Stockholders' Equity

9 Months Ended

Sep. 30, 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 nine months ended September 30, 2017 and the year ended December 31, 2016:

	September 30, 2017	December 31, 2016
Balance, beginning of period	116,416,900	101,517,009
Issuance of common stock	8,386,035	14,063,100
Nonvested share-based awards, net of withheld shares	87,034	836,791
Balance, end of period	124,889,969	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.

Equity Offering

On August 14, 2017, the Company issued 8,337,500 shares of common stock, par value $0.01 per share, at $30.90 per share in an underwritten public offering pursuant to the Company's existing effective registration statement. The net proceeds of the offering, after underwriting discount and offering expenses, were approximately $247.1 million.

At-The-Market Equity Offering Program

No shares were sold under this program during the nine months ended September 30, 2017. The Company had 5,868,697 authorized shares remaining available to be sold under the current sales agreements as of October 27, 2017.

Common Stock Dividends

During the nine months ended September 30, 2017, the Company declared and paid common stock dividends totaling $0.90 per share. On October 31, 2017, the Company declared a quarterly common stock dividend in the amount of $0.30 per share payable on November 30, 2017 to stockholders of record onNovember 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 nine months ended September 30, 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	127			126
Ending balance	$	(1,274	)	$	(1,443	)

Earnings Per Common Share

The Company uses the two-class method of computing net earnings per common shares. Nonvested share-based awards containing non-forfeitable rights to dividends are considered participating securities pursuant to the two-class method. The following table sets forth the computation of basic and diluted earnings per common share for the three and nine months ended September 30, 2017 and 2016.

	Three Months Ended September 30,						Nine Months Ended September 30,
(Dollars in thousands, except per share data)	2017			2016			2017			2016
Weighted average Common Shares outstanding
Weighted average Common Shares outstanding	120,895,835			115,463,220			117,981,159			107,829,287
Nonvested shares	(1,797,686		)	(1,311,074		)	(1,800,180		)	(1,277,453		)
Weighted average Common Shares outstanding—Basic	119,098,149			114,152,146			116,180,979			106,551,834
Weighted average Common Shares outstanding—Basic	119,098,149			114,152,146			116,180,979			106,551,834
Dilutive effect of nonvested share-based awards	—			788,265			—			697,219
Dilutive effect of employee stock purchase plan	83,242			111,625			96,260			116,794
Weighted average Common Shares outstanding—Diluted	119,181,391			115,052,036			116,277,239			107,365,847
Net Income
Income from continuing operations	$	3,165		$	11,857		$	60,247		$	33,177
Dividends paid on nonvested share-based awards	(538		)	—			(1,609		)	—
Income from continuing operations applicable to common stockholders	2,627			11,857			58,638			33,177
Discontinued operations	8			(23		)	(4		)	(43		)
Net income applicable to common stockholders	$	2,635		$	11,834		$	58,634		$	33,134
Basic Earnings Per Common Share
Income from continuing operations	$	0.02		$	0.10		$	0.50		$	0.31
Discontinued operations	0.00			0.00			0.00			0.00
Net income	$	0.02		$	0.10		$	0.50		$	0.31
Diluted Earnings Per Common Share
Income from continuing operations	$	0.02		$	0.10		$	0.50		$	0.31
Discontinued operations	0.00			0.00			0.00			0.00
Net income	$	0.02		$	0.10		$	0.50		$	0.31

Incentive Plans

A summary of the activity under the Company's stock-based incentive plans for the three and nine months ended September 30, 2017 and 2016 is included in the table below.

	Three Months Ended September 30,			Nine Months Ended September 30,
	2017	2016		2017		2016
Stock-based awards, beginning of period	1,797,686	1,311,169		1,786,497		1,092,262
Granted	—	—		103,615		321,580
Vested	—	(96	)	(92,426	)	(102,769	)
Stock-based awards, end of period	1,797,686	1,311,073		1,797,686		1,311,073

During the nine months ended September 30, 2017 and 2016, the Company withheld 16,581 and 14,442 shares of common stock, respectively, from participants to pay estimated withholding taxes related to shares that vested. No such shares were withheld during the three months ended September 30, 2017 and 2016.

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, 2017 and 2016 is included in the table below.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2017		2016		2017		2016
Outstanding and exercisable, beginning of period	344,572		344,908		316,321		340,958
Granted	—		—		206,824		198,450
Exercised	(5,452	)	(13,947	)	(24,482	)	(51,475	)
Forfeited	(9,291	)	(3,561	)	(36,524	)	(17,451	)
Expired	—		—		(132,310	)	(143,082	)
Outstanding and exercisable, end of period	329,829		327,400		329,829		327,400