Shareholders' Equity

3 Months Ended

Mar. 31, 2018

13. SHAREHOLDERS’ EQUITY

The following is a reconciliation of the changes in the Parent Company’s total shareholders’ equity for the period:

(dollars in thousands)	Three Months Ended March 31, 2018
Beginning balance of total shareholders’ equity	$	2,028,323
Earned portion of non-vested stock		1,495
Stock option expense		4
Adjustment to redemption value on noncontrolling redeemable Operating Partnership units		1,470
Net income attributable to common shareholders		33,889
Amortization of terminated hedge included in AOCL		229
Change in fair value of derivatives		48
Dividends		(46,121	)
Ending balance of total shareholders’ equity	$	2,019,337

On August 2, 2017, the Company’s Board of Directors authorized the repurchase of up to $200 million of the Company’s outstanding common shares (“Buyback Program”). The Buyback Program allows the Company to purchase shares of its common stock in accordance with applicable securities laws on the open market, through privately negotiated transactions, or through other methods of acquiring shares. The Buyback Program may be suspended or discontinued at any time. The Company did not repurchase any outstanding common shares under the Buyback Program during the three months ended March 31, 2018.

In 2013, the Company implemented a Dividend Reinvestment Plan. The Company issued 52,304 shares under the plan during the three months ended March 31, 2017. On August 2, 2017, the Company’s Board of Directors suspended the Dividend Reinvestment Plan.