Equity (Tables)

9 Months Ended

Sep. 30, 2017

Equity

Schedule of equity

Equity activity was as follows (in thousands):

	Total
	Equity
Balance at December 31, 2016	$	740,048
Net income		67,506
Proceeds from common stock issued, net of issuance costs		14,529
Stock-based compensation expense		3,967
Performance based stock units		(6)
Stock option exercise		202
Common stock dividends		(67,664)
Other		(1,947)
Balance at September 30, 2017	$	756,635

Schedule of cash dividends declared and paid

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

	Nine Months Ended
	September 30, 2017						September 30, 2016
	Declared			Paid			Declared			Paid
Common Stock	$	67,664	(1)	$	67,664	(1)	$	62,211	(2)	$	62,211	(2)

⁽¹⁾ Represents $0.19 per share per month for the nine months ended September 30, 2017.

⁽²⁾ Represents $0.18 per share per month for the nine months ended September 30, 2016.

Schedule of options exercised

		Weighted
		Average
	Options	Exercise		Option		Market
	Exercised	Price		Value		Value(1)
2017	8,334	$	24.31	$	202,566	$	410,797
2016	6,667	$	23.79	$	159,000	$	311,000

(1) As of exercise date.

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)
	7,416	$	48.55	June 1, 2018
	3,000	$	50.50	ratably over 3 years
	143,057
2016	65,300	$	43.24	ratably over 3 years
	54,107	$	46.87	TSR targets (2)
	7,680	$	46.87	June 1, 2017
	127,087

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

⁽²⁾ Vesting is based on achieving certain TSR targets in 3.7 years with acceleration opportunity in 2.7 years.

Schedule of unrecognized compensation

	Remaining
	Compensation
Vesting Date	Expense
2017	$	1,282,000
2018		3,947,000
2019		2,149,000
2020		259,000
	$	7,637,000