Equity

The following summarizes the changes in equity for the six months ended June 30, 2016 (dollars in thousands):



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

Balance at December 31, 2015	$	1,370	$	10,068,532	$	(197,989	)	$	(31,387	)	$	9,840,526
Net income attributable to common stockholders	—		—		435,377			—			435,377
Loss on cash flow hedges	—		—		—			(74,545		)	(74,545		)
Cash flow hedge loss reclassified to earnings	—		—		—			2,935			2,935
Change in redemption value of redeemable noncontrolling interest	—		—		(375		)	—			(375		)
Dividends declared to common stockholders	—		—		(370,533		)	—			(370,533		)
Issuance of common stock, net of withholdings	3		9,719		(1,288		)	—			8,434
Amortization of deferred compensation	—		14,700		—			—			14,700
Balance at June 30, 2016	$	1,373	$	10,092,951	$	(134,808	)	$	(102,997	)	$	9,856,519

As of June 30, 2016 and December 31, 2015, 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, 2016, the Company:


i.	issued 116,428 shares of common stock in connection with stock options exercised;


ii.	issued 1,041 common shares through the Company’s dividend reinvestment plan;


iii.	issued 196,059 common shares in connection with restricted stock grants and the conversion of performance awards to restricted shares;


iv.	issued 44,327 common shares in conjunction with the conversion of deferred stock awards;


v.	withheld 53,011 common shares to satisfy employees’ tax withholding and other liabilities;


vi.	issued 5,671 common shares through the Employee Stock Purchase Program; and


vii.	canceled 12 common shares of restricted stock upon forfeiture.

Any deferred compensation related to the Company’s stock option, restricted stock and performance award grants during the six months ended June 30, 2016 is not reflected on the accompanying Condensed Consolidated Balance Sheet as of June 30, 2016, and will not be reflected until recognized as compensation cost.

In December 2015, the Company commenced a fourth continuous equity program ("CEP IV") under which the Company may sell up to $1,000,000,000 of its common stock from time to time. 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 IV, the Company engaged sales agents who will receive compensation of up to 2.0% of the gross sales price for shares sold. CEP IV also allows the Company to enter into forward sale agreements up to $1,000,000,000 in aggregate sales price of its common stock. The Company expects that it will physically settle each forward sale agreement on one or more dates specified by the Company on or prior to the maturity date of that particular forward sale agreement, in which case the Company will expect to receive aggregate net cash proceeds at settlement equal to the number of shares underlying the particular forward agreement multiplied by the relevant forward sale price. However, the Company may also elect to cash settle or net share settle a forward sale agreement. In connection with each forward sale agreement, the Company will pay the relevant forward seller, in the form of a reduced initial forward sale price, a commission of up to 2.0% of the sales prices of all borrowed shares of common stock sold. During the three and six months ended June 30, 2016, the Company had no sales under the program and did not enter into any forward sale agreements.