Stockholders' Equity

12 Months Ended

Dec. 31, 2016

Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]

Stockholders' Equity

Equity

"At-The-Market" Stock Offering Program

In August 2015, the Company established an "at-the-market" stock offering program ("ATM Program") through which it may, from time to time, issue and sell shares of its common stock having an aggregate cumulative gross sales price of up to $500.0 million to or through sales agents. Sales, if any, under the ATM Program may be made by means of ordinary brokers' transactions on the New York Stock Exchange or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or, subject to specific instructions of the Company, at negotiated prices. The Company intends to use the net proceeds from any sales under the ATM Program for general corporate purposes, which may include the funding of future acquisitions or investments and the repayment or repurchase of any outstanding indebtedness. During the year ended December 31, 2016, 3.8 million shares of common stock were sold under the ATM Program, generating net proceeds of $323.8 million after giving effect to sales agent commissions of $3.3 million. The net proceeds from the sales under the ATM Program were used, in part, to fund the TDC Acquisition.

Convertible Preferred Stock Conversion

In October and November 2016, all of the approximately 9.8 million shares of the Company's previously outstanding Convertible Preferred Stock converted to approximately 11.6 million shares of the Company's common stock at a conversion rate (based on the applicable market value of the common stock and subject to certain anti-dilutive adjustments) of 1.1880 common shares per each share of Convertible Preferred Stock.

November 2016 Equity Financing

In November 2016, the Company completed an equity offering of approximately 11.4 million shares of common stock, which generated net proceeds of approximately $1.0 billion ("November 2016 Equity Financing"). The Company utilized proceeds from such offering to partially fund the FiberNet Acquisition (as defined in note 19) in January 2017 (see note 19).

Declaration and Payment of Dividends

During the year ended December 31, 2016, the following dividends were declared or paid:

Equity Type	Declaration Date	Record Date	Payment Date	Dividends Per Share		Aggregate Payment Amount (In millions)
Common Stock	February 18, 2016	March 18, 2016	March 31, 2016	$	0.885	$	300.0	(a)
Common Stock	May 20, 2016	June 17, 2016	June 30, 2016	$	0.885	$	300.8	(a)
Common Stock	August 2, 2016	September 16, 2016	September 30, 2016	$	0.885	$	300.3	(a)
Common Stock	October 18, 2016	December 16, 2016	December 30, 2016	$	0.95	$	344.5	(a)
Convertible Preferred Stock	December 16, 2015	January 16, 2016	February 1, 2016	$	1.125	$	11.0
Convertible Preferred Stock	March 22, 2016	April 15, 2016	May 2, 2016	$	1.125	$	11.0
Convertible Preferred Stock	June 28, 2016	July 15, 2016	August 1, 2016	$	1.125	$	11.0
Convertible Preferred Stock	September 17, 2016	October 15, 2016	November 1, 2016	$	1.125	$	11.0

(a) Inclusive of dividends accrued for holders of unvested RSUs and payments of previously accrued dividends for holders of RSUs that have vested during the year ended December 31, 2016.

See note 19 for further discussion of common stock dividends.

Tax Treatment of Dividends

The following table summarizes, for income tax purposes, the nature of dividends paid during 2016 on the Company's common stock and Convertible Preferred Stock.

Equity Type	Payment Date	Dividends Per Share		Ordinary Taxable Dividend Per Share		Qualified Taxable Dividend Per Share (a)		Long-Term Capital Gain Distribution Per Share		Non-Taxable Distribution (per share)
Common Stock	March 31, 2016	$	0.885	$	0.725	$	0.019	$	0.076	$	0.084
Common Stock	June 30, 2016	$	0.885	$	0.725	$	0.019	$	0.076	$	0.084
Common Stock	September 30, 2016	$	0.885	$	0.725	$	0.019	$	0.076	$	0.084
Common Stock	December 30, 2016	$	0.950	$	0.779	$	0.021	$	0.081	$	0.090
Convertible Preferred Stock	February 1, 2016	$	1.125	$	1.029	$	0.025	$	0.096	$	—
Convertible Preferred Stock	May 2, 2016	$	1.125	$	1.029	$	0.025	$	0.096	$	—
Convertible Preferred Stock	August 1, 2016	$	1.125	$	1.029	$	0.025	$	0.096	$	—
Convertible Preferred Stock	November 1, 2016	$	1.125	$	1.029	$	0.025	$	0.096	$	—

(a) Qualified taxable dividend amounts are included in ordinary taxable dividend amounts.

Alternative minimum tax adjustments are to be apportioned between a REIT and its shareholders under Code Section 59(d). Although regulations have not yet been issued under that provision, based on regulations issued pursuant to a similar provision of prior law and the legislative history of the current provision, it appears that such alternative minimum tax adjustments are to be apportioned to a REIT's shareholders to the extent that the REIT distributes its regular taxable income. All of the Company's alternative minimum tax adjustments are being apportioned to the Company's shareholders.

The Company has determined that none of the distributions to the Company's shareholders for the tax year ended December 31, 2016 consists of an alternative minimum tax adjustment.

Purchases of the Company's Common Stock

For the years ended December 31, 2016, 2015, and 2014, the Company purchased 0.3 million, 0.3 million, and 0.3 million shares of common stock, respectively, utilizing $24.9 million, $29.7 million, and $21.8 million in cash, respectively.