Stockholders' Equity

9 Months Ended

Sep. 30, 2011

Stockholders' Equity [Abstract]

Stockholders' Equity

13. Stockholders’ Equity

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

	September 30, 2011		December 31, 2010
Preferred Stock:
Authorized shares		50,000,000		50,000,000
Issued shares		25,724,854		11,349,854
Outstanding shares		25,724,854		11,349,854
Common Stock, $1.00 par value:
Authorized shares		400,000,000		225,000,000
Issued shares		179,109,013		147,381,191
Outstanding shares		178,779,343		147,097,381

Preferred Stock. During the nine months ended September 30, 2010, certain holders of our 7.5% Series G Cumulative Convertible Preferred Stock converted 394,200 shares into 282,078 shares of our common stock, leaving 5,513 of such shares outstanding which were redeemed by us on September 30, 2010. During the nine months ended September 30, 2011, we issued 14,375,000 shares of 6.50% Series I Cumulative Convertible Perpetual Preferred Stock. These shares have a liquidation value of $50.00 per share. Dividends are payable quarterly in arrears. The Series I preferred stock is not redeemable by us. The preferred shares are convertible, at the holder’s option, into 0.8460 shares of common stock (equal to an initial conversion price of approximately $59.10).

Common Stock. The following is a summary of our common stock issuances during the nine months ended September 30, 2011 and 2010 (dollars in thousands, except per share amounts):

	Shares Issued		Average Price		Gross Proceeds		Net Proceeds
September 2010 public issuance		9,200,000	$	45.75	$	420,900	$	403,921
2010 Equity shelf plan issuances		431,082		44.94		19,371		19,014
2010 Dividend reinvestment plan issuances		1,441,612		42.83		61,737		61,737
2010 Option exercises		56,947		33.24		1,893		1,893
2010 Totals		11,129,641			$	503,901	$	486,565
March 2011 public issuance		28,750,000	$	49.25	$	1,415,938	$	1,358,543
2011 Equity shelf plan issuances		743,099		50.59		37,595		36,870
2011 Dividend reinvestment plan issuances		1,869,796		48.39		90,476		89,528
2011 Option exercises		151,927		37.78		5,740		5,740
2011 Totals		31,514,822			$	1,549,749	$	1,490,681

Comprehensive Income

The following is a summary of accumulated other comprehensive income/(loss) as of the dates indicated (in thousands):

	September 30, 2011			December 31, 2010
Unrecognized losses on cash flow hedges	$	(8,910	)	$	(9,969	)
Unrecognized losses on equity investments		(811	)		(497	)
Unrecognized actuarial losses		(633	)		(633	)
Totals	$	(10,354	)	$	(11,099	)

The following is a summary of comprehensive income/(loss) for the periods indicated (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2011		2010		2011		2010
Unrecognized gains (losses) on cash flow hedges	$	191	$	(2,975)	$	1,059	$	(8,473)
Unrecognized gains (losses) on equity investments		(400)		42		(314)		(95)
Total other comprehensive income (loss)		(209)		(2,933)		745		(8,568)
Net income attributable to controlling interests		53,841		784		173,094		83,233
Comprehensive income (loss) attributable to controlling interests		53,632		(2,149)		173,839		74,665
Net and comprehensive income (loss) attributable to noncontrolling interests (1)		(1,488)		(690)		(2,721)		(383)
Total comprehensive income (loss)	$	52,144	$	(2,839)	$	171,118	$	74,282

(1) Includes amounts attributable to redeemable noncontrolling interests.

Other Equity

Other equity consists of accumulated option compensation expense which represents the amount of amortized compensation costs related to stock options awarded to employees and directors. Expense, which is recognized as the options vest based on the market value at the date of the award, totaled $301,000 and $1,641,000 for the three and nine months ended September 30, 2011 as compared to $221,000 and $1,414,000 for the same periods in 2010.