Stockholders' Equity

6 Months Ended

Jun. 30, 2015

Equity [Abstract]

Stockholders' Equity

Stockholders' Equity

The following table provides a reconciliation of total stockholders' equity for the six months ended June 30, 2015:

(Dollars in thousands, except per share data)	Common Stock		Additional Paid-In Capital			Accumulated Other Comprehensive Loss			Cumulative Net Income Attributable to Common Stockholders		Cumulative Dividends			Total Stockholders’ Equity
Balance at December 31, 2014	$	988	$	2,389,830		$	(2,519	)	$	840,249	$	(2,007,494	)	$	1,221,054
Issuance of common stock	15		40,343			—			—		—			40,358
Common stock redemptions	—		(271		)	—			—		—			(271		)
Stock-based compensation	1		3,077			—			—		—			3,078
Net income	—		—			—			23,298		—			23,298
Amounts reclassified from accumulated other comprehensive loss arising from loss on defined benefit pension plan	—		—			2,519			—		—			2,519
Loss on forward starting interest rate swaps	—		—			(1,653		)	—		—			(1,653		)
Dividends to common stockholders ($0.60 per share)	—		—			—			—		(59,954		)	(59,954		)
Balance at June 30, 2015	$	1,004	$	2,432,979		$	(1,653	)	$	863,547	$	(2,067,448	)	$	1,228,429

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, 2015 and the year ended December 31, 2014:

	June 30, 2015	December 31, 2014
Balance, beginning of period	98,828,098	95,924,339
Issuance of common stock	1,488,014	3,073,445
Nonvested share-based awards, net	102,150	(169,686	)
Balance, end of period	100,418,262	98,828,098

At-The-Market Equity Offering Program

During the six months ended June 30, 2015, the Company sold 1,445,114 shares of common stock under its at-the-market equity offering program, generating $39.5 million in net proceeds at prices ranging from $26.35 to $29.15 per share (weighted average of $27.78 per share). Of this amount, the Company sold 304,752 shares of common stock during the second quarter of 2015 generating $8.3 million in net proceeds at prices ranging from $27.04 to $28.00 per share (weighted average of $27.77 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 936,525 authorized shares remaining available to be sold under the these agreements as of July 31, 2015.

Common Stock Dividends

During the first six months of 2015, the Company declared and paid common stock dividends totaling $0.60 per share. On August 4, 2015, the Company declared a quarterly common stock dividend in the amount of $0.30 per share payable on August 28, 2015 to stockholders of record on August 17, 2015.

Accumulated Other Comprehensive Income (Loss)

During the six months ended June 30, 2015, the Company reclassified $2.5 million from accumulated other comprehensive loss, which is included in stockholders' equity on the Consolidated Balance Sheets, to net income as a result of the termination of the defined benefit pension plan. See Note 7 for more information regarding the termination of the defined benefit pension plan. Also, during the six months ended June 30, 2015, the Company recorded an increase to accumulated other comprehensive loss of $1.7 million, as a result of the settlement and payment of forward-starting interest rate swaps. This amount will be reclassified out of accumulated other comprehensive loss impacting net income over the 10-year term of the associated senior note issuance. See Note 4 for more information regarding the Company's forward-starting interest rate swaps.

The following table represents the changes in balances of each component and the amounts reclassified out of accumulated other comprehensive income (loss) related to the Company during the six months ended June 30, 2015 and 2014:

	Forward-starting Interest Rate Swaps					Defined Benefit Pension Plan
(Dollars in thousands)	2015			2014		2015			2014
Beginning balance	$	—		$	—	$	(2,519	)	$	51
Other comprehensive income (loss) before reclassifications	(1,684		)	—		—			—
Amounts reclassified from accumulated other comprehensive loss arising from loss on defined benefit pension plan	—			—		2,519			—
Amounts reclassified from accumulated other comprehensive loss	31			—		—			—
Net accumulated other comprehensive income (loss)	(1,653		)	—		2,519			—
Ending balance	$	(1,653	)	$	—	$	—		$	51

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, 2015 and 2014.

	Three Months Ended June 30,						Six Months Ended June 30,
(Dollars in thousands, except per share data)	2015			2014			2015			2014
Weighted average Common Shares outstanding
Weighted average Common Shares outstanding	100,384,606			96,353,818			99,928,738			96,182,753
Nonvested shares	(1,111,579		)	(1,846,253		)	(1,109,723		)	(1,851,863		)
Weighted average Common Shares outstanding—Basic	99,273,027			94,507,565			98,819,015			94,330,890
Weighted average Common Shares—Basic	99,273,027			94,507,565			98,819,015			94,330,890
Dilutive effect of restricted stock	580,989			1,363,174			599,042			1,333,199
Dilutive effect of employee stock purchase plan	91,186			106,923			136,038			123,958
Weighted average Common Shares outstanding—Diluted	99,945,202			95,977,662			99,554,095			95,788,047
Net Income (Loss)
Income from continuing operations	$	17,586		$	9,005		$	22,635		$	16,482
Noncontrolling interests’ share in net income	—			(40		)	—			(151		)
Income from continuing operations attributable to common stockholders	17,586			8,965			22,635			16,331
Discontinued operations	330			(2,994		)	663			(6,508		)
Net income attributable to common stockholders	$	17,916		$	5,971		$	23,298		$	9,823
Basic Earnings (Loss) Per Common Share
Income from continuing operations	$	0.18		$	0.09		$	0.23		$	0.17
Discontinued operations	0.00			(0.03		)	0.01			(0.07		)
Net income attributable to common stockholders	$	0.18		$	0.06		$	0.24		$	0.10
Diluted Earnings (Loss) Per Common Share
Income from continuing operations	$	0.18		$	0.09		$	0.23		$	0.17
Discontinued operations	0.00			(0.03		)	0.00			(0.07		)
Net income attributable to common stockholders	$	0.18		$	0.06		$	0.23		$	0.10

Incentive Plans

In May 2015, the Company's shareholders approved the 2015 Employees Stock Incentive Plan (the "Incentive Plan") which authorized the Company to issue up to 3,500,000 shares of common stock to plan participants. The Incentive Plan is administered by the Compensation Committee of the Company's Board of Directors and will continue until terminated by the Company's Board of Directors.

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, 2015 and 2014, the Company issued 112,269 and 128,199 shares of nonvested common stock, respectively, to participants under these incentive plans and withheld 10,119 and 16,170 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, 2015 and 2014 is included in the table below.

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Stock-based awards, beginning of period	1,118,414		1,855,325		1,057,732		1,788,168
Granted	23,201		26,677		112,269		128,199
Vested	(38,236	)	(44,147	)	(66,622	)	(78,512	)
Stock-based awards, end of period	1,103,379		1,837,855		1,103,379		1,837,855

The Company recorded approximately $0.2 million in general and administrative expenses during the second quarter of 2015 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, 2015 and 2014 is included in the table below.

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Outstanding and exercisable, beginning of period	378,771		467,960		393,902		391,108
Granted	—		—		197,640		275,655
Exercised	(2,885	)	(10,818	)	(35,931	)	(29,320	)
Forfeited	(10,667	)	(16,671	)	(31,446	)	(39,097	)
Expired	—		—		(158,946	)	(157,875	)
Outstanding and exercisable, end of period	365,219		440,471		365,219		440,471