Stockholders' Equity

12 Months Ended

Dec. 31, 2012

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Common Stock

The Company had no preferred shares outstanding and had common shares outstanding for the three years ended December 31, 2012 as follows:

	Year Ended December 31,
	2012	2011	2010
Balance, beginning of year	77,843,883	66,071,424	60,614,931
Issuance of stock	9,275,895	11,681,392	5,287,098
Non-vested stock-based awards, net of forfeitures	394,558	91,067	169,395
Balance, end of year	87,514,336	77,843,883	66,071,424

Equity Offering

On September 28, 2012, the Company sold 9,200,000 shares of common stock at a gross price of $23.87 per share (net price of $22.85 per share) in an underwritten public offering pursuant to the Company's existing effective registration statement. The net proceeds of the offering, after underwriting discounts and commissions and estimated offering expenses, were approximately $201.1 million. 

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 the Company’s common stock from time to time in at-the-market sales transactions. The Company sold no shares under this program in 2012. The following table details the shares sold under this program.

Year	Shares Sold	Sales Price Per Share	Net Proceeds (in millions)
2011	11,648,700	$20.27 - $23.63	$	251.6
2010	5,258,700	$20.23 - $25.16	$	117.7

In January 2013, the Company sold 1,599,271 shares of common stock under this program for approximately $39.7 million in net proceeds. On February 17, 2013, the Company terminated the sales agreements under this program, leaving no shares currently available for issuance.

Dividends Declared

During 2012, the Company declared and paid common stock dividends aggregating $1.20 per share ($0.30 per share per quarter).

On January 29, 2013, the Company declared a quarterly common stock dividend in the amount of $0.30 per share payable on March 1, 2013 to stockholders of record on February 14, 2013.

Authorization to Repurchase Common Stock

In 2006, the Company’s Board of Directors authorized management to repurchase up to 3,000,000 shares of the Company’s common stock. As of December 31, 2012, the Company had not repurchased any shares under this authorization. The Company may elect, from time to time, to repurchase shares either when market conditions are appropriate or as a means to reinvest excess cash flows. Such purchases, if any, may be made either in the open market or through privately negotiated transactions.

Accumulated Other Comprehensive Loss

During the years ended December 31, 2012 and 2011, the Company recorded a reduction to future benefit obligations related to its pension plan of $1.2 million and $1.9 million, respectively, resulting in a decrease to other liabilities and an offsetting reduction to accumulated other comprehensive loss which is included in stockholders’ equity on the Company’s Consolidated Balance Sheet.