Stockholders' Equity

9 Months Ended

Sep. 30, 2016

Equity [Abstract]

Stockholders' Equity

Stockholders' Equity

The following table provides a reconciliation of total stockholders' equity for the nine months ended September 30, 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	142		450,204			—			—		—			450,346
Common stock redemptions	—		(410		)	—			—		—			(410		)
Stock-based compensation	3		5,646			—			—		—			5,649
Net income	—		—			—			33,134		—			33,134
Reclassification of loss on forward starting interest rate swaps	—		—			126			—		—			126
Dividends to common stockholders ($0.90 per share)	—		—			—			—		(96,998		)	(96,998		)
Balance at September 30, 2016	$	1,160	$	2,916,816		$	(1,443	)	$	942,819	$	(2,224,758	)	$	1,634,594

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, 2016 and the year ended December 31, 2015:

	September 30, 2016	December 31, 2015
Balance, beginning of period	101,517,009	98,828,098
Issuance of common stock	14,054,146	2,493,171
Nonvested share-based awards, net of withheld shares	307,138	195,740
Balance, end of period	115,878,293	101,517,009

Equity Offering

On July 5, 2016, the Company issued 9,200,000 shares of common stock, par value $0.01 per share, at $33.13 per share in an underwritten public offering pursuant to the Company's existing effective registration statement. The net proceeds of the offering, after offering expenses, were approximately $304.6 million. A portion of the proceeds were used to repay indebtedness and fund investment activity.

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 nine months ended September 30, 2016, the Company sold a total of 4,795,601 shares of common stock, including 664,298 shares of common stock under the previous sales agreement. The sales generated $144.6 million in net proceeds at prices ranging from $28.31 to $33.66 per share (weighted average of $30.61 per share). No shares were sold under this program during the third quarter of 2016.

The Company has 5,868,697 authorized shares remaining available to be sold under the current sales agreements as of October 28, 2016.

Common Stock Dividends

During the nine months ended September 30, 2016, the Company declared and paid common stock dividends totaling $0.90 per share. On November 1, 2016, the Company declared a quarterly common stock dividend in the amount of $0.30 per share payable on November 30, 2016 to stockholders of record on November 16, 2016.

Accumulated Other Comprehensive Loss

The following table represents the changes in balances of each component and the amounts reclassified out of accumulated other comprehensive loss related to the Company during the nine months ended September 30, 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 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	126			73			—		—
Net accumulated other comprehensive income (loss)	126			(1,611		)	—		2,519
Ending balance	$	(1,443	)	$	(1,611	)	$	—	$	—

Earnings Per Common Share

The following table sets forth the computation of basic and diluted earnings per common share for the three and nine months ended September 30, 2016 and 2015.

	Three Months Ended September 30,						Nine Months Ended September 30,
(Dollars in thousands, except per share data)	2016			2015			2016			2015
Weighted average Common Shares outstanding
Weighted average Common Shares outstanding	115,463,220			100,440,463			107,829,287			100,101,187
Nonvested shares	(1,311,074		)	(1,103,379		)	(1,277,453		)	(1,107,585		)
Weighted average Common Shares outstanding—Basic	114,152,146			99,337,084			106,551,834			98,993,602
Weighted average Common Shares outstanding—Basic	114,152,146			99,337,084			106,551,834			98,993,602
Dilutive effect of restricted stock	788,265			595,930			697,219			597,713
Dilutive effect of employee stock purchase plan	111,625			63,541			116,794			102,355
Weighted average Common Shares outstanding—Diluted	115,052,036			99,996,555			107,365,847			99,693,670
Net Income (Loss)
Income from continuing operations	$	11,857		$	16,848		$	33,177		$	39,482
Discontinued operations	(23		)	10,632			(43		)	11,296
Net income	$	11,834		$	27,480		$	33,134		$	50,778
Basic Earnings Per Common Share
Income from continuing operations	$	0.10		$	0.17		$	0.31		$	0.40
Discontinued operations	0.00			0.11			0.00			0.11
Net income	$	0.10		$	0.28		$	0.31		$	0.51
Diluted Earnings Per Common Share
Income from continuing operations	$	0.10		$	0.17		$	0.31		$	0.40
Discontinued operations	0.00			0.10			0.00			0.11
Net income	$	0.10		$	0.27		$	0.31		$	0.51

Incentive Plans

A summary of the activity under the stock-based incentive plans for the three and nine months ended September 30, 2016 and 2015 is included in the table below.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
Stock-based awards, beginning of period	1,311,169		1,103,379		1,092,262		1,057,732
Granted	—		520		321,580		112,789
Vested	(96	)	(520	)	(102,769	)	(67,142	)
Stock-based awards, end of period	1,311,073		1,103,379		1,311,073		1,103,379

During the nine months ended September 30, 2016 and 2015, the Company withheld 14,442 and 10,119 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 maintains the 2000 Employee Stock Purchase Plan (the "Purchase Plan"). A summary of the activity under the Purchase Plan for the three and nine months ended September 30, 2016 and 2015 is included in the table below.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
Outstanding and exercisable, beginning of period	344,908		365,219		340,958		393,902
Granted	—		—		198,450		197,640
Exercised	(13,947	)	(3,883	)	(51,475	)	(39,814	)
Forfeited	(3,561	)	(9,807	)	(17,451	)	(41,253	)
Expired	—		—		(143,082	)	(158,946	)
Outstanding and exercisable, end of period	327,400		351,529		327,400		351,529