Stockholders' Equity

3 Months Ended

Mar. 31, 2016

Equity [Abstract]

Stockholders' Equity

Stockholders' Equity

The following table provides a reconciliation of total stockholders' equity for the three months ended March 31, 2016:

(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, 2015	$	1,015	$	2,461,376		$	(1,569	)	$	909,685	$	(2,127,760	)	$	1,242,747
Issuance of common stock	24		70,202			—			—		—			70,226
Common stock redemptions	—		(393		)	—			—		—			(393		)
Stock-based compensation	3		1,945			—			—		—			1,948
Net income	—		—			—			9,156		—			9,156
Reclassification of loss on forward starting interest rate swaps	—		—			42			—		—			42
Dividends to common stockholders ($0.30 per share)	—		—			—			—		(30,727		)	(30,727		)
Balance at March 31, 2016	$	1,042	$	2,533,130		$	(1,527	)	$	918,841	$	(2,158,487	)	$	1,292,999

Common Stock    

The following table provides a reconciliation of the beginning and ending shares of common stock outstanding for the three months ended March 31, 2016 and the year ended December 31, 2015:

	March 31, 2016	December 31, 2015
Balance, beginning of period	101,517,009	98,828,098
Issuance of common stock	2,446,136	2,493,171
Nonvested share-based awards, net	286,328	195,740
Balance, end of period	104,249,473	101,517,009

At-The-Market Equity Offering Program

On February 19, 2016, the Company entered into sales agreements with five investment banks to allow sales under its at-the-market equity offering program of up to 10,000,000 shares of common stock. A previous sales agreement with one investment bank was terminated effective February 17, 2016. During the three months ended March 31, 2016, the Company sold a total of 2,416,837 shares of common stock, including 664,298 shares of common stock under the previous sales agreement. The sales generated $69.7 million in net proceeds at prices ranging from $28.31 to $30.16 per share (weighted average of $29.29 per share). In April 2016, the Company sold 564,410 shares of common stock, generating $17.0 million in net proceeds at prices ranging from $30.11 to $30.82 per share (weighted average of $30.57 per share).

The Company has 7,683,051 authorized shares remaining available to be sold under the current sales agreements as of April 29, 2016.

Common Stock Dividends

During the three months ended March 31, 2016, the Company declared and paid common stock dividends totaling $0.30 per share. On May 3, 2016, the Company declared a quarterly common stock dividend in the amount of $0.30 per share payable on May 31, 2016 to stockholders of record on May 16, 2016.

Accumulated Other Comprehensive Income (Loss)

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 three months ended March 31, 2016 and 2015:

	Forward-starting Interest Rate Swaps						Defined Benefit Pension Plan
(Dollars in thousands)	2016			2015			2016		2015
Beginning balance	$	(1,569	)	$	—		$	—	$	(2,519	)
Other comprehensive income (loss) before reclassifications	—			(723		)	—		—
Amounts reclassified from accumulated other comprehensive loss	42			—			—		—
Net accumulated other comprehensive income (loss)	42			(723		)	—		—
Ending balance	$	(1,527	)	$	(723	)	$	—	$	(2,519	)

Earnings Per Common Share

The following table sets forth the computation of basic and diluted earnings per common share for the three months ended March 31, 2016 and 2015.

	Three Months Ended March 31,
(Dollars in thousands, except per share data)	2016			2015
Weighted average Common Shares outstanding
Weighted average Common Shares outstanding	102,634,273			99,467,804
Nonvested shares	(1,202,185		)	(1,107,846		)
Weighted average Common Shares outstanding—Basic	101,432,088			98,359,958
Weighted average Common Shares outstanding—Basic	101,432,088			98,359,958
Dilutive effect of restricted stock	601,509			615,511
Dilutive effect of employee stock purchase plan	131,221			161,428
Weighted average Common Shares outstanding—Diluted	102,164,818			99,136,897
Net Income (Loss)
Income from continuing operations	$	9,163		$	5,049
Discontinued operations	(7		)	333
Net income	$	9,156		$	5,382
Basic Earnings Per Common Share
Income from continuing operations	$	0.09		$	0.05
Discontinued operations	0.00			0.00
Net income	$	0.09		$	0.05
Diluted Earnings Per Common Share
Income from continuing operations	$	0.09		$	0.05
Discontinued operations	0.00			0.00
Net income	$	0.09		$	0.05

Incentive Plans

A summary of the activity under the stock-based incentive plans for the three months ended March 31, 2016 and 2015 is included in the table below.

	Three Months Ended March 31,
	2016		2015
Stock-based awards, beginning of period	1,092,262		1,057,732
Granted	300,206		89,068
Vested	(65,722	)	(28,386	)
Stock-based awards, end of period	1,326,746		1,118,414

During the three months ended March 31, 2016 and 2015, the Company withheld 13,878 and 7,282 shares of common stock, respectively, from participants to pay estimated withholding taxes related to shares that vested.

In addition to the stock-based incentive plans, the Company provides the 2000 Employee Stock Purchase Plan (the "Purchase Plan"). A summary of the activity under the Purchase Plan for the three months ended March 31, 2016 and 2015 is included in the table below.

	Three Months Ended March 31,
	2016		2015
Outstanding and exercisable, beginning of period	340,958		393,902
Granted	198,450		197,640
Exercised	(26,689	)	(33,046	)
Forfeited	(7,682	)	(20,779	)
Expired	(143,082	)	(158,946	)
Outstanding and exercisable, end of period	361,955		378,771