Stockholders' Equity

3 Months Ended

Mar. 31, 2013

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

The following table provides a reconciliation of total stockholders' equity for the three months ended March 31, 2013:

(Dollars in thousands, except per share data)	Common Stock		Additional Paid-In Capital			Accumulated Other Comprehensive Loss			Cumulative Net Income Attributable to Common Stockholders			Cumulative Dividends			Total Stockholders’ Equity			Non-controlling Interests			Total Equity
Balance at December 31, 2012	$	875	$	2,100,297		$	(2,092	)	$	801,416		$	(1,779,552	)	$	1,120,944		$	—		$	1,120,944
Issuance of common stock	16		40,358			—			—			—			40,374			—			40,374
Common stock redemptions	—		(156		)	—			—			—			(156		)	—			(156		)
Stock-based compensation	1		1,847			—			—			—			1,848			—			1,848
Total comprehensive loss	—		—			—			(999		)	—			(999		)	(19		)	(1,018		)
Dividends to common stockholders ($0.30 per share)	—		—			—			—			(26,746		)	(26,746		)	—			(26,746		)
Distributions to non-controlling interests	—		—			—			—			—			—			(3		)	(3		)
Proceeds from non-controlling interests	—		—			—			—			—			—			1,373			1,373
Balance at March 31, 2013	$	892	$	2,142,346		$	(2,092	)	$	800,417		$	(1,806,298	)	$	1,135,265		$	1,351		$	1,136,616

Common Stock

The following table provides a reconciliation of the beginning and ending common stock outstanding for the three months ended March 31, 2013 and the year ended December 31, 2012:

	Three Months Ended	Year Ended
	March 31, 2013	December 31, 2012
Balance, beginning of period	87,514,336	77,843,883
Issuance of common stock	1,642,318	9,275,895
Restricted stock-based awards, net of forfeitures	60,726	394,558
Balance, end of period	89,217,380	87,514,336

At-The-Market Equity Offering Program

In January 2013, the Company sold 1,599,271 shares of common stock under its at-the-market equity offering program for approximately $39.7 million in net proceeds. On February 17, 2013, the Company terminated the existing sales agreements under this program. On March 29, 2013, the Company entered into new sales agreements with four investment banks to sell up to 9,000,000 shares of its common stock through this program. In April 2013, the Company sold 1,423,931 shares of common stock, generating $40.7 million in net proceeds, with 7,576,069 authorized shares remaining available to be sold under these agreements.

Common Stock Dividends

During the first three months of 2013, the Company declared and paid common stock dividends totaling $0.30 per share.

On April 30, 2013, the Company declared a quarterly common stock dividend in the amount of $0.30 per share payable on May 31, 2013 to stockholders of record on May 16, 2013.

Earnings (Loss) Per Common Share

The following table sets forth the computation of basic and diluted earnings (loss) per common share for the three months ended March 31, 2013 and 2012.

	Three Months Ended March 31,
(Dollars in thousands, except per share data)	2013			2012
Weighted average Common Shares outstanding
Weighted average Common Shares outstanding	88,717,028			77,945,505
Nonvested shares	(1,822,692		)	(1,518,796		)
Weighted average Common Shares outstanding—Basic	86,894,336			76,426,709
Weighted average Common Shares—Basic	86,894,336			76,426,709
Dilutive effect of restricted stock	1,282,722			1,087,873
Dilutive effect of employee stock purchase plan	205,378			126,460
Weighted average Common Shares outstanding—Diluted	88,382,436			77,641,042
Net Income (Loss)
Income from continuing operations	$	2,125		$	1,496
Noncontrolling interests’ share in net income	19			—
Income from continuing operations attributable to common stockholders	2,144			1,496
Discontinued operations	(3,143		)	1,638
Net income (loss) attributable to common stockholders	$	(999	)	$	3,134
Basic Earnings (Loss) Per Common Share
Income from continuing operations	$	0.02		$	0.02
Discontinued operations	(0.03		)	0.02
Net income (loss) attributable to common stockholders	$	(0.01	)	$	0.04
Diluted Earnings (Loss) Per Common Share
Income from continuing operations	$	0.02		$	0.02
Discontinued operations	(0.03		)	0.02
Net income (loss) attributable to common stockholders	$	(0.01	)	$	0.04

Incentive Plans

The Company has various stock-based incentive plans for its employees and directors. Awards under these plans include nonvested stock issued to employees and the Company’s directors. During the three months ended March 31, 2013 and 2012, the Company issued 66,787 and 103,225 shares of nonvested common stock, respectively, to its employees under its stock-based incentive plans and withheld 6,061 shares and 2,342 shares of common stock, respectively, from its officers to pay estimated withholding taxes related to shares that vested.

A summary of the activity under the stock-based incentive plans for the three months ended March 31, 2013 and 2012 is included in the table below.

	Three Months Ended March 31,
	2013		2012
Stock-based awards, beginning of period	1,770,061		1,430,675
Granted	66,787		103,225
Vested	(23,775	)	(15,388	)
Forfeited	—		—
Stock-based awards, end of period	1,813,073		1,518,512

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 $0.3 million in general and administrative expenses during the first quarter of 2013 relating to the grants of options to its employees under the Employee Stock Purchase Plan based on the Company's estimate of option exercises.

A summary of the activity under the Employee Stock Purchase Plan for the three months ended March 31, 2013 and 2012 is included in the table below.

	Three Months Ended March 31,
	2013		2012
Outstanding and exercisable, beginning of period	433,452		425,196
Granted	246,717		327,936
Exercised	(39,515	)	(12,581	)
Forfeited	(11,409	)	(28,166	)
Expired	(170,551	)	(182,315	)
Outstanding and exercisable, end of period	458,694		530,070