Stockholders' Equity

3 Months Ended

Mar. 31, 2017

Equity [Abstract]

Stockholders' Equity

Stockholders' Equity

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, 2017 and the year ended December 31, 2016:

	March 31, 2017	December 31, 2016
Balance, beginning of period	116,416,900	101,517,009
Issuance of common stock	31,254	14,063,100
Nonvested share-based awards, net of withheld shares	63,803	836,791
Balance, end of period	116,511,957	116,416,900

Common Stock Authorization

On May 2, 2017, the Company's shareholders approved an amendment to the Company's Articles of Incorporation to increase the number of authorized shares of common stock from 150,000,000 to 300,000,000.

At-The-Market Equity Offering Program

No shares were sold under this program during the first quarter of 2017. The Company has 5,868,697 authorized shares remaining available to be sold under the current sales agreements as of April 30, 2017.

Common Stock Dividends

During the three months ended March 31, 2017, the Company declared and paid common stock dividends totaling $0.30 per share. On May 2, 2017, the Company declared a quarterly common stock dividend in the amount of $0.30 per share payable on May 31, 2017 to stockholders of record on May 16, 2017.

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 three months ended March 31, 2017 and 2016:

	Forward-starting Interest Rate Swaps
(Dollars in thousands)	2017			2016
Beginning balance	$	(1,401	)	$	(1,569	)
Amounts reclassified from accumulated other comprehensive loss	43			42
Net accumulated other comprehensive income	43			42
Ending balance	$	(1,358	)	$	(1,527	)

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, 2017 and 2016.

	Three Months Ended March 31,
(Dollars in thousands, except per share data)	2017			2016
Weighted average Common Shares outstanding
Weighted average Common Shares outstanding	116,470,836			102,634,273
Nonvested shares	(1,795,752		)	(1,202,185		)
Weighted average Common Shares outstanding—Basic	114,675,084			101,432,088
Weighted average Common Shares outstanding—Basic	114,675,084			101,432,088
Dilutive effect of restricted stock	725,346			601,509
Dilutive effect of employee stock purchase plan	106,572			131,221
Weighted average Common Shares outstanding—Diluted	115,507,002			102,164,818
Net Income
Income from continuing operations	$	31,858		$	9,163
Discontinued operations	(13		)	(7		)
Net income	$	31,845		$	9,156
Basic Earnings Per Common Share
Income from continuing operations	$	0.28		$	0.09
Discontinued operations	0.00			0.00
Net income	$	0.28		$	0.09
Diluted Earnings Per Common Share
Income from continuing operations	$	0.28		$	0.09
Discontinued operations	0.00			0.00
Net income	$	0.28		$	0.09

Incentive Plans

A summary of the activity under the stock-based incentive plans for the three months ended March 31, 2017 and 2016 is included in the table below.

	Three Months Ended March 31,
	2017		2016
Stock-based awards, beginning of period	1,786,497		1,092,262
Granted	80,384		300,206
Vested	(52,842	)	(65,722	)
Stock-based awards, end of period	1,814,039		1,326,746

During the three months ended March 31, 2017 and 2016, the Company withheld 16,581 and 13,878 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 months ended March 31, 2017 and 2016 is included in the table below.

	Three Months Ended March 31,
	2017		2016
Outstanding and exercisable, beginning of period	316,321		340,958
Granted	206,824		198,450
Exercised	(11,435	)	(26,689	)
Forfeited	(13,782	)	(7,682	)
Expired	(132,310	)	(143,082	)
Outstanding and exercisable, end of period	365,618		361,955