Stockholders' Equity

6 Months Ended

Jun. 30, 2013

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

The following table provides a reconciliation of total stockholders' equity for the six months ended June 30, 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	49		132,368			—			—			—			132,417			—			132,417
Common stock redemptions	—		(246		)	—			—			—			(246		)	—			(246		)
Stock-based compensation	1		2,984			—			—			—			2,985			—			2,985
Total comprehensive loss	—		—			—			(25,204		)	—			(25,204		)	(52		)	(25,256		)
Dividends to common stockholders ($0.60 per share)	—		—			—			—			(54,061		)	(54,061		)	—			(54,061		)
Distributions to non-controlling interests	—		—			—			—			—			—			(3		)	(3		)
Proceeds from non-controlling interests	—		—			—			—			—			—			1,388			1,388
Balance at June 30, 2013	$	925	$	2,235,403		$	(2,092	)	$	776,212		$	(1,833,613	)	$	1,176,835		$	1,333		$	1,178,168

Common Stock

The following table provides a reconciliation of the beginning and ending common stock outstanding for the six months ended June 30, 2013 and the year ended December 31, 2012:

	Six Months Ended	Year Ended
	June 30, 2013	December 31, 2012
Balance, beginning of period	87,514,336	77,843,883
Issuance of common stock	4,904,646	9,275,895
Restricted stock-based awards, net of forfeitures	77,667	394,558
Balance, end of period	92,496,649	87,514,336

Equity Offering

On July 19, 2013, the Company issued 3,000,000 shares of common stock, par value $0.01 per share, at $26.13 per share in an underwritten public offering pursuant to the Company's existing effective registration statement. The net proceeds of the offering were approximately $78.4 million before offering expenses.

At-The-Market Equity Offering Program

During the six months ended June 30, 2013, the Company sold 4,844,771 shares of common stock under its at-the-market equity offering program for approximately $131.4 million in net proceeds at prices ranging from $24.19 to $30.49. Of this amount, the Company sold 3,245,500 shares of common stock during the second quarter of 2013 for $91.8 million in net proceeds. In July 2013, the Company sold 363,100 shares of common stock, generating $9.1 million in net proceeds.

The Company's existing sales agreements with four investment banks allow sales under this program of up to 9,000,000 shares of common stock of which 5,391,400 authorized shares remain available for issuance as of July 30, 2013.

Common Stock Dividends

During the first six months of 2013, the Company declared and paid common stock dividends totaling $0.60 per share.

On July 30, 2013, the Company declared a quarterly common stock dividend in the amount of $0.30 per share payable on August 30, 2013 to stockholders of record on August 15, 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 and six months ended June 30, 2013 and 2012.

	Three Months Ended June 30,						Six Months Ended June 30,
(Dollars in thousands, except per share data)	2013			2012			2013			2012
Weighted average Common Shares outstanding
Weighted average Common Shares outstanding	90,988,589			77,977,278			89,859,083			77,961,391
Nonvested shares	(1,784,422		)	(1,515,012		)	(1,803,451		)	(1,516,904		)
Weighted average Common Shares outstanding—Basic	89,204,167			76,462,266			88,055,632			76,444,487
Weighted average Common Shares—Basic	89,204,167			76,462,266			88,055,632			76,444,487
Dilutive effect of restricted stock	—			1,127,522			—			1,108,456
Dilutive effect of employee stock purchase plan	—			122,705			—			125,419
Weighted average Common Shares outstanding—Diluted	89,204,167			77,712,493			88,055,632			77,678,362
Net Income (Loss)
Income (loss) from continuing operations	$	(26,522	)	$	2,220		$	(24,461	)	$	3,654
Noncontrolling interests’ share in net (income) loss	33			(20		)	52			(20		)
Income (loss) from continuing operations attributable to common stockholders	(26,489		)	2,200			(24,409		)	3,634
Discontinued operations	2,284			708			(795		)	2,408
Net income (loss) attributable to common stockholders	$	(24,205	)	$	2,908		$	(25,204	)	$	6,042
Basic Earnings (Loss) Per Common Share
Income (loss) from continuing operations	$	(0.30	)	$	0.03		$	(0.28	)	$	0.05
Discontinued operations	0.03			0.01			(0.01		)	0.03
Net income (loss) attributable to common stockholders	$	(0.27	)	$	0.04		$	(0.29	)	$	0.08
Diluted Earnings (Loss) Per Common Share
Income (loss) from continuing operations	$	(0.30	)	$	0.03		$	(0.28	)	$	0.05
Discontinued operations	0.03			0.01			(0.01		)	0.03
Net income (loss) attributable to common stockholders	$	(0.27	)	$	0.04		$	(0.29	)	$	0.08

The effect of nonvested stock totaling 1,320,412 and 1,303,441 shares, respectively, and options under the Employee Stock Purchase Plan to purchase the Company’s stock totaling 158,930 and 185,281 shares, respectively, for the three and six months ended June 30, 2013 were excluded from the calculation of diluted loss per common share because the effect was anti-dilutive due to the net loss from continuing operations incurred during those periods.

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 six months ended June 30, 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 9,376 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 and six months ended June 30, 2013 and 2012 is included in the table below.

	Three Months Ended June 30,				Six Months Ended June 30,
	2013		2012		2013		2012
Stock-based awards, beginning of period	1,813,073		1,518,512		1,770,061		1,430,675
Granted	20,256		27,864		87,043		131,089
Vested	(55,246	)	(38,102	)	(79,021	)	(53,490	)
Forfeited	—		—		—		—
Stock-based awards, end of period	1,778,083		1,508,274		1,778,083		1,508,274

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 and six months ended June 30, 2013 and 2012 is included in the table below.

	Three Months Ended June 30,				Six Months Ended June 30,
	2013		2012		2013		2012
Outstanding and exercisable, beginning of period	458,694		530,070		433,452		425,196
Granted	—		—		246,717		327,936
Exercised	(13,490	)	(8,787	)	(53,005	)	(21,368	)
Forfeited	(11,403	)	(23,547	)	(22,812	)	(51,713	)
Expired	—		—		(170,551	)	(182,315	)
Outstanding and exercisable, end of period	433,801		497,736		433,801		497,736