Stockholders' Equity

3 Months Ended

Mar. 31, 2017

Stockholders' Equity [Abstract]

Stockholders' Equity

13. Stockholders’ Equity

     The following is a summary of our stockholders’ equity capital accounts as of the dates indicated:

	March 31, 2017	December 31, 2016
Preferred Stock:
Authorized shares	50,000,000	50,000,000
Issued shares	14,375,000	25,875,000
Outstanding shares	14,375,000	25,875,000
Common Stock, $1.00 par value:
Authorized shares	700,000,000	700,000,000
Issued shares	365,651,576	363,576,924
Outstanding shares	364,563,653	362,602,173

Preferred Stock. The following is a summary of our preferred stock activity during the periods indicated:

	Three Months Ended
	March 31, 2017		March 31, 2016
		Weighted Avg.		Weighted Avg.
	Shares	Dividend Rate	Shares	Dividend Rate
Beginning balance	25,875,000	6.500%	25,875,000	6.500%
Shares redeemed	(11,500,000)	6.500%	-	0.000%
Ending balance	14,375,000	6.500%	25,875,000	6.500%

During the three months ended March 31, 2017, we recognized a charge of $9,769,000 in connection with the redemption of the Series J preferred stock.

Common Stock. The following is a summary of our common stock issuances during the three months ended March 31, 2017 and 2016 (dollars in thousands, except per share amounts):

	Shares Issued		Average Price		Gross Proceeds		Net Proceeds
2016 Dividend reinvestment plan issuances	1,058,085	$	60.00	$	63,484	$	63,484
2016 Option exercises	9,864		21.29		210		210
2016 Equity shelf program issuances	443,096		67.12		30,192		29,739
2016 Stock incentive plans, net of forfeitures	484,005				-		-
2016 Totals	1,995,050			$	93,886	$	93,433
2017 Dividend reinvestment plan issuances	1,284,719	$	68.33	$	87,985	$	87,784
2017 Option exercises	156,675		52.71		8,258		8,258
2017 Equity shelf program issuances	338,486		69.75		23,776		23,609
2017 Stock incentive plans, net of forfeitures	181,600				-		-
2017 Totals	1,961,480			$	120,019	$	119,651

Dividends. The increase in dividends is primarily attributable to increases in our common shares outstanding as described above and an increase in common dividends per share. The following is a summary of our dividend payments (in thousands, except per share amounts):

	Three Months Ended
	March 31, 2017				March 31, 2016
	Per Share		Amount		Per Share		Amount
Common Stock	$	0.8700	$	315,415	$	0.8600	$	305,770
Series I Preferred Stock		0.8125		11,680		0.8125		11,680
Series J Preferred Stock		0.2347		2,699		0.4064		4,672
Totals			$	329,794			$	322,122

Accumulated Other Comprehensive Income. The following is a summary of accumulated other comprehensive income (loss) for the periods presented (in thousands):

		Unrecognized gains (losses) related to:
		Foreign Currency Translation		Available for Sale Securities		Actuarial Losses		Cash Flow Hedges		Total
Balance at December 31, 2016	$	(173,496)	$	5,120	$	(1,153)	$	(2)	$	(169,531)
Other comprehensive income before reclassification adjustments		2,900		(10,569)		-		-		(7,669)
Net current-period other comprehensive income		2,900		(10,569)		-		-		(7,669)
Balance at March 31, 2017	$	(170,596)	$	(5,449)	$	(1,153)	$	(2)	$	(177,200)
Balance at December 31, 2015	$	(85,484)	$	-	$	(1,343)	$	(1,416)	$	(88,243)
Other comprehensive income before reclassification adjustments		(13,746)		(7,549)		2		-		(21,293)
Reclassification amount to net income		-		-		-		483 (1)		483
Net current-period other comprehensive income		(13,746)		(7,549)		2		483		(20,810)
Balance at March 31, 2016	$	(99,230)	$	(7,549)	$	(1,341)	$	(933)	$	(109,053)
(1) Please see Note 11 for additional information.