000
Common Stock, $1.00 par value:
	Authorized shares	700,000,000	700,000,000
	Issued shares	363,576,924	355,594,373
	Outstanding shares	362,602,173	354,777,670

Preferred Stock.The following is a summary of our preferred stock activity during the periods presented:

	Year Ended
	December 31, 2016		December 31, 2015		December 31, 2014
		Weighted Avg.		Weighted Avg.		Weighted Avg.
	Shares	Dividend Rate	Shares	Dividend Rate	Shares	Dividend Rate
Beginning balance	25,875,000	6.500%	25,875,000	6.500%	26,108,236	6.496%
Shares converted	-	0.000%	-	0.000%	(233,236)	6.000%
Ending balance	25,875,000	6.500%	25,875,000	6.500%	25,875,000	6.500%

During the three months ended December 31, 2010, we issued 349,854 shares of 6.00% Series H Cumulative Convertible and Redeemable Preferred Stock in connection with a business combination. During the years ended December 31, 2013 and 2014, all shares were converted into common stock, leaving zero shares outstanding.

     During the three months ended March 31, 2011, we issued 14,375,000 of 6.50% Series I Cumulative Convertible Perpetual Preferred Stock. These shares have a liquidation value of $50.00 per share. Dividends are payable quarterly in arrears. The preferred stock is not redeemable by us. The preferred shares are convertible, at the holder’s option, into 0.8460 shares of common stock (equal to an initial conversion price of approximately $59.10).

     During the three months ended March 31, 2012, we issued 11,500,000 of 6.50% Series J Cumulative Redeemable Preferred Stock. Dividends are payable quarterly in arrears. On February 2, 2017, we announced that we will redeem all 11,500,000 shares outstanding on March 7, 2017 at a redemption price of $25.00 per share plus accrued and unpaid dividends to, but not including, March 7, 2017.

Common Stock. The following is a summary of our common stock issuances during the periods indicated (dollars in thousands, except per share amounts):

	Shares Issued		Average Price		Gross Proceeds		Net Proceeds
June 2014 public issuance	16,100,000	$	62.35	$	1,003,835	$	968,517
September 2014 public issuance	17,825,000		63.75		1,136,344		1,095,465
2014 Dividend reinvestment plan issuances	4,122,941		62.35		257,055		257,055
2014 Option exercises	498,549		45.79		22,831		22,831
2014 Preferred stock conversions	233,236				-		-
2014 Stock incentive plans, net of forfeitures	188,147				-		-
2014 Senior note conversions	258,542				-		-
2014 Totals	39,226,415			$	2,420,065	$	2,343,868
February 2015 public issuance	19,550,000	$	75.50	$	1,476,025	$	1,423,935
2015 Dividend reinvestment plan issuances	4,024,169		67.72		272,531		272,531
2015 Option exercises	249,054		47.35		11,793		11,793
2015 Equity Shelf Program issuances	696,070		69.23		48,186		47,463
2015 Stock incentive plans, net of forfeitures	137,837				-		-
2015 Senior note conversions	1,330,474				-		-
2015 Totals	25,987,604			$	1,808,535	$	1,755,722
2016 Dividend reinvestment plan issuances	4,145,457	$	70.34	$	291,852	$	291,571
2016 Option exercises	141,405		47.13		6,664		6,664
2016 Equity Shelf Program issuances	3,134,901		75.27		238,286		235,959
2016 Stock incentive plans, net of forfeitures	402,740				-		-
2016 Totals	7,824,503			$	536,802	$	534,194

Dividends. The increase in dividends is primarily attributable to increases in our common shares outstanding as described above. Please refer to Notes 2 and 18 for information related to federal income tax of dividends. The following is a summary of our dividend payments (in thousands, except per share amounts):

	Year Ended
	December 31, 2016				December 31, 2015				December 31, 2014
	Per Share		Amount		Per Share		Amount		Per Share		Amount
Common Stock	$	3.44000	$	1,233,519	$	3.30000	$	1,144,727	$	3.18000	$	969,661
Series H Preferred Stock		-		-		-		-		0.00794		1
Series I Preferred Stock		3.25000		46,719		3.25000		46,719		3.25000		46,719
Series J Preferred Stock		1.62510		18,687		1.62510		18,687		1.62510		18,688
Totals			$	1,298,925			$	1,210,133			$	1,035,069

Accumulated Other Comprehensive Income. The following is a summary of accumulated other comprehensive income/(loss) for the periods presented (in thousands):

		Unrecognized gains (losses) related to:
		Foreign Currency Translation		Equity Investments		Actuarial losses		Cash Flow Hedges		Total
Balance at December 31, 2015	$	(85,484)	$	-	$	(1,343)	$	(1,416)	$	(88,243)
Other comprehensive income (loss) before reclassification adjustments		(90,528)		5,120		190		1,414		(83,804)
Reclassification amount to net income		2,516		-		-		-		2,516
Net current-period other comprehensive income (loss)		(88,012)		5,120		190		1,414		(81,288)
Balance at December 31, 2016	$	(173,496)	$	5,120	$	(1,153)	$	(2)	$	(169,531)
Balance at December 31, 2014	$	(74,770)	$	-	$	(1,589)	$	(650)	$	(77,009)
Other comprehensive income (loss) before reclassification adjustments		(10,714)		-		246		(2,626)		(13,094)
Reclassification amount to net income		-		-		-		1,860		1,860
Net current-period other comprehensive income (loss)		(10,714)		-		246		(766)		(11,234)
Balance at December 31, 2015	$	(85,484)	$	-	$	(1,343)	$	(1,416)	$	(88,243)

Other Equity. Other equity consists of accumulated option compensation expense, which represents the amount of amortized compensation costs related to stock options awarded to employees and directors.