Equity (Tables)

3 Months Ended

Mar. 31, 2017

Equity

Schedule of equity

Equity activity was as follows (in thousands):

	Total
	Equity
Balance at December 31, 2016	$	740,048
Net income		21,513
Proceeds from common stock issued, net of issuance costs		14,529
Stock-based compensation expense		1,259
Performance based stock units		(6)
Common stock dividends		(22,552)
Other		(1,651)
Balance at March 31, 2017	$	753,140

Schedule of cash dividends declared and paid

We declared and paid the following cash dividends (in thousands):

	Three Months Ended
	March 31, 2017						March 31, 2016
	Declared			Paid			Declared			Paid
Common Stock	$	22,552	(1)	$	22,552	(1)	$	20,347	(2)	$	20,347	(2)

⁽¹⁾ Represents $0.19 per share per month for the three months ended March 31, 2017.

⁽²⁾ Represents $0.18 per share per month for the three months ended March 31, 2016.

Schedule of restricted stock granted

	No. of	Price per
Year	Shares/Units	Share		Vesting Period
2017	74,760	$	45.76	ratably over 3 years
	57,881	$	45.76	TSR targets (1)
	132,641
2016	65,300	$	43.24	ratably over 3 years

⁽¹⁾ Vesting is based on achieving certain total shareholder return (or TSR) targets in 4 years with acceleration opportunity in 3 years.

Schedule of unrecognized compensation

	Remaining
	Compensation
Vesting Date	Expense
2017	$	3,997,000
2018		4,147,000
2019		2,312,000
2020		251,000
	$	10,707,000