Stockholders' Equity

12 Months Ended

Dec. 31, 2014

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, 2014 as follows:

	Year Ended December 31,
	2014		2013	2012
Balance, beginning of year	95,924,339		87,514,336	77,843,883
Issuance of common stock	3,073,445		8,293,369	9,275,895
Non-vested stock-based awards, net of withheld shares and forfeitures	(169,686	)	116,634	394,558
Balance, end of year	98,828,098		95,924,339	87,514,336

Restricted Stock Vesting

The Company's Chairman and Chief Executive Officer, David R. Emery, has received multiple grants of restricted stock in prior years, 838,886 of which vested by their terms on December 31, 2014. Mr. Emery surrendered 351,913 of these shares upon vesting to satisfy the Company's minimum income tax withholding requirement. Together with his other holdings, Mr. Emery will continue to retain approximately 784,669 shares of the Company's common stock, 87,779 of which will continue to be restricted and subject to future vesting requirements.

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)
2014	2,099,380	3,009,761	$24.35 - $27.53	$	75.7
2013	5,207,871	5,207,871	$24.19 - $30.49	$	140.6

As of December 31, 2014, there were 2,381,639 authorized shares remaining available to be sold under the Company's existing sales agreements. In January 2015, the Company sold 531,153 shares of common stock, generating $14.9 million in net proceeds.

Dividends Declared

During 2014, the Company declared and paid common stock dividends aggregating $1.20 per share ($0.30 per share per quarter).

On February 3, 2015, the Company declared a quarterly common stock dividend in the amount of $0.30 per share payable on February 27, 2015 to stockholders of record on February 17, 2015.

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, 2014, 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.

Noncontrolling Interest Transfers

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:

	Year Ended December 31,
(Dollars in thousands)	2014			2013		2012
Net income attributable to common stockholders	$	31,887		$	6,946	$	5,465
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	$	25,310		$	6,946	$	5,465

Accumulated Other Comprehensive Income (Loss)

During the year ended December 31, 2014, the Company recorded an increase to future benefit obligations related to its pension plan of $2.6 million, resulting in an increase to Other liabilities and an offsetting increase to Accumulated other comprehensive income (loss) which is included in Stockholders' equity on the Consolidated Balance Sheets. During the year ended December 31, 2013, the Company had recorded a reduction to future benefit obligations related to its pension plan of $2.1 million, resulting in a decrease to Other liabilities and an offsetting decrease to Accumulated other comprehensive income (loss) which is included in Stockholders' equity on the Consolidated Balance Sheets.

The following table represents the amounts reclassified out of Accumulated other comprehensive income (loss) related to the Company's pension plan during the years ended December 31, 2014 and 2013:

	Year Ended December 31,
(Dollars in thousands)	2014			2013
Beginning balance	$	51		$	(2,092	)
Other comprehensive income (loss) before reclassifications	(1,850		)	1,952
Amounts reclassified from accumulated other comprehensive income (loss)	(720		)	191
Net current-period other comprehensive income (loss)	(2,570		)	2,143
Ending balance	$	(2,519	)	$	51

The following table represents the details regarding the reclassifications from Accumulated other comprehensive income (loss) related to the Company's pension plan during the years ended December 31, 2014:

Details about accumulated other comprehensive income (loss) components	Amount reclassified from accumulated other comprehensive income (loss)			Affected line item in the statement where net income is presented
(Dollars in thousands)
Prior service costs	$	(1,189	)	General and administrative expenses
Actuarial loss	469			General and administrative expenses
	$	(720	)