Stockholders' Equity

12 Months Ended

Dec. 31, 2016

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, 2016 as follows:

	Year Ended December 31,
	2016	2015	2014
Balance, beginning of year	101,517,009	98,828,098	95,924,339
Issuance of common stock	14,063,100	2,493,171	3,073,445
Non-vested stock-based awards, net of withheld shares and forfeitures	836,791	195,740	(169,686	)
Balance, end of year	116,416,900	101,517,009	98,828,098

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 shelf registration statement. The net proceeds of the offering, after offering expenses, were approximately $304.6 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)
2016	4,795,601	$28.31 - $33.66	$	144.6
2015	2,434,239	$25.00 - $29.15	$	65.8
2014	3,009,761	$24.35 - $27.53	$	75.7

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 year ended December 31, 2016, the Company sold a total of 4,795,601 shares of common stock under this program, 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). The Company has 5,868,697 authorized shares remaining available to be sold under the current sales agreements as of February 15, 2017.

Dividends Declared

During 2016, the Company declared and paid common stock dividends aggregating $1.20 per share ($0.30 per share per quarter).

On January 31, 2017, the Company declared a quarterly common stock dividend in the amount of $0.30 per share payable on February 28, 2017 to stockholders of record on February 14, 2017.

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, 2016, 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)	2016		2015		2014
Net income attributable to common stockholders	$	85,571	$	69,436	$	31,887
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	$	85,571	$	69,436	$	25,310

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 12 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, 2016:

(Dollars in thousands)	Forward Starting Swaps			Defined Benefit Pension Plan		Total
Beginning balance	$	(1,569	)	$	—	$	(1,569	)
Other comprehensive loss before reclassifications	—			—		—
Amounts reclassified from accumulated other comprehensive income (loss)	168			—		168
Net current-period other comprehensive income	168			—		168
Ending balance	$	(1,401	)	$	—	$	(1,401	)

The following table represents the details regarding the reclassifications from Accumulated other comprehensive income (loss) during the year ended December 31, 2016:

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	$	168	Interest Expense
	$	168