Stockholders' Equity

3 Months Ended

Mar. 31, 2019

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, 2019 and the year ended December 31, 2018:



	March 31, 2019	December 31, 2018
Balance, beginning of period	125,279,455	125,131,593
Issuance of common stock	3,889,411	26,203
Nonvested share-based awards, net of withheld shares	45,225	121,659
Balance, end of period	129,214,091	125,279,455

Equity Offering

On March 19, 2019, the Company issued 3,737,500 shares of common stock, par value $0.01 per share, at $31.40 per share in an underwritten public offering pursuant to the Company's existing effective registration statement. The net proceeds of the offering, after underwriting discounts and offering expenses, were approximately $115.8 million.

At-The-Market Equity Offering Program

The Company sold 135,265 shares under the Company's at-the-market equity offering program during the three months ended March 31, 2019. The sales generated $4.3 million in net proceeds at prices to the public ranging from $32.01 to $32.86 (weighted average of $32.36). The Company had 5,733,432 authorized shares remaining available to be sold under the current sales agreements as of April 26, 2019.

Common Stock Dividends

During the three months ended March 31, 2019, the Company declared and paid common stock dividends totaling $0.30 per share. On April 30, 2019, the Company declared a quarterly common stock dividend in the amount of $0.30 per share payable on May 30, 2019 to stockholders of record on May 15, 2019.

Earnings Per Common Share

The Company uses the two-class method of computing net earnings per common shares. The Company's nonvested share-based awards 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, 2019 and 2018.



	Three Months Ended March 31,
(Dollars in thousands, except per share data)	2019			2018
Weighted average Common Shares outstanding
Weighted average Common Shares outstanding	125,908,335			125,167,128
Nonvested shares	(1,778,700		)	(1,909,777		)
Weighted average Common Shares outstanding—Basic	124,129,635			123,257,351
Weighted average Common Shares outstanding—Basic	124,129,635			123,257,351
Dilutive effect of employee stock purchase plan	102,132			90,330
Weighted average Common Shares outstanding—Diluted	124,231,767			123,347,681
Net Income	$	4,891		$	9,180
Dividends paid on nonvested share-based awards	(536		)	(579		)
Net income applicable to common stockholders	$	4,355		$	8,601
Basic earnings per common share - Net income	$	0.04		$	0.07
Diluted earnings per common share - Net income	$	0.04		$	0.07

Incentive Plans

A summary of the activity under the Company's share-based incentive plans for the three months ended March 31, 2019 and 2018 is included in the table below.



	Three Months Ended March 31,
	2019		2018
Share-based awards, beginning of period	1,769,863		1,907,645
Granted	64,771		76,762
Vested	(50,507	)	(54,065	)
Share-based awards, end of period	1,784,127		1,930,342

During the three months ended March 31, 2019 and 2018, the Company withheld 19,546 and 21,196 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, 2019 and 2018 is included in the table below.



	Three Months Ended March 31,
	2019		2018
Outstanding and exercisable, beginning of period	328,533		318,100
Granted	235,572		203,836
Exercised	(14,630	)	(8,835	)
Forfeited	(16,625	)	(10,580	)
Expired	(142,074	)	(135,790	)
Outstanding and exercisable, end of period	390,776		366,731