Shareholders' Equity

6 Months Ended

Jun. 30, 2019

13. SHAREHOLDERS’ EQUITY

The following is a reconciliation of the changes in the Parent Company’s total shareholders’ equity for the six months ended June 30, 2019:

(dollars in thousands)	Common Stock		Additional Paid-in Capital		Dividends in Excess of Net Income			Accumulated Other Comprehensive Income (loss)			Total Shareholders’ Equity
Balance December 31, 2018	$	466	$	2,372,157	$	(308,011	)	$	(6,875	)	$	2,057,737
Earned portion of non-vested stock		—		1,396		—			—			1,396
Adjustment to redemption value on noncontrolling redeemable Operating Partnership units		—		—		(294	)		—			(294	)
Net income attributable to common shareholders		—		—		34,454			—			34,454
Amortization of terminated hedge included in AOCL		—		—		—			229			229
Dividends		—		—		(46,631	)		—			(46,631	)
Balance March 31, 2019		466		2,373,553		(320,482	)		(6,646	)		2,046,891
Issuance of non-vested stock		1		—		—			—			1
Earned portion of non-vested stock		—		839		—			—			839
Adjustment to redemption value on noncontrolling redeemable Operating Partnership units		—		—		(150	)		—			(150	)
Net income attributable to common shareholders		—		—		40,742			—			40,742
Amortization of terminated hedge included in AOCL		—		—		—			229			229
Dividends		—		—		(46,632	)		—			(46,632	)
Balance June 30, 2019	$	467	$	2,374,392	$	(326,522	)	$	(6,417	)	$	2,041,920

The following is a reconciliation of the changes in the Parent Company’s total shareholders’ equity for the six months ended June 30, 2018:

(dollars in thousands)	Common Stock			Additional Paid-in Capital			Dividends in Excess of Net Income			Accumulated Other Comprehensive Income (loss)			Total Shareholders’ Equity
Balance December 31, 2017	$	466		$	2,363,171		$	(327,727	)	$	(7,587	)	$	2,028,323
Forfeiture of non-vested stock		(1	)		1			—			—			—
Earned portion of non-vested stock		—			1,495			—			—			1,495
Stock option expense		—			4			—			—			4
Adjustment to redemption value on noncontrolling redeemable Operating Partnership units		—			—			1,470			—			1,470
Net income attributable to common shareholders		—			—			33,889			—			33,889
Amortization of terminated hedge included in AOCL		—			—			—			229			229
Change in fair value of derivatives, net of reclassifications		—			—			—			48			48
Dividends		—			—			(46,121	)		—			(46,121	)
Balance March 31, 2018		465			2,364,671			(338,489	)		(7,310	)		2,019,337
Exercise of stock options		1			3,044			—			—			3,045
Earned portion of non-vested stock		—			1,252			—			—			1,252
Stock option expense		—			3			—			—			3
Carrying value less than redemption value on redeemed noncontrolling interest		—			(28	)		—			—			(28	)
Adjustment to redemption value on noncontrolling redeemable Operating Partnership Units		—			—			(3,035	)		—			(3,035	)
Net income attributable to common shareholders		—			—			39,274			—			39,274
Amortization of terminated hedge included in AOCL		—			—			—			229			229
Change in fair value of derivatives, net of reclassifications		—			—			—			(123	)		(123	)
Dividends		—			—			(46,514	)		—			(46,514	)
Balance June 30, 2018	$	466		$	2,368,942		$	(348,764	)	$	(7,204	)	$	2,013,440

On June 14, 2018, the Company entered into a continuous equity offering program with Wells Fargo Securities, LLC, Jeffries LLC, SunTrust Robinson Humphrey, Inc., HSBC Securities (USA) Inc., BB&T Capital Markets, a division of BB&T Securities, LLC and BTIG, LLC, pursuant to which the Company may sell up to $300 million in aggregate offering price of shares of the Company’s common stock. Actual sales under this continuous equity offering program will depend on a variety of factors and conditions, including, but not limited to, market conditions, the trading price of the Company’s common stock, and determinations of the appropriate sources of funding for the Company. The Company expects to offer, sell and issue shares of common stock under this equity program from time to time based on various factors and conditions, although the Company is under no obligation to sell any shares under this equity program. During 2019 and 2018, the Company did not issue any shares of common stock under this equity program.

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 six months ended June 30, 2019 or the six months ended June 30, 2018.

In 2013, the Company implemented a Dividend Reinvestment Plan which was suspended by the Company’s Board of Directors in 2017. As a result, the Company did not issue any shares under the Dividend Reinvestment Plan during the six months ended June 30, 2019 and 2018.