Stockholders' Equity

6 Months Ended

Jun. 30, 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:

	June 30, 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	369,966,425	363,576,924
Outstanding shares	368,878,042	362,602,173

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

	Six Months Ended
	June 30, 2017		June 30, 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 six months endedJune 30, 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 six months ended June 30, 2017 and 2016 (dollars in thousands, except per share amounts):

	Shares Issued		Average Price		Gross Proceeds		Net Proceeds
2016 Dividend reinvestment plan issuances	1,971,758	$	64.65	$	127,470	$	127,470
2016 Option exercises	37,409		48.73		1,823		1,823
2016 Equity shelf program issuances	443,096		67.12		30,192		29,739
2016 Stock incentive plans, net of forfeitures	460,047				-		-
2016 Totals	2,912,310			$	159,485	$	159,032
2017 Dividend reinvestment plan issuances	2,836,216	$	70.55	$	200,097	$	199,757
2017 Option exercises	202,190		50.88		10,288		10,288
2017 Equity shelf program issuances	2,986,574		72.30		215,917		214,406
2017 Redemption of equity membership units	91,180				-		-
2017 Stock incentive plans, net of forfeitures	159,709				-		-
2017 Totals	6,275,869			$	426,302	$	424,451

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):

	Six Months Ended
	June 30, 2017				June 30, 2016
	Per Share		Amount		Per Share		Amount
Common Stock	$	1.7400	$	634,296	$	1.7200	$	613,163
Series I Preferred Stock		1.6250		23,360		1.6250		23,359
Series J Preferred Stock		0.2347		2,699		0.8126		9,344
Totals			$	660,355			$	645,866

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		22,384		(16,477)		-		-		5,907
Net current-period other comprehensive income		22,384		(16,477)		-		-		5,907
Balance at June 30, 2017	$	(151,112)	$	(11,357)	$	(1,153)	$	(2)	$	(163,624)
Balance at December 31, 2015	$	(85,484)	$	-	$	(1,343)	$	(1,416)	$	(88,243)
Other comprehensive income before reclassification adjustments		(61,207)		(11,160)		2		10		(72,355)
Reclassification amount to net income		-		-		-		960 (1)		960
Net current-period other comprehensive income		(61,207)		(11,160)		2		970		(71,395)
Balance at June 30, 2016	$	(146,691)	$	(11,160)	$	(1,341)	$	(446)	$	(159,638)
(1) Please see Note 11 for additional information.