Equity

The following summarizes the changes in equity for the nine months ended September 30, 2015 (dollars in thousands):



	Common stock		Additional paid-in capital		Accumulated earnings less dividends			Accumulated other comprehensive loss			Total equity

Balance at December 31, 2014	$	1,320	$	9,354,685	$	(267,085	)	$	(42,515	)	$	9,046,405
Net income attributable to common stockholders	—		—		586,610			—			586,610
Cash flow hedge loss reclassified to earnings	—		—		—			4,334			4,334
Change in redemption value of redeemable noncontrolling interest	—		—		1,722			—			1,722
Dividends declared to common stockholders	—		—		(502,417		)	—			(502,417		)
Issuance of common stock, net of withholdings	49		673,302		(1,317		)	—			672,034
Amortization of deferred compensation	—		20,765		—			—			20,765
Balance at September 30, 2015	$	1,369	$	10,048,752	$	(182,487	)	$	(38,181	)	$	9,829,453

As of September 30, 2015 and December 31, 2014, 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 nine months ended September 30, 2015, the Company:


i.	issued 155,173 shares of common stock in connection with stock options exercised;


ii.	issued 1,608 common shares through the Company’s dividend reinvestment plan;


iii.	issued 157,779 common shares in connection with stock grants and the conversion of restricted stock units to restricted shares;


iv.	issued 46,589 common shares in conjunction with the conversion of deferred stock awards;


v.	withheld 39,800 common shares to satisfy employees’ tax withholding and other liabilities;


vi.	issued 5,022 common shares through the Employee Stock Purchase Program; and


vii.	issued 4,500,000 shares of common stock in settlement of the Forward.

Any deferred compensation related to the Company’s stock option, restricted stock and restricted stock unit grants during the nine months ended September 30, 2015 is not reflected on the Company’s Condensed Consolidated Balance Sheet as of September 30, 2015, 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 was authorized by its Board of Directors to sell up to $750,000,000 of shares of its common stock from time to time during a 36-month period, which expired on August 3, 2015. Actual sales depended on a variety of factors 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 received compensation of approximately 1.5% of the gross sales price for shares sold. During the nine months ended September 30, 2015, the Company had no sales under CEP III.

On September 9, 2014, based on a market closing price of $155.83 per share on that date, the Company entered into a forward contract to sell 4,500,000 shares of common stock for an initial forward price of $151.74 per share, net of offering fees and discounts (the "Forward"). The sales price and proceeds achieved by the Company were determined on the dates of settlement, with adjustments during the term of the contract for the Company’s dividends as well as for a daily interest factor that varies with changes in the Fed Funds rate. During the three months ended September 30, 2015, the Company issued 3,890,725 shares of common stock at a sales price of $146.35 per share, for net proceeds of $569,423,000, for final settlement of the Forward. In the aggregate, the Company issued 4,500,000 shares for net proceeds of $659,423,000 for settlement of the Forward during the nine months ended September 30, 2015.