Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2016

Accumulated Other Comprehensive Income (Loss) [Line Items]

Accumulated Other Comprehensive Loss of the Company/Operating Partnership

Stockholders’ Equity of the Company

Common Stock

Our authorized capital stock consists of 260,000,000 shares, $0.01 par value per share, consisting of 160,000,000 shares of common stock, $0.01 par value per share, 75,000,000 shares of excess stock, at $0.01 par value per share, and 25,000,000 shares of preferred stock, par value $0.01 per share. As of December 31, 2016, 100,562,349 shares of common stock and no shares of excess stock were issued and outstanding.

In August 2016, our board of directors approved a stock repurchase plan under which we can buy up to $1.0 billion of shares of our common stock. As of December 31, 2016, we have not repurchased any shares under the plan.

At-The-Market Equity Offering Program

In July 2011, the Company, along with the Operating Partnership, entered into an "at-the-market" equity offering program, or ATM Program, to sell an aggregate of $250.0 million of SL Green's common stock. During the year ended December 31, 2015, we sold 25,659 shares of our common stock out of the remaining balance of the ATM Program for aggregate net proceeds of $2.8 million. The net proceeds from these offerings were contributed to the Operating Partnership in exchange for 25,659 units of limited partnership interest of the Operating Partnership.

In June 2014, the Company, along with the Operating Partnership, entered into an "at-the-market" equity offering program, or ATM Program, to sell an aggregate of $300.0 million of SL Green's common stock. During the year ended December 31, 2014, we sold 1,626,999 shares of our common stock for aggregate net proceeds of $182.9 million. The net proceeds from these offerings were contributed to the Operating Partnership in exchange for 1,626,999 units of limited partnership interest of the Operating Partnership. During the year ended December 31, 2015, we sold 895,956 shares of our common stock for aggregate net proceeds of $113.4 million comprising the remaining balance of this ATM Program. The net proceeds from these offerings were contributed to the Operating Partnership in exchange for 895,956 units of limited partnership interest of the Operating Partnership.

In March 2015, the Company, along with the Operating Partnership, entered into a new ATM Program to sell an aggregate of $300.0 million of SL Green's common stock. During the year ended December 31, 2015 we sold 91,180 shares of our common stock for aggregate net proceeds of $12.0 million. The net proceeds from these offerings were contributed to the Operating Partnership in exchange for 91,180 units of limited partnership interest of the Operating Partnership. The Company did not make any sales of its common stock under an ATM program in the year ended December 31, 2016.

Perpetual Preferred Stock

We have 9,200,000 shares of our 6.50% Series I Cumulative Redeemable Preferred Stock, or the Series I Preferred Stock, outstanding with a mandatory liquidation preference of $25.00 per share. The Series I Preferred stockholders receive annual dividends of $1.625 per share paid on a quarterly basis and dividends are cumulative, subject to certain provisions. We are entitled to redeem the Series I Preferred Stock at par for cash at our option on or after August 10, 2017. In August 2012, we received $221.9 million in net proceeds from the issuance of the Series I Preferred Stock, which were recorded net of underwriters' discount and issuance costs, and contributed the net proceeds to the Operating Partnership in exchange for 9,200,000 units of 6.50% Series I Cumulative Redeemable Preferred Units of limited partnership interest, or the Series I Preferred Units.

Dividend Reinvestment and Stock Purchase Plan

In February 2015, the Company filed a registration statement with the SEC for our dividend reinvestment and stock purchase plan, or DRSPP, which automatically became effective upon filing. The Company registered 3,500,000 shares of SL Green's common stock under the DRSPP. The DRSPP commenced on September 24, 2001.

The following table summarizes SL Green common stock issued, and proceeds received from dividend reinvestments and/or stock purchases under the DRSPP for the year ended December 31, 2016, 2015, and 2014, respectively (in thousands):

	Year Ended December 31,
	2016		2015		2014
Common Stock Shares Issued	2,687		775,760		608
Dividend reinvestments/stock purchases under the DRSPP	$	277	$	99,555	$	64

Earnings per Share

SL Green's earnings per share for the years ended December 31, 2016, 2015, and 2014 are computed as follows (in thousands):

	Year Ended December 31,
Numerator	2016		2015		2014
Basic Earnings:
Income attributable to SL Green common stockholders	$	234,946	$	269,132	$	503,104
Effect of Dilutive Securities:
Redemption of units to common shares	10,136		10,565		18,467
Diluted Earnings:
Income attributable to SL Green common stockholders	$	245,082	$	279,697	$	521,571

	Year Ended December 31,
Denominator	2016	2015	2014
Basic Shares:
Weighted average common stock outstanding	100,185	99,345	95,774
Effect of Dilutive Securities:
Operating Partnership units redeemable for common shares	4,323	3,899	3,514
Stock-based compensation plans	373	490	408
Diluted weighted average common stock outstanding	104,881	103,734	99,696

SL Green has excluded 774,782, 263,991 and 737,361 common stock equivalents from the diluted shares outstanding for the years ended December 31, 2016, 2015, and 2014 respectively, as they were anti-dilutive.

SL Green Realty Corp

Accumulated Other Comprehensive Income (Loss) [Line Items]

Accumulated Other Comprehensive Loss of the Company/Operating Partnership

Accumulated Other Comprehensive Income (Loss)

The following tables set forth the changes in accumulated other comprehensive income (loss) by component as of December 31, 2016, 2015 and 2014 (in thousands):

	Net unrealized (loss) gain on derivative instruments (1)			SL Green’s share of joint venture net unrealized (loss) gain on derivative instruments (2)			Unrealized gain (loss) on marketable securities			Total
Balance at December 31, 2013	$	(15,125	)	$	(4,870	)	$	4,784		$	(15,211	)
Other comprehensive (loss) income before reclassifications	(576		)	2,847			(2,692		)	(421		)
Amounts reclassified from accumulated other comprehensive income	6,203			1,928			521			8,652
Balance at December 31, 2014	(9,498		)	(95		)	2,613			(6,980		)
Other comprehensive loss before reclassifications	(11,143		)	(1,714		)	(610		)	(13,467		)
Amounts reclassified from accumulated other comprehensive income	10,481			1,217			—			11,698
Balance at December 31, 2015	(10,160		)	(592		)	2,003			(8,749		)
Other comprehensive income before reclassifications	13,534			1,160			3,517			18,211
Amounts reclassified from accumulated other comprehensive income	9,222			3,453			—			12,675
Balance at December 31, 2016	$	12,596		$	4,021		$	5,520		$	22,137

____________________________________________________________________

(1) Amount reclassified from accumulated other comprehensive income (loss) is included in interest expense in the respective consolidated statements of operations. As of December 31, 2016 and 2015, the deferred net losses from these terminated hedges, which is included in accumulated other comprehensive income (loss) relating to net unrealized loss on derivative instrument, was $7.1 million and $9.7 million, respectively.

(2) Amount reclassified from accumulated other comprehensive income (loss) is included in equity in net income from unconsolidated joint ventures in the respective consolidated statements of operations.