Stockholder's Equity

12 Months Ended

Dec. 31, 2018

Stockholders' Equity Note [Abstract]

Stockholders’ Equity

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



	December 31, 2018	December 31, 2017
Preferred Stock, $1.00 par value:
Authorized shares	50,000,000	50,000,000
Issued shares	14,375,000	14,375,000
Outstanding shares	14,369,965	14,370,060
Common Stock, $1.00 par value:
Authorized shares	700,000,000	700,000,000
Issued shares	384,849,236	372,852,311
Outstanding shares	383,674,603	371,731,551

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



	Year Ended
	December 31, 2018			December 31, 2017			December 31, 2016
			Weighted Avg.			Weighted Avg.		Weighted Avg.
	Shares		Dividend Rate	Shares		Dividend Rate	Shares	Dividend Rate
Beginning balance	14,370,060		6.50%	25,875,000		6.50%	25,875,000	6.50%
Shares redeemed	—		—%	(11,500,000	)	6.50%	—	—%
Shares converted	(95	)	6.50%	(4,940	)	6.50%	—	—%
Ending balance	14,369,965		6.50%	14,370,060		6.50%	25,875,000	6.50%

During the three months ended March 31, 2011, we issued 14,375,000 of 6.50% Series I Cumulative Convertible Perpetual Preferred Stock (the "Series I Preferred Stock"). These shares have a liquidation value of $50.00 per share. Dividends are payable quarterly in arrears. The Series I Preferred Stock is not redeemable by us and are convertible, at the holder’s option, into 0.8460 shares of common stock (equal to an initial conversion price of approximately $59.10). On or after April 30, 2018, we may at our option cause all outstanding shares of the Series I Preferred Stock to be automatically converted into a number of shares of common stock equal to the then-prevailing conversion rate if the daily volume-weighted average prices of our common stock for each day equals or exceeds 130% of the then-prevailing conversion price for at least 20 trading days in a period of 30 consecutive trading days.

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
2016 Dividend reinvestment plan issuances	4,145,457	$70.40	$	291,852	$	291,571
2016 Option exercises	141,405	47.13	6,664		6,664
2016 Equity Shelf Program issuances	3,134,901	76.01	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	$70.13	$	395,526	$	394,639
2017 Option exercises	252,979	51.16	12,942		12,942
2017 Equity Shelf Program issuances	2,986,574	72.30	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

2018 Dividend reinvestment plan issuances	6,529,417	$65.55	$	428,009	$	423,075
2018 Option exercises	56,960	42.66	2,430		2,430
2018 Equity Shelf Program issuances	5,241,349	69.95	366,640		364,070
2018 Preferred stock conversions	83		—		—
2018 Stock incentive plans, net of forfeitures	115,243		—		—
2018 Totals	11,943,052		$	797,079	$	789,575

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, 2018				December 31, 2017				December 31, 2016
	Per Share		Amount		Per Share		Amount		Per Share		Amount
Common Stock	$	3.4800	$	1,300,141	$	3.4800	$	1,277,321	$	3.4400	$	1,233,519
Series I Preferred Stock	3.2500		46,704		3.2500		46,711		3.2500		46,719
Series J Preferred Stock	—		—		0.2347		2,699		1.6251		18,687
Totals			$	1,346,845			$	1,326,731			$	1,298,925

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			Available for Sale Securities			Actuarial losses			Cash Flow Hedges			Total
Balance at December 31, 2017	$	(110,581	)	$	—		$	(884	)	$	—		$	(111,465	)
Other comprehensive income (loss)	(18,648		)	—			344			—			(18,304		)

Net current-period other comprehensive income (loss)	(18,648		)	—			344			—			(18,304		)
Balance at December 31, 2018	$	(129,229	)	$	—		$	(540	)	$	—		$	(129,769	)

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	)