Stockholders' Equity

9 Months Ended

Sep. 30, 2013

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

The following table provides a reconciliation of total stockholders' equity for the nine months ended September 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	83		219,960			—			—			—			220,043			—			220,043
Common stock redemptions	—		(247		)	—			—			—			(247		)	—			(247		)
Stock-based compensation	1		4,130			—			—			—			4,131			—			4,131
Total comprehensive loss	—		—			—			(5,439		)	—			(5,439		)	(34		)	(5,473		)
Dividends to common stockholders ($0.90 per share)	—		—			—			—			(82,815		)	(82,815		)	—			(82,815		)
Distributions to non-controlling interests	—		—			—			—			—			—			(3		)	(3		)
Proceeds from non-controlling interests	—		—			—			—			—			—			1,749			1,749
Balance at September 30, 2013	$	959	$	2,324,140		$	(2,092	)	$	795,977		$	(1,862,367	)	$	1,256,617		$	1,712		$	1,258,329

Common Stock    

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

	Nine Months Ended	Year Ended
	September 30, 2013	December 31, 2012
Balance, beginning of period	87,514,336	77,843,883
Issuance of common stock	8,280,789	9,275,895
Nonvested share-based awards, net	77,610	394,558
Balance, end of period	95,872,735	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, after underwriting discounts, commissions and offering expenses, were approximately $78.3 million.

At-The-Market Equity Offering Program

During the nine months ended September 30, 2013, the Company sold 5,207,871 shares of common stock under its at-the-market equity offering program for approximately $140.6 million in net proceeds at prices ranging from $24.19 to $30.49. Of this amount, the Company sold 363,100 shares of common stock in early July 2013 for $9.1 million in net proceeds. No additional shares have been issued under this program since the equity offering discussed previously.

The Company's existing sales agreements executed in March 2013 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 September 30, 2013.

Common Stock Dividends

During the first nine months of 2013, the Company declared and paid common stock dividends totaling $0.90 per share.

On October 29, 2013, the Company declared a quarterly common stock dividend in the amount of $0.30 per share payable on November 29, 2013 to stockholders of record on November 14, 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 nine months ended September 30, 2013 and 2012.

	Three Months Ended September 30,						Nine Months Ended September 30,
(Dollars in thousands, except per share data)	2013			2012			2013			2012
Weighted average Common Shares outstanding
Weighted average Common Shares outstanding	95,220,031			78,204,382			91,665,703			78,042,979
Nonvested shares	(1,777,203		)	(1,491,788		)	(1,794,606		)	(1,508,471		)
Weighted average Common Shares outstanding—Basic	93,442,828			76,712,594			89,871,097			76,534,508
Weighted average Common Shares—Basic	93,442,828			76,712,594			89,871,097			76,534,508
Dilutive effect of restricted stock	1,278,902			1,157,948			—			1,127,211
Dilutive effect of employee stock purchase plan	114,264			150,429			—			137,572
Weighted average Common Shares outstanding—Diluted	94,835,994			78,020,971			89,871,097			77,799,291
Net Income (Loss)
Income (loss) from continuing operations	$	4,941		$	876		$	(21,433	)	$	2,271
Noncontrolling interests’ share in net (income) loss	(18		)	(20		)	34			(40		)
Income (loss) from continuing operations attributable to common stockholders	4,923			856			(21,399		)	2,231
Discontinued operations	14,842			4,959			15,960			9,626
Net income (loss) attributable to common stockholders	$	19,765		$	5,815		$	(5,439	)	$	11,857
Basic Earnings (Loss) Per Common Share
Income (loss) from continuing operations	$	0.05		$	0.01		$	(0.24	)	$	0.03
Discontinued operations	0.16			0.07			0.18			0.12
Net income (loss) attributable to common stockholders	$	0.21		$	0.08		$	(0.06	)	$	0.15
Diluted Earnings (Loss) Per Common Share
Income (loss) from continuing operations	$	0.05		$	0.01		$	(0.24	)	$	0.03
Discontinued operations	0.16			0.06			0.18			0.12
Net income (loss) attributable to common stockholders	$	0.21		$	0.07		$	(0.06	)	$	0.15

The effect of nonvested stock totaling 1,294,953 shares, and options under the Employee Stock Purchase Plan to purchase the Company’s stock totaling 164,418 shares, for the nine months ended September 30, 2013 were excluded from the calculation of diluted loss per common share 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 nonvested stock issued to employees and the Company’s directors. During the nine months ended September 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 9,433 shares and 2,417 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 nine months ended September 30, 2013 and 2012 is included in the table below.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
Stock-based awards, beginning of period	1,778,083		1,508,274		1,770,061		1,430,675
Granted	—		—		87,043		131,089
Vested	(890	)	(282	)	(79,911	)	(53,772	)
Forfeited	—		—		—		—
Stock-based awards, end of period	1,777,193		1,507,992		1,777,193		1,507,992

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 nine months ended September 30, 2013 and 2012 is included in the table below.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
Outstanding and exercisable, beginning of period	433,801		497,736		433,452		425,196
Granted	—		—		246,717		327,936
Exercised	(7,478	)	(24,381	)	(60,483	)	(45,749	)
Forfeited	(14,007	)	(17,781	)	(36,819	)	(69,494	)
Expired	—		—		(170,551	)	(182,315	)
Outstanding and exercisable, end of period	412,316		455,574		412,316		455,574