Stockholders' Equity

12 Months Ended

Dec. 31, 2010

13. Stockholders’ Equity

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


	December 31, 2010		December 31, 2009
Preferred Stock, $1.00 par value:
Authorized shares		50,000,000		50,000,000
Issued shares		11,349,854		11,474,093
Outstanding shares		11,349,854		11,474,093

Common Stock, $1.00 par value:
Authorized shares		225,000,000		225,000,000
Issued shares		147,381,191		123,583,242
Outstanding shares		147,097,381		123,385,317

Preferred Stock. During the year ended December 31, 2008, certain holders of our Series G Cumulative Convertible Preferred Stock converted 1,362,887 shares into 975,397 shares of our common stock, leaving 441,313 of such shares outstanding at December 31, 2008. During the year ended December 31, 2009, certain holders of our Series G Cumulative Convertible Preferred Stock converted 41,600 shares into 29,771 shares of our common stock, leaving 399,713 of such shares outstanding at December 31, 2009. During the nine months ended September 30, 2010, certain holders of our Series G Cumulative Convertible Preferred Stock converted 394,200 shares into 282,078 shares of our common stock, leaving 5,513 of such shares outstanding which were redeemed by us on September 30, 2010. During the three months ended September 30, 2010, the holder of our Series E Cumulative Convertible and Redeemable Preferred Stock converted 74,380 shares into 56,935 shares of our common stock, leaving no such shares outstanding at December 31, 2010.

In July 2003, we closed a public offering of 4,000,000 shares of 7.875% Series D Cumulative Redeemable Preferred Stock. These shares have a liquidation value of $25.00 per share. Dividends are payable quarterly in arrears. The preferred stock, which has no stated maturity, may be redeemed by us at a redemption price of $25.00 per share, plus accrued and unpaid dividends on such shares to the redemption date, on or after July 9, 2008.

In September 2004, we closed a public offering of 7,000,000 shares of 7.625% Series F Cumulative Redeemable Preferred Stock. These shares have a liquidation value of $25.00 per share. Dividends are payable quarterly in arrears. The preferred stock, which has no stated maturity, may be redeemed by us at a redemption price of $25.00 per share, plus accrued and unpaid dividends on such shares to the redemption date, on or after September 14, 2009.

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. These shares have a liquidation value of $25.00 per share. Dividends are payable quarterly in arrears. The preferred stock, which has no stated maturity, may be redeemed by us at a redemption price of $25.00 per share, plus accrued and unpaid dividends on such shares to the redemption date, on or after December 31, 2015. See Note 3 for additional information.

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
March 2008 public issuance		3,000,000	$	41.44	$	124,320	$	118,555
July 2008 public issuance		4,600,000		44.50		204,700		193,157
September 2008 public issuance		8,050,000		48.00		386,400		369,699
2008 Dividend reinvestment plan issuances		1,546,074		43.37		67,055		67,055
2008 Equity shelf program issuances		794,221		39.28		31,196		30,272
2008 Option exercises		118,895		29.83		3,547		3,547

2008 Totals		18,109,190			$	817,218	$	782,285


February 2009 public issuance		5,816,870	$	36.85	$	214,352	$	210,880
September 2009 public issuance		9,200,000		40.40		371,680		356,554
2009 Dividend reinvestment plan issuances		1,499,497		37.22		55,818		55,818
2009 Equity shelf program issuances		1,952,600		40.69		79,447		77,605
2009 Option exercises		96,166		38.23		3,676		3,676

2009 Totals		18,565,133			$	724,973	$	704,533


September 2010 public issuance		9,200,000	$	45.75	$	420,900	$	403,921
December 2010 public issuance		11,500,000		43.75		503,125		482,448
2010 Dividend reinvestment plan issuances		1,957,364		43.95		86,034		86,034
2010 Equity shelf program issuances		431,082		44.94		19,371		19,013
2010 Option exercises		129,054		31.17		4,022		4,022

2010 Totals		23,217,500			$	1,033,452	$	995,438

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


	Year Ended
	December 31, 2010				December 31, 2009				December 31, 2008
	Per Share		Amount		Per Share		Amount		Per Share		Amount
Common Stock	$	2.74000	$	348,578	$	2.72000	$	311,760	$	2.70000	$	253,659
Series D Preferred Stock		1.96875		7,875		1.96875		7,875		1.96875		7,875
Series E Preferred Stock		1.12500		94		1.50000		112		1.50000		112
Series F Preferred Stock		1.90625		13,344		1.90625		13,344		1.90625		13,344
Series G Preferred Stock		1.40640		332		1.87500		748		1.87500		1,870

Totals			$	370,223			$	333,839			$	276,860

Comprehensive Income

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


	December 31, 2010			December 31, 2009
Unrecognized gains (losses) on cash flow hedges	$	(9,969	)	$	(1,907	)
Unrecognized gains (losses) on equity investments		(497	)		(550	)
Unrecognized actuarial gains (losses)		(633	)		(434	)

Totals	$	(11,099	)	$	(2,891	)

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


	Year Ended December 31,
	2010			2009			2008
Unrecognized gains (losses) on cash flow hedges	$	(8,063	)	$	(2,542	)	$	7,829
Unrecognized gains (losses) on equity investments		54			487			(846	)
Unrecognized actuarial gains (losses)		(199	)		277			(715	)

Total other comprehensive income (loss)		(8,208	)		(1,778	)		6,268
Net income attributable to controlling interests		128,527			193,269			283,299

Comprehensive income attributable to controlling interests		120,319			191,491			289,567
Net and comprehensive income (loss) attributable to noncontrolling interests		357			(342	)		126

Total comprehensive income	$	120,676		$	191,149		$	289,693

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 $1,634,000, $1,629,000 and $1,503,000 for the year ended December 31, 2010, 2009 and 2008, respectively.

- 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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