Equity

The following table provides a reconciliation of total equity for the six months ended June 30, 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	12		27,875			—		—		—			27,887			—			27,887
Common stock redemptions	—		(382		)	—		—		—			(382		)	—			(382		)
Stock-based compensation	1		2,781			—		—		—			2,782			—			2,782
Net income	—		—			—		9,823		—			9,823			151			9,974
Dividends to common stockholders ($0.60 per share)	—		—			—		—		(57,660		)	(57,660		)	—			(57,660		)
Distributions to non-controlling interests	—		—			—		—		—			—			(348		)	(348		)
Purchase of noncontrolling interest in consolidated partnership	—		(6,577		)	—		—		—			(6,577		)	(1,612		)	(8,189		)
Balance at June 30, 2014	$	972	$	2,348,925		$	51	$	818,185	$	(1,948,783	)	$	1,219,350		$	—		$	1,219,350

The following schedule discloses the effects of changes in the Company's ownership interest in its less-than-wholly-owned subsidiary on the Company's stockholders' equity (in thousands):



	Six Months Ended June 30, 2014
Net income attributable to common stockholders	$	9,823
Transfers to noncontrolling interests:
Net decrease in the Company's additional paid-in capital for purchase of subsidiary partnership interests	(6,577		)
Net transfers to the noncontrolling interests	(6,577		)
Change to the Company's total stockholders' equity from net income attributable to common stockholders and transfers to noncontrolling interests	$	3,246

Common Stock

The following table provides a reconciliation of the beginning and ending shares of common stock outstanding for the six months ended June 30, 2014 and the year ended December 31, 2013:



	June 30, 2014	December 31, 2013
Balance, beginning of period	95,924,339	87,514,336
Issuance of common stock	1,136,006	8,293,369
Nonvested share-based awards, net	112,029	116,634
Balance, end of period	97,172,374	95,924,339

At-The-Market Equity Offering Program

The Company sold 1,100,300 shares of common stock under its at-the-market equity offering program during the second quarter of 2014 at prices ranging from $24.48 to $25.84 per share, generating $27.3 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 4,291,100 authorized shares remained available for issuance as of June 30, 2014. In July 2014, the Company sold 288,800 shares of common stock, generating $7.2 million in net proceeds.

Common Stock Dividends

During the first six months of 2014, the Company declared and paid common stock dividends totaling $0.60 per share.

On July 29, 2014, the Company declared a quarterly common stock dividend in the amount of $0.30 per share payable on August 29, 2014 to stockholders of record on August 14, 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 and six months ended June 30, 2014 and 2013.



	Three Months Ended June 30,						Six Months Ended June 30,
(Dollars in thousands, except per share data)	2014			2013			2014			2013
Weighted average Common Shares outstanding
Weighted average Common Shares outstanding	96,353,818			90,988,589			96,182,753			89,859,083
Nonvested shares	(1,846,253		)	(1,784,422		)	(1,851,863		)	(1,803,451		)
Weighted average Common Shares outstanding—Basic	94,507,565			89,204,167			94,330,890			88,055,632
Weighted average Common Shares—Basic	94,507,565			89,204,167			94,330,890			88,055,632
Dilutive effect of restricted stock	1,363,174			—			1,333,199			—
Dilutive effect of employee stock purchase plan	106,923			—			123,958			—
Weighted average Common Shares outstanding—Diluted	95,977,662			89,204,167			95,788,047			88,055,632
Net Income (Loss)
Income (loss) from continuing operations	$	9,344		$	(27,558	)	$	17,119		$	(26,618	)
Noncontrolling interests’ share in net (income) loss	(40		)	33			(151		)	52
Income (loss) from continuing operations attributable to common stockholders	9,304			(27,525		)	16,968			(26,566		)
Discontinued operations	(3,333		)	3,320			(7,145		)	1,362
Net income (loss) attributable to common stockholders	$	5,971		$	(24,205	)	$	9,823		$	(25,204	)
Basic Earnings (Loss) Per Common Share
Income (loss) from continuing operations	$	0.10		$	(0.31	)	$	0.18		$	(0.30	)
Discontinued operations	(0.04		)	0.04			(0.08		)	0.01
Net income (loss) attributable to common stockholders	$	0.06		$	(0.27	)	$	0.10		$	(0.29	)
Diluted Earnings (Loss) Per Common Share
Income (loss) from continuing operations	$	0.10		$	(0.31	)	$	0.18		$	(0.30	)
Discontinued operations	(0.04		)	0.04			(0.08		)	0.01
Net income (loss) attributable to common stockholders	$	0.06		$	(0.27	)	$	0.10		$	(0.29	)

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 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 common stock issued to employees and the Company’s directors. During the six months ended June 30, 2014 and 2013, the Company issued 128,199 and 87,043 shares of nonvested common stock, respectively, to participants under these incentive plans and withheld 16,170 and 9,376 shares of common stock, respectively, from 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 and six months ended June 30, 2014 and 2013 is included in the table below.



	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Stock-based awards, beginning of period	1,855,325		1,813,073		1,788,168		1,770,061
Granted	26,677		20,256		128,199		87,043
Vested	(44,147	)	(55,246	)	(78,512	)	(79,021	)
Forfeited	—		—		—		—
Stock-based awards, end of period	1,837,855		1,778,083		1,837,855		1,778,083

The Company recorded approximately $0.2 million in general and administrative expenses during the first quarter of 2014 relating to the annual grant 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, 2014 and 2013 is included in the table below.



	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Outstanding and exercisable, beginning of period	467,960		458,694		391,108		433,452
Granted	—		—		275,655		246,717
Exercised	(10,818	)	(13,490	)	(29,320	)	(53,005	)
Forfeited	(16,671	)	(11,403	)	(39,097	)	(22,812	)
Expired	—		—		(157,875	)	(170,551	)
Outstanding and exercisable, end of period	440,471		433,801		440,471		433,801