Stockholders' Equity

6 Months Ended

Jun. 30, 2012

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

The following table provides a reconciliation of total stockholders' equity for the six months ended June 30, 2012:

(Dollars in thousands, except per share data)	Common Stock		Additional Paid-In Capital			Accumulated Other Comprehensive Loss			Cumulative Net Income		Cumulative Dividends			Total Stockholders’ Equity
Balance at Dec. 31, 2011	$	779	$	1,894,604		$	(3,332	)	$	795,951	$	(1,683,196	)	$	1,004,806
Issuance of common stock	1		523			—			—		—			524
Common stock redemption	—		(45		)	—			—		—			(45		)
Stock-based compensation	—		1,653			—			—		—			1,653
Net income attributable to common stockholders	—		—			—			6,042		—			6,042
Dividends to common stockholders ($0.60 per share)	—		—			—			—		(46,785		)	(46,785		)
Balance at June 30, 2012	$	780	$	1,896,735		$	(3,332	)	$	801,993	$	(1,729,981	)	$	966,195

Common Stock

The following table provides a reconciliation of the beginning and ending common stock outstanding for the six months ended June 30, 2012 and the year ended December 31, 2011:

	Six Months Ended	Year Ended
	June 30, 2012	December 31, 2011
Balance, beginning of period	77,843,883	66,071,424
Issuance of common stock	30,182	11,681,392
Restricted stock-based awards, net of forfeitures	128,747	91,067
Balance, end of period	78,002,812	77,843,883

At-The-Market Equity Offering Program

Since December 2008, the Company has had in place an at-the-market equity offering program to sell shares of its common stock from time to time in at-the-market sales transactions. The Company has not sold any shares under this program since July 2011 and had 2,791,300 authorized shares remaining to be sold under the current sales agreement at June 30, 2012.

Common Stock Dividends

During the first six months of 2012, the Company declared and paid common stock dividends totaling $0.60 per share.

On July 31, 2012, the Company declared a quarterly common stock dividend in the amount of $0.30 per share payable on August 31, 2012 to stockholders of record on August 16, 2012.

Earnings (Loss) Per Common Share

The following table sets forth the computation of basic and diluted earnings (loss) per common share for the three and six months ended June 30, 2012 and 2011.

	Three Months Ended						Six Months Ended
(Dollars in thousands, except per share data)	June 30, 2012			June 30, 2011			June 30, 2012			June 30, 2011
Weighted average Common Shares outstanding
Weighted average Common Shares outstanding	77,977,278			73,476,473			77,961,391			70,550,070
Unvested restricted stock	(1,515,012		)	(1,441,319		)	(1,516,904		)	(1,440,527		)
Weighted average Common Shares Outstanding—Basic	76,462,266			72,035,154			76,444,487			69,109,543
Weighted average Common Shares—Basic	76,462,266			72,035,154			76,444,487			69,109,543
Dilutive effect of restricted stock	1,127,522			1,045,698			1,108,456			—
Dilutive effect of employee stock purchase plan	122,705			68,380			125,419			—
Weighted average Common Shares Outstanding—Diluted	77,712,493			73,149,232			77,678,362			69,109,543
Net income (loss)
Income (loss) from continuing operations	$	2,433		$	1,292		$	4,190		$	(5,088	)
Noncontrolling interests’ share in net income	(20		)	—			(20		)	(27		)
Income (loss) from continuing operations attributable to common shareholders	2,413			1,292			4,170			(5,115		)
Discontinued operations	495			719			1,872			1,337
Net income (loss) attributable to common stockholders	$	2,908		$	2,011		$	6,042		$	(3,778	)
Basic Earnings (Loss) Per Common Share
Income (loss) from continuing operations	$	0.03		$	0.02		$	0.05		$	(0.07	)
Discontinued operations	0.01			0.01			0.03			0.02
Net income (loss) attributable to common stockholders	$	0.04		$	0.03		$	0.08		$	(0.05	)
Diluted Earnings (Loss) Per Common Share
Income (loss) from continuing operations	$	0.03		$	0.02		$	0.05		$	(0.07	)
Discontinued operations	0.01			0.01			0.03			0.02
Net income (loss) attributable to common stockholders	$	0.04		$	0.03		$	0.08		$	(0.05	)

The dilutive effect of 1,034,520 shares of restricted stock and options to purchase 81,935 shares under the Employee Stock Purchase Plan was excluded from the calculation of diluted loss per common share for the six months ended June 30, 2011 because the effect was anti-dilutive due to the loss from continuing operations incurred during that period.

Incentive Plans

The Company has various stock-based incentive plans for its employees and directors. Awards under these plans include restricted stock issued to employees and the Company’s directors and options granted to employees pursuant to its Employee Stock Purchase Plan. In May 2012, an annual restricted stock grant was made to each non-employee director equal to a market value of approximately $76,000. During the six months ended June 30, 2012 and 2011, the Company issued 103,225 and 79,169 shares of restricted common stock, respectively, to its employees under its stock-based incentive plans and withheld 2,342 shares and 2,568 shares of common stock, respectively, from its officers to pay estimated withholding taxes related to restricted stock that vested, respectively.

A summary of the activity under the restricted stock incentive plans for the three and six months ended June 30, 2012 and 2011 is included in the table below.

	Three Months Ended				Six Months Ended
	June 30, 2012		June 30, 2011		June 30, 2012		June 30, 2011
Stock-based awards, beginning of period	1,518,512		1,436,811		1,430,675		1,379,243
Granted	27,864		27,400		131,089		106,569
Vested	(38,102	)	(16,000	)	(53,490	)	(26,675	)
Forfeited	—		—		—		(10,926	)
Stock-based awards, end of period	1,508,274		1,448,211		1,508,274		1,448,211

Under the Company’s Employee Stock Purchase Plan, in January of each year, each eligible employee is granted an option to purchase up to $25,000 of Common Stock at the lesser of 85% of the market price on the date of grant or 85% of the market price on the date of exercise of such option. The number of shares subject to each year’s option becomes fixed on the date of grant. Options granted under the Employee Stock Purchase Plan expire if not exercised within 27 months after each such option’s date of grant. The Company recorded approximately $0.2 million in general and administrative expenses during the first quarter of 2012 relating to the annual grant of options to its employees under the Employee Stock Purchase Plan. On April 1, 2012, options to purchase 182,315 shares of Common Stock expired that had not been exercised.

A summary of the activity under the Employee Stock Purchase Plan for the three and six months ended June 30, 2012 and 2011 is included in the table below.

	Three Months Ended				Six Months Ended
	June 30, 2012		June 30, 2011		June 30, 2012		June 30, 2011
Outstanding and exercisable, beginning of period	712,385		626,480		425,196		392,517
Granted	—		—		327,936		261,960
Exercised	(8,787	)	(2,654	)	(21,368	)	(7,245	)
Forfeited	(23,547	)	(9,376	)	(51,713	)	(32,782	)
Expired	(182,315	)	(166,207	)	(182,315	)	(166,207	)
Outstanding and exercisable, end of period	497,736		448,243		497,736		448,243