Quarterly report pursuant to Section 13 or 15(d)

Shareholders' Equity

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Shareholders' Equity
9 Months Ended
Sep. 30, 2018
Equity [Abstract]  
Shareholders' Equity

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)

 

Nine Months

Ended

September 30, 2018

 

Beginning balance of total  shareholders’ equity

 

$

2,028,323

 

Exercise of stock options

 

 

2,977

 

Earned portion of non-vested stock

 

 

4,203

 

Stock option expense

 

 

7

 

Carrying value less than redemption value on redeemed

   noncontrolling interest

 

 

(29

)

Adjustment to redemption value on noncontrolling

   redeemable Operating Partnership units

 

 

(1,451

)

Net income attributable to common shareholders

 

 

114,283

 

Amortization of terminated hedge included in AOCL

 

 

688

 

Change in fair value of derivatives

 

 

(205

)

Dividends

 

 

(139,235

)

Ending balance of total shareholders’ equity

 

$

2,009,561

 

On June 14, 2018, the Company entered into a continuous equity offering program (“Equity Program”) with Wells Fargo Securities, LLC, Jefferies 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 the Equity 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 continue to offer, sell and issue shares of common stock under the Equity Program from time to time based on various factors and conditions, although the Company is under no obligation to sell any shares under the Equity program.

During the nine months ended September 30, 2018, the Company did not issue any shares of common stock under the Equity Program and as of September 30, 2018, the entire $300 million authorized under the Equity Program remains available for issuance.  

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 nine months ended September 30, 2018.

In 2013, the Company implemented a Dividend Reinvestment Plan. The Company issued 199,809 shares under the plan during the nine months ended September 30, 2017. On August 2, 2017, the Company’s Board of Directors suspended the Dividend Reinvestment Plan.