4. Equity

The following summarizes the changes in equity for the three months ended March 31, 2014 (dollars in thousands):

					Accumulated			Accumulated			Total
			Additional		earnings			other			AvalonBay
	Common		paid-in		less			comprehensive			stockholders’			Noncontrolling		Total
	stock		capital		dividends			loss			equity			interests		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	—		—		141,739			—			141,739			—		141,739
Cash flow hedge loss reclassified to earnings	—		—		—			1,573			1,573			—		1,573
Change in redemption value of redeemable noncontrolling interest	—		—		1,081			—			1,081			—		1,081
Noncontrolling interests income allocation	—		—		—			—			—			7		7
Dividends declared to common stockholders	—		—		(150,304		)	—			(150,304		)	—		(150,304		)
Issuance of common stock, net of withholdings	2		4,033		(291		)	—			3,744			—		3,744
Amortization of deferred compensation	—		9,504		—			—			9,504			—		9,504

Balance at March 31, 2014	$	1,296	$	9,002,260	$	(353,029	)	$	(47,058	)	$	8,603,469		$	3,602	$	8,607,071

As of March 31, 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 three months ended March 31, 2014, the Company:

(i) issued 84,836 shares of common stock in connection with stock options exercised;

(ii) issued 638 common shares through the Company’s dividend reinvestment plan;

(iii) issued 104,060 common shares in connection with stock grants; and

(iv) withheld 33,365 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 three months ended March 31, 2014 is not reflected on the Company’s Condensed Consolidated Balance Sheet as of March 31, 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. The Company had no sales under CEP III during the three months ended March 31, 2014, and has $646,274,000 of shares that remain authorized for issuance under this program as of March 31, 2014.