Stockholders' Equity

12 Months Ended

Dec. 31, 2017

13. Stockholders’ Equity

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


		December 31, 2017	December 31, 2016
Preferred Stock, $1.00 par value:
	Authorized shares	50,000,000	50,000,000
	Issued shares	14,375,000	25,875,000
	Outstanding shares	14,370,060	25,875,000

Common Stock, $1.00 par value:
	Authorized shares	700,000,000	700,000,000
	Issued shares	372,852,311	363,576,924
	Outstanding shares	371,731,551	362,602,173

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


	Year Ended
	December 31, 2017		December 31, 2016		December 31, 2015
		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%	25,875,000	6.500%
Shares redeemed	(11,500,000)	6.500%	-	0.000%	-	0.000%
Shares converted	(4,940)	6.500%	-	0.000%	-	0.000%
Ending balance	14,370,060	6.500%	25,875,000	6.500%	25,875,000	6.500%

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 year ended December 31, 2017, 4,940 shares of Series I preferred stock were converted into common stock.

During the three months ended March 31, 2012, we issued 11,500,000 of 6.50% Series J Cumulative Redeemable Preferred Stock. During the year ended December 31, 2017, we recognized a charge of $9,769,000 in connection with the redemption of the Series J preferred stock.

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


	Shares Issued		Average Price		Gross Proceeds		Net Proceeds

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

2017 Dividend reinvestment plan issuances	5,640,008	$	69.97	$	395,526	$	394,639
2017 Option exercises	252,979		51.16		12,942		12,942
2017 Equity Shelf Program issuances	2,986,574		71.79		215,917		214,406
2017 Preferred stock conversions	4,300				-		-
2017 Redemption of equity membership units	91,180				-		-
2017 Stock incentive plans, net of forfeitures	154,337				-		-
2017 Totals	9,129,378			$	624,385	$	621,987

Dividends. The increase in dividends is primarily attributable to increases in our common shares outstanding, offset by the redemption of the Series J preferred stock, as described above. Please refer to Note 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, 2017				December 31, 2016				December 31, 2015
	Per Share		Amount		Per Share		Amount		Per Share		Amount

Common Stock	$	3.4800	$	1,277,321	$	3.4400	$	1,233,519	$	3.3000	$	1,144,727
Series I Preferred Stock		3.2500		46,711		3.2500		46,719		3.2500		46,719
Series J Preferred Stock		0.2347		2,699		1.6251		18,687		1.6251		18,687
Totals			$	1,326,731			$	1,298,925			$	1,210,133

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, 2016	$	(173,496)	$	5,120	$	(1,153)	$	(2)	$	(169,531)
Other comprehensive income (loss) before reclassification adjustments		62,915		-		269		2		63,186
Reclassification adjustment for write down of equity investment		-		(5,120)		-		-		(5,120)
Net current-period other comprehensive income (loss)		62,915		(5,120)		269		2		58,066
Balance at December 31, 2017	$	(110,581)	$	-	$	(884)	$	-	$	(111,465)

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)

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.