Stockholders' Equity

12 Months Ended

Dec. 31, 2015

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, 2015 as follows:

	Year Ended December 31,
	2015	2014		2013
Balance, beginning of year	98,828,098	95,924,339		87,514,336
Issuance of common stock	2,493,171	3,073,445		8,293,369
Non-vested stock-based awards, net of withheld shares and forfeitures	195,740	(169,686	)	116,634
Balance, end of year	101,517,009	98,828,098		95,924,339

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.

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)
2015	2,434,239	$25.00 - $29.15	$	65.8
2014	3,009,761	$24.35 - $27.53	$	75.7
2013	5,207,871	$24.19 - $30.49	$	140.6

On March 29, 2013, the Company entered into sales agreements with each of Cantor Fitzgerald & Co. and three other sales agents to sell up to an aggregate of 9,000,000 shares of the Company's common stock from time to time through the sales agents. On December 23, 2015, there were no remaining shares, and the agreement with Cantor Fitzgerald & Co. was amended to allow for the offer and sale up to 2,500,000 additional shares of the Company's common stock. As of December 31, 2015, there were 2,447,400 authorized shares remaining available to be sold under this sales agreement. In January 2016, the Company sold 664,298 shares of common stock, generating $18.7 million in net proceeds.

Dividends Declared

During 2015, the Company declared and paid common stock dividends aggregating $1.20 per share ($0.30 per share per quarter).

On February 2, 2016, the Company declared a quarterly common stock dividend in the amount of $0.30 per share payable on February 29, 2016 to stockholders of record on February 18, 2016.

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, 2015, 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)	2015		2014			2013
Net income attributable to common stockholders	$	69,436	$	31,887		$	6,946
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	$	69,436	$	25,310		$	6,946

Accumulated Other Comprehensive Income (Loss)

During the year ended December 31, 2014, the Company had recorded an increase to future benefit obligations related to its pension plan of $2.6 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. During the year ended December 31, 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 13 for more information regarding the termination of the defined benefit pension plan. Also, during the year ended December 31, 2015, the Company recorded an increase to accumulated other comprehensive loss of $1.6 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 10 for more information regarding the Company's forward-starting interest rate swaps.

The following table represents the changes in Accumulated other comprehensive income (loss) during the year ended December 31, 2015:

(Dollars in thousands)	Forward Starting Swaps			Defined Benefit Pension Plan			Total
Beginning balance	$	—		$	(2,519	)	$	(2,519	)
Other comprehensive loss before reclassifications	(1,684		)	—			(1,684		)
Amounts reclassified from accumulated other comprehensive income (loss)	115			2,519			2,634
Net current-period other comprehensive income (loss)	(1,569		)	2,519			950
Ending balance	$	(1,569	)	$	—		$	(1,569	)

The following table represents the details regarding the reclassifications from Accumulated other comprehensive income (loss) during the year ended December 31, 2015:

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)
Amounts reclassified from accumulated other comprehensive income (loss) related to forward starting swaps	$	115	Interest Expense
Amounts reclassified from accumulated other comprehensive loss arising from settlement of defined benefit pension plan	2,519		Pension Termination
	$	2,634