Equity (Tables)

6 Months Ended

Jun. 30, 2017

Equity

Schedule of equity

Equity activity was as follows (in thousands):

	Total
	Equity
Balance at December 31, 2016	$	740,048
Net income		46,890
Proceeds from common stock issued, net of issuance costs		14,529
Stock-based compensation expense		2,684
Performance based stock units		(6)
Stock option exercise		79
Common stock dividends		(45,110)
Other		(1,947)
Balance at June 30, 2017	$	757,167

Schedule of cash dividends declared and paid

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

	Six Months Ended
	June 30, 2017						June 30, 2016
	Declared			Paid			Declared			Paid
Common Stock	$	45,110	(1)	$	45,110	(1)	$	41,031	(2)	$	41,031	(2)

⁽¹⁾ Represents $0.19 per share per month for the six months ended June 30, 2017.

⁽²⁾ Represents $0.18 per share per month for the six months ended June 30, 2016.

Schedule of options exercised

		Weighted
		Average
	Options	Exercise		Option		Market
	Exercised	Price		Value		Value(1)
2017	3,334	$	23.79	$	79,000	$	154,000
2016	6,667	$	23.79	$	159,000	$	311,000

Schedule of restricted stock granted

	No. of	Price per
Year	Shares/Units	Share		Vesting Period
2017	74,760	$	45.76	ratably over 3 years
	57,881	$	45.76	TSR targets (1)
	7,416	$	48.55	June 1, 2018
	140,057
2016	65,300	$	43.24	ratably over 3 years
	54,107	$	46.87	TSR targets (2)
	7,680	$	46.87	June 1, 2017
	127,087

⁽¹⁾ Vesting is based on achieving certain total shareholder return (or TSR) targets in 4 years with acceleration opportunity in 3 years.

⁽²⁾ Vesting is based on achieving certain total shareholder return (or TSR) targets in 3.7 years with acceleration opportunity in 2.7 years.

Schedule of unrecognized compensation

	Remaining
	Compensation
Vesting Date	Expense
2017	$	2,552,000
2018		3,917,000
2019		2,114,000
2020		230,000
	$	8,813,000