Equity

The following table provides a reconciliation of total equity for the nine months ended September 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	21		52,677			—		—		—			52,698			—			52,698
Common stock redemptions	—		(382		)	—		—		—			(382		)	—			(382		)
Stock-based compensation	1		3,399			—		—		—			3,400			—			3,400
Net income	—		—			—		13,814		—			13,814			313			14,127
Dividends to common stockholders ($0.90 per share)	—		—			—		—		(86,923		)	(86,923		)	—			(86,923		)
Distributions to non-controlling interests	—		—			—		—		—			—			(510		)	(510		)
Purchase of noncontrolling interest in consolidated partnership	—		(6,577		)	—		—		—			(6,577		)	(1,612		)	(8,189		)
Balance at September 30, 2014	$	981	$	2,374,345		$	51	$	822,176	$	(1,978,046	)	$	1,219,507		$	—		$	1,219,507

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):



	Nine Months Ended September 30, 2014
Net income attributable to common stockholders	$	13,814
Transfers to noncontrolling interest:
Net decrease in the Company's additional paid-in capital for purchase of subsidiary partnership interest	(6,577		)
Net transfers to the noncontrolling interest	(6,577		)
Change to the Company's total stockholders' equity from net income attributable to common stockholders and transfers to noncontrolling interest	$	7,237

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, 2014 and the year ended December 31, 2013:



	September 30, 2014	December 31, 2013
Balance, beginning of period	95,924,339	87,514,336
Issuance of common stock	2,149,976	8,293,369
Nonvested share-based awards, net	44,231	116,634
Balance, end of period	98,118,546	95,924,339

At-The-Market Equity Offering Program

During the nine months ended September 30, 2014, the Company sold 2,099,380 shares of common stock under its at-the-market equity offering program, generating $51.8 million in net proceeds at prices ranging from $24.35 to $25.84 per share (weighted average of $25.05 per share). Of this amount, the Company sold 999,080 shares of common stock during the third quarter of 2014 generating $24.5 million in net proceeds at prices ranging from $24.35 to $25.50 per share (weighted average of $24.93 per share). In October 2014, the Company sold 58,504 shares of common stock, generating $1.5 million in net proceeds at prices ranging from $25.00 to $25.35 per share (weighted average of $25.32 per share).

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, with 3,233,516 authorized shares remaining available to be sold under the these agreements as of November 4, 2014.

Common Stock Dividends

During the first nine months of 2014, the Company declared and paid common stock dividends totaling $0.90 per share.

On November 4, 2014, the Company declared a quarterly common stock dividend in the amount of $0.30 per share payable on November 28, 2014 to stockholders of record on November 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 nine months ended September 30, 2014 and 2013.



	Three Months Ended September 30,						Nine Months Ended September 30,
(Dollars in thousands, except per share data)	2014			2013			2014			2013
Weighted average Common Shares outstanding
Weighted average Common Shares outstanding	97,651,673			95,220,031			96,677,774			91,665,703
Nonvested shares	(1,793,639		)	(1,777,203		)	(1,832,242		)	(1,794,606		)
Weighted average Common Shares outstanding—Basic	95,858,034			93,442,828			94,845,532			89,871,097
Weighted average Common Shares—Basic	95,858,034			93,442,828			94,845,532			89,871,097
Dilutive effect of restricted stock	1,369,047			1,278,902			1,346,032			—
Dilutive effect of employee stock purchase plan	101,963			114,264			118,854			—
Weighted average Common Shares outstanding—Diluted	97,329,044			94,835,994			96,310,418			89,871,097
Net Income (Loss)
Income (loss) from continuing operations	$	8,537		$	4,614		$	25,233		$	(22,372	)
Noncontrolling interests’ share in net (income) loss	(162		)	(18		)	(313		)	34
Income (loss) from continuing operations attributable to common stockholders	8,375			4,596			24,920			(22,338		)
Discontinued operations	(4,384		)	15,169			(11,106		)	16,899
Net income (loss) attributable to common stockholders	$	3,991		$	19,765		$	13,814		$	(5,439	)
Basic Earnings (Loss) Per Common Share
Income (loss) from continuing operations	$	0.09		$	0.05		$	0.27		$	(0.25	)
Discontinued operations	(0.05		)	0.16			(0.12		)	0.19
Net income (loss) attributable to common stockholders	$	0.04		$	0.21		$	0.15		$	(0.06	)
Diluted Earnings (Loss) Per Common Share
Income (loss) from continuing operations	$	0.09		$	0.05		$	0.26		$	(0.25	)
Discontinued operations	(0.05		)	0.16			(0.12		)	0.19
Net income (loss) attributable to common stockholders	$	0.04		$	0.21		$	0.14		$	(0.06	)

The effect of 1,294,953 nonvested shares and options to purchase 164,418 shares of the Company's common stock 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 common stock issued to employees and the Company’s directors. During the nine months ended September 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 9,433 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 nine months ended September 30, 2014 and 2013 is included in the table below.



	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Stock-based awards, beginning of period	1,837,855		1,778,083		1,788,168		1,770,061
Granted	—		—		128,199		87,043
Vested	(4,911	)	(890	)	(83,423	)	(79,911	)
Forfeited	(67,798	)	—		(67,798	)	—
Stock-based awards, end of period	1,765,146		1,777,193		1,765,146		1,777,193

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 nine months ended September 30, 2014 and 2013 is included in the table below.



	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Outstanding and exercisable, beginning of period	440,471		433,801		391,108		433,452
Granted	—		—		275,655		246,717
Exercised	(11,668	)	(7,478	)	(40,988	)	(60,483	)
Forfeited	(5,219	)	(14,007	)	(44,316	)	(36,819	)
Expired	—		—		(157,875	)	(170,551	)
Outstanding and exercisable, end of period	423,584		412,316		423,584		412,316