Stockholders' Equity

9 Months Ended

Sep. 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:

	September 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	14,370,065	25,875,000
Common Stock, $1.00 par value:
Authorized shares	700,000,000	700,000,000
Issued shares	371,430,074	363,576,924
Outstanding shares	370,341,635	362,602,173

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

	Nine Months Ended
	September 30, 2017		September 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%
Shares converted	(4,935)	6.500%	-	0.000%
Ending balance	14,370,065	6.500%	25,875,000	0.000%

During the nine months endedSeptember 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 nine months ended September 30, 2017 and 2016 (dollars in thousands, except average price amounts):

	Shares Issued		Average Price		Gross Proceeds		Net Proceeds
2016 Dividend reinvestment plan issuances	3,946,821	$	70.51	$	278,578	$	278,297
2016 Option exercises	137,579		50.57		6,958		6,958
2016 Equity shelf program issuances	3,119,801		75.27		237,131		234,812
2016 Stock incentive plans, net of forfeitures	442,899				-		-
2016 Totals	7,647,100			$	522,667	$	520,067
2017 Dividend reinvestment plan issuances	4,312,447	$	71.14	$	306,785	$	305,996
2017 Option exercises	209,192		50.62		10,590		10,590
2017 Equity shelf program issuances	2,986,574		72.30		215,917		214,406
2017 Preferred stock conversions	4,296				-		-
2017 Redemption of equity membership units	91,180				-		-
2017 Stock incentive plans, net of forfeitures	135,773				-		-
2017 Totals	7,739,462			$	533,292	$	530,992

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):

	Nine Months Ended
	September 30, 2017				September 30, 2016
	Per Share		Amount		Per Share		Amount
Common Stock	$	2.6100	$	955,631	$	2.5800	$	921,381
Series I Preferred Stock		2.4375		35,035		2.4375		35,039
Series J Preferred Stock		0.2347		2,699		1.2189		14,016
Totals			$	993,365			$	970,436

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		48,574		(20,285)		-		2		28,291
Net current-period other comprehensive income		48,574		(20,285)		-		2		28,291
Balance at September 30, 2017	$	(124,922)	$	(15,165)	$	(1,153)	$	-	$	(141,240)
Balance at December 31, 2015	$	(85,484)	$	-	$	(1,343)	$	(1,416)	$	(88,243)
Other comprehensive income before reclassification adjustments		(59,060)		(5,252)		-		11		(64,301)
Reclassification amount to net income		-		-		-		1,360 (1)		1,360
Net current-period other comprehensive income		(59,060)		(5,252)		-		1,371		(62,941)
Balance at September 30, 2016	$	(144,544)	$	(5,252)	$	(1,343)	$	(45)	$	(151,184)
(1) Please see Note 11 for additional information.