Stockholders' Equity

3 Months Ended

Mar. 31, 2014

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

The following table provides a reconciliation of total stockholders' equity for the three months ended March 31, 2014:

(Dollars in thousands, except per share data)	Common Stock		Additional Paid-In Capital			Accumulated Other Comprehensive Income		Cumulative Net Income Attributable to Common Stockholders		Cumulative Dividends			Total Stockholders’ Equity			Non-controlling Interests			Total Equity
Balance at December 31, 2013	$	959	$	2,325,228		$	51	$	808,362	$	(1,891,123	)	$	1,243,477		$	1,809		$	1,245,286
Issuance of common stock	—		373			—		—		—			373			—			373
Common stock redemptions	—		(227		)	—		—		—			(227		)	—			(227		)
Stock-based compensation	1		1,515			—		—		—			1,516			—			1,516
Net income	—		—			—		3,852		—			3,852			111			3,963
Dividends to common stockholders ($0.30 per share)	—		—			—		—		(28,802		)	(28,802		)	—			(28,802		)
Distributions to non-controlling interests	—		—			—		—		—			—			(315		)	(315		)
Balance at March 31, 2014	$	960	$	2,326,889		$	51	$	812,214	$	(1,919,925	)	$	1,220,189		$	1,605		$	1,221,794

Common Stock    

The following table provides a reconciliation of the beginning and ending shares of common stock outstanding for the three months ended March 31, 2014 and the year ended December 31, 2013:

	March 31, 2014	December 31, 2013
Balance, beginning of period	95,924,339	87,514,336
Issuance of common stock	22,101	8,293,369
Nonvested share-based awards, net	91,548	116,634
Balance, end of period	96,037,988	95,924,339

At-The-Market Equity Offering Program

No shares were sold under the at-the-market equity offering program during the first quarter of 2014. 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 March 31, 2014.

Common Stock Dividends

During the first three months of 2014, the Company declared and paid common stock dividends totaling $0.30 per share.

On April 29, 2014, the Company declared a quarterly common stock dividend in the amount of $0.30 per share payable on May 30, 2014 to stockholders of record on May 16, 2014.

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, 2014 and 2013.

	Three Months Ended March 31,
(Dollars in thousands, except per share data)	2014			2013
Weighted average Common Shares outstanding
Weighted average Common Shares outstanding	96,009,788			88,717,028
Nonvested shares	(1,857,536		)	(1,822,692		)
Weighted average Common Shares outstanding—Basic	94,152,252			86,894,336
Weighted average Common Shares—Basic	94,152,252			86,894,336
Dilutive effect of restricted stock	1,299,287			1,282,722
Dilutive effect of employee stock purchase plan	133,893			205,378
Weighted average Common Shares outstanding—Diluted	95,585,432			88,382,436
Net Income (Loss)
Income from continuing operations	$	7,732		$	907
Noncontrolling interests’ share in net (income) loss	(111		)	19
Income from continuing operations attributable to common stockholders	7,621			926
Discontinued operations	(3,769		)	(1,925		)
Net income (loss) attributable to common stockholders	$	3,852		$	(999	)
Basic Earnings (Loss) Per Common Share
Income from continuing operations	$	0.08		$	0.01
Discontinued operations	(0.04		)	(0.02		)
Net income (loss) attributable to common stockholders	$	0.04		$	(0.01	)
Diluted Earnings (Loss) Per Common Share
Income from continuing operations	$	0.08		$	0.01
Discontinued operations	(0.04		)	(0.02		)
Net income (loss) attributable to common stockholders	$	0.04		$	(0.01	)

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, 2014 and 2013, the Company issued 101,522 and 66,787 shares of nonvested common stock, respectively, to its employees under its stock-based incentive plans and withheld 9,974 shares and 6,061 shares of common stock, respectively, from its participants 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, 2014 and 2013 is included in the table below.

	Three Months Ended March 31,
	2014		2013
Stock-based awards, beginning of period	1,788,168		1,770,061
Granted	101,522		66,787
Vested	(34,365	)	(23,775	)
Forfeited	—		—
Stock-based awards, end of period	1,855,325		1,813,073

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 $0.2 million in general and administrative expenses during the first quarter of 2014 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, 2014 and 2013 is included in the table below.

	Three Months Ended March 31,
	2014		2013
Outstanding and exercisable, beginning of period	391,108		433,452
Granted	275,655		246,717
Exercised	(18,502	)	(39,515	)
Forfeited	(22,426	)	(11,409	)
Expired	(157,875	)	(170,551	)
Outstanding and exercisable, end of period	467,960		458,694