Stockholders' Equity

12 Months Ended

Dec. 31, 2013

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, 2013 as follows:

	Year Ended December 31,
	2013	2012	2011
Balance, beginning of year	87,514,336	77,843,883	66,071,424
Issuance of common stock	8,293,369	9,275,895	11,681,392
Non-vested stock-based awards, net of forfeitures	116,634	394,558	91,067
Balance, end of year	95,924,339	87,514,336	77,843,883

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.

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

The Company has 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 following table details the shares sold under this program.

	Shares Sold	Sales Price Per Share	Net Proceeds (in millions)
2013	5,207,871	$24.19 - $30.49	$	140.6
2012	—	—	$	—
2011	11,648,700	$20.27 - $23.63	$	251.6

There are 5,391,400 authorized shares remaining available to be sold under the Company's existing sales agreements.

Dividends Declared

During 2013, the Company declared and paid common stock dividends aggregating $1.20 per share ($0.30 per share per quarter).

On February 4, 2014, the Company declared a quarterly common stock dividend in the amount of $0.30 per share payable on February 28, 2014 to stockholders of record on February 18, 2014.

Authorization to Repurchase Common Stock

The Company’s Board of Directors has authorized management to repurchase up to 3,000,000 shares of the Company’s common stock. As of December 31, 2013, 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 Income (Loss)

During the years ended December 31, 2013 and 2012, the Company recorded a reduction to future benefit obligations related to its pension plan of $2.1 million and $1.2 million, respectively, resulting in a decrease to Other liabilities and an offsetting reduction to Accumulated other comprehensive income (loss) which is included in Stockholders’ equity on the Company’s Consolidated Balance Sheet.

The following table represents the amounts reclassified out of Accumulated other comprehensive income (loss) related to the Company's pension plan during the twelve months ended December 31, 2013 and 2012:

	Twelve Months Ended December 31,
	2013			2012
Beginning balance	$	(2,092	)	$	(3,332	)
Other comprehensive income before reclassifications	1,952			973
Amounts reclassified from accumulated other comprehensive income (loss)	191			267
Net current-period other comprehensive income	2,143			1,240
Ending balance	$	51		$	(2,092	)

The following table represents the details regarding the reclassifications from Accumulated other comprehensive income (loss) related to the Company's pension plan during the twelve months ended December 31, 2013:

Details about accumulated other comprehensive income components	Amount reclassified from accumulated other comprehensive income			Affected line item in the statement where net income is presented
(Dollars in thousands)
Prior service costs	$	(1,189	)	General and administrative expenses
Actuarial gains	1,380			General and administrative expenses
	$	191