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Equity (Tables)

6 Months Ended

Jun. 30, 2016

Equity activity was as follows (in thousands):


	Total
	Equity
Balance at December 31, 2015	$	659,202
Net income		42,038
Proceeds from common stock offering, net of offering costs		70,563
Stock-based compensation expense		2,019
Stock option exercise		159
Reclassification adjustment		(33)
Common stock dividends		(41,031)
Other		(2,174)
Balance at June 30, 2016	$	730,743

Schedule of cash dividends declared and paid

We declared and paid the following cash dividends (in thousands):


	Six Months Ended
	June 30, 2016						June 30, 2015
	Declared			Paid			Declared			Paid
Preferred Stock Series C	$	—		$	—		$	1,636		$	1,636
Common Stock		41,031	(1)		41,031	(1)		36,247	(2)		36,247	(2)
Total	$	41,031		$	41,031		$	37,883		$	37,883

⁽¹⁾

Represents $0.18 per share per month for the six months ended June 30, 2016.

⁽²⁾

Represents $0.17 per share per month for the six months ended June 30, 2015.

Schedule of options exercised


		Weighted
		Average
	Options	Exercise		Option		Market
	Exercised	Price		Value		Value(1)
2016	6,667	$	23.79	$	159,000	$	311,000
2015	3,333	$	23.79	$	79,000	$	140,000

⁽¹⁾

As of the exercise date.

Schedule of restricted stock granted


		Price per
Year	No. of Shares	Share		Vesting Period
2016	65,300	$	43.24	ratably over 3 years
	54,107	$	46.87	TSR targets (1)
	7,680	$	46.87	June 1, 2017
	127,087

2015	65,750	$	44.45	ratably over 3 years
	18,000	$	42.30	ratably over 3 years
	8,400	$	42.30	June 2, 2016
	92,150

⁽¹⁾

Vesting is based on achieving certain total shareholder return (or TSR) targets in 3.7 years with acceleration opportunity in 2.7 years.

Restricted stock

Equity

Schedule of unrecognized compensation


	Number		Remaining
	of		Compensation
Vesting Date	Awards		Expense
2016	980		$	2,253,000
2017	85,343			3,428,000
2018	49,352			2,071,000
2019	75,878	(1)		236,000
	211,553		$	7,988,000

⁽¹⁾

Includes 54,107 performance based stock units. The performance based stock units are valued utilizing a lattice-binomial option pricing model based on Monte Carlo simulations. The company recognizes the fair value of the awards over the applicable vesting period as compensation expense.