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, 2018 and the year ended December 31, 2017:



	March 31, 2018	December 31, 2017
Balance, beginning of period	125,131,593	116,416,900
Issuance of common stock	11,158	8,395,607
Nonvested share-based awards, net of withheld shares	55,566	319,086
Balance, end of period	125,198,317	125,131,593

At-The-Market Equity Offering Program

No shares were sold under this program during the three months ended March 31, 2018. The Company had 5,868,697 authorized shares remaining available to be sold under the current sales agreements as of April 27, 2018.

Common Stock Dividends

During the three months ended March 31, 2018, the Company declared and paid common stock dividends totaling $0.30 per share. On May 1, 2018, the Company declared a quarterly common stock dividend in the amount of $0.30 per share payable on May 31, 2018 to stockholders of record on May 16, 2018.

Accumulated Other Comprehensive Loss

During the three months ended March 31, 2018, the Company entered into two interest rate swaps to hedge the variable cash flows associated with variable-rate debt. As of March 31, 2018, the Company had four outstanding interest rate swaps to hedge the variable cash flows associated with existing variable-rate debt. The Company continues to amortize the 2015 settlement 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 4 for more information regarding the Company's derivative instruments.

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, 2018 and 2017:



	Forward-starting Interest Rate Swaps
(Dollars in thousands)	2018			2017
Beginning balance	$	(1,299	)	$	(1,401	)
Gains arising during the period related to active interest rate swaps	513			—
Amounts reclassified from accumulated other comprehensive loss	147			43
Net accumulated other comprehensive income	660			43
Ending balance	$	(639	)	$	(1,358	)

The following table represents the details regarding the reclassifications from Accumulated other comprehensive income (loss) during the year ended March 31, 2018:



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 settled interest rate swaps	$	42	Interest Expense
Amounts reclassified from accumulated other comprehensive income (loss) related to current interest rate swaps	105		Interest Expense
	$	147

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 months ended March 31, 2018 and 2017.



	Three Months Ended March 31,
(Dollars in thousands, except per share data)	2018			2017
Weighted average Common Shares outstanding
Weighted average Common Shares outstanding	125,167,128			116,470,836
Nonvested shares	(1,909,777		)	(1,795,752		)
Weighted average Common Shares outstanding—Basic	123,257,351			114,675,084
Weighted average Common Shares outstanding—Basic	123,257,351			114,675,084
Dilutive effect of nonvested share-based awards	—			725,346
Dilutive effect of employee stock purchase plan	90,330			106,572
Weighted average Common Shares outstanding—Diluted	123,347,681			115,507,002
Net Income	$	9,180		$	31,845
Dividends paid on nonvested share-based awards	(579		)	—
Net income applicable to common stockholders	$	8,601		$	31,845
Basic Earnings Per Common Share
Net income	$	0.07		$	0.28
Diluted Earnings Per Common Share
Net income	$	0.07		$	0.28

Incentive Plans

A summary of the activity under the Company's share-based incentive plans for the three months ended March 31, 2018 and 2017 is included in the table below.



	Three Months Ended March 31,
	2018		2017
Share-based awards, beginning of period	1,907,645		1,786,497
Granted	76,762		80,384
Vested	(54,065	)	(52,842	)
Share-based awards, end of period	1,930,342		1,814,039

During the three months ended March 31, 2018 and 2017, the Company withheld 21,196 and 16,581 shares of common stock, respectively, from participants to pay estimated withholding taxes related to shares that vested.

In addition to the share-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, 2018 and 2017 is included in the table below.



	Three Months Ended March 31,
	2018		2017
Outstanding and exercisable, beginning of period	318,100		316,321
Granted	203,836		206,824
Exercised	(8,835	)	(11,435	)
Forfeited	(10,580	)	(13,782	)
Expired	(135,790	)	(132,310	)
Outstanding and exercisable, end of period	366,731		365,618