Equity

The following summarizes the changes in equity for the six months ended June 30, 2014 (dollars in thousands):



	Common stock		Additional paid-in capital		Accumulated earnings less dividends			Accumulated other comprehensive loss			Total AvalonBay stockholders’ equity			Noncontrolling interests			Total equity

Balance at December 31, 2013	$	1,294	$	8,988,723	$	(345,254	)	$	(48,631	)	$	8,596,132		$	3,595		$	8,599,727

Net income attributable to common stockholders	—		—		299,825			—			299,825			—			299,825
Cash flow hedge loss reclassified to earnings	—		—		—			3,011			3,011			—			3,011
Change in redemption value of redeemable noncontrolling interest	—		—		626			—			626			—			626
Noncontrolling interests income allocation	—		—		—			—			—			14,221			14,221
Noncontrolling interests derecognition	—		—		—			—			—			(17,816		)	(17,816		)
Dividends declared to common stockholders	—		—		(302,412		)	—			(302,412		)	—			(302,412		)
Issuance of common stock, net of withholdings	17		209,535		(377		)	—			209,175			—			209,175
Amortization of deferred compensation	—		15,175		—			—			15,175			—			15,175

Balance at June 30, 2014	$	1,311	$	9,213,433	$	(347,592	)	$	(45,620	)	$	8,821,532		$	—		$	8,821,532

As of June 30, 2014 and December 31, 2013, the Company’s charter had authorized for issuance a total of 280,000,000 shares of common stock and 50,000,000 shares of preferred stock.

During the six months ended June 30, 2014, the Company:

(i) issued 1,418,959 common shares through public offerings under CEP III, discussed below;

(ii) issued 224,771 common shares in connection with stock options exercised;

(iii) issued 1,286 common shares through the Company’s dividend reinvestment plan;

(iv) issued 113,822 common shares in connection with stock grants and the conversion of restricted units to restricted

shares;

(v) issued 4,367 common shares through the Employee Stock Purchase Program; and

(vi) withheld 50,105 common shares to satisfy employees’ tax withholding and other liabilities.

Any deferred compensation related to the Company’s stock option and restricted stock grants during the six months ended June 30, 2014 is not reflected on the Company’s Condensed Consolidated Balance Sheet as of June 30, 2014, and will not be reflected until earned as compensation cost.

In August 2012, the Company commenced a third continuous equity program (“CEP III”), under which the Company may sell up to $750,000,000 of shares of its common stock from time to time during a 36-month period. Actual sales will depend on a variety of factors to be determined by the Company, including market conditions, the trading price of the Company’s common stock and determinations by the Company of the appropriate sources of funding for the Company. In conjunction with CEP III, the Company engaged sales agents who receive compensation of approximately 1.5% of the gross sales price for shares sold. During the three and six months ended June 30, 2014, the Company sold 1,418,959 shares at an average sales price of $140.94 per share, for net proceeds of $196,984,000. As of June 30, 2014, the Company had $446,286,000 of shares remaining authorized for issuance under this program.