Stockholders' Equity

6 Months Ended

Jun. 30, 2011

13. Stockholders’ Equity

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


	June 30, 2011		December 31, 2010
Preferred Stock:
Authorized shares		50,000,000		50,000,000
Issued shares		25,724,854		11,349,854
Outstanding shares		25,724,854		11,349,854

Common Stock, $1.00 par value:
Authorized shares		400,000,000		225,000,000
Issued shares		177,656,452		147,381,191
Outstanding shares		177,327,590		147,097,381

Preferred Stock. During the six months ended June 30, 2010, certain holders of our 7.5% Series G Cumulative Convertible Preferred Stock converted 76,841 shares into 54,990 shares of our common stock, leaving 322,872 of such shares outstanding at June 30, 2010. The remaining Series G shares were subsequently converted into common shares on or prior to September 30, 2010. During the six months ended June 30, 2011, we issued 14,375,000 shares 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 Series I 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).

Common Stock. The following is a summary of our common stock issuances during the six months ended June 30, 2011 and 2010 (dollars in thousands, except per share amounts):


	Shares Issued		Average Price		Gross Proceeds		Net Proceeds
2010 Dividend reinvestment plan issuances		855,343	$	41.59	$	35,570	$	35,570
2010 Option exercises		51,313		38.78		1,990		1,990

2010 Totals		906,656			$	37,560	$	37,560


March 2011 public issuance		28,750,000	$	49.25	$	1,415,938	$	1,358,694
2011 Dividend reinvestment plan issuances		1,200,418		49.44		59,348		58,400
2011 Option exercises		116,782		37.69		4,401		4,401

2011 Totals		30,067,200			$	1,479,687	$	1,421,495

Dividends. The following is a summary of our dividend payments (dollars in thousands, except per share amounts):


	Six Months Ended
	June 30, 2011				June 30, 2010
	Per Share		Amount		Per Share		Amount
Common Stock	$	1.4050	$	228,565	$	1.3600	$	169,069
Series D Preferred Stock		0.9844		3,937		0.9844		3,938
Series E Preferred Stock		—		—		0.7500		56
Series F Preferred Stock		0.9532		6,672		0.9532		6,672
Series G Preferred Stock		—		—		0.9376		327
Series H Preferred Stock		1.4293		500
Series I Preferred Stock		1.0382		14,924

Totals			$	254,598			$	180,062

Comprehensive Income

The following is a summary of accumulated other comprehensive income/(loss) as of the dates indicated (in thousands):


	June 30, 2011			December 31, 2010
Unrecognized losses on cash flow hedges	$	(9,101	)	$	(9,969	)
Unrecognized losses on equity investments		(411	)		(497	)
Unrecognized actuarial losses		(633	)		(633	)

Totals	$	(10,145	)	$	(11,099	)

The following is a summary of comprehensive income/(loss) for the periods indicated (in thousands):


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
Unrecognized gains (losses) on cash flow hedges	$	386		$	(4,208	)	$	868		$	(5,498	)
Unrecognized gains (losses) on equity investments		(236	)		(227	)		86			(137	)

Total other comprehensive income (loss)		150			(4,435	)		954			(5,635	)
Net income attributable to controlling interests		87,200			51,130			119,252			82,451

Comprehensive income attributable to controlling interests		87,350			46,695			120,206			76,816
Net and comprehensive income (loss) attributable to noncontrolling interests⁽¹⁾		(992	)		(66	)		(1,234	)		307

Total comprehensive income	$	86,358		$	46,629		$	118,972		$	77,123


(1)		Includes amounts attributable to redeemable noncontrolling interests.

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. Expense, which is recognized as the options vest based on the market value at the date of the award, totaled $612,000 and $1,651,000 for the three and six months ended June 30, 2011 as compared to $221,000 and $1,194,000 for the same periods in 2010.

- Definition

Disclosures related to accounts comprising shareholders' equity, including other comprehensive income. Includes: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables; effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

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