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Equity (Tables)

6 Months Ended

Jun. 30, 2018

Equity activity was as follows (in thousands):


	Total
	Equity
Balance at December 31, 2017	$	758,648
Net income		89,295
Stock-based compensation expense		2,897
Performance-based stock units		(8)
Stock option exercise		123
Non-controlling interest contribution		1,081
Common stock dividends		(45,168)
Other		(1,172)
Balance at June 30, 2018	$	805,696

Schedule of cash dividends declared and paid

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


	Six Months Ended June 30,
	2018						2017
	Declared			Paid			Declared			Paid
Common Stock	$	45,168	(1)	$	45,168	(1)	$	45,110	(1)	$	45,110	(1)

⁽¹⁾

Represents $0.19 per share per month for the six months ended June 30, 2018 and 2017.

Schedule of options exercised

During the six months ended June 30, 2018 and 2017, no stock options were granted. The stock options exercised during the six months ended June 30, 2018 and 2017 were as follows:


		Weighted
		Average
	Options	Exercise		Option		Market
	Exercised	Price		Value		Value (1)
2018	5,000	$	24.65	$	123,000	$	205,000
2017	3,334	$	23.79	$	79,000	$	154,000

⁽¹⁾

As of exercise date.

Schedule of restricted common stock and performance-based stock unit scheduled to vest and remaining compensation expense

The following table summarizes our restricted stock and performance-based stock units activity for the six months ended June 30, 2018 and 2017:


	Six months ended June 30,
	2018		2017
Outstanding, January 1		244,181		210,573
Granted		156,718		140,057
Vested		(74,149)		(84,363)
Canceled		—		(22,877)
Outstanding, June 30		326,750		243,390

Schedule of restricted stock activity

During the six months ended June 30, 2018 and 2017, we granted restricted stock and performance-based stock units under the 2015 Plan as follows:


	No. of	Price per
Year	Shares/Units	Share		Vesting Period
2018	81,819	$	38.18	ratably over 3 years
	66,171	$	38.18	TSR targets (1)
	8,728	$	41.25	May 30, 2019
	156,718

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

⁽¹⁾

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

Schedule of unrecognized compensation


	Remaining
	Compensation
Vesting Date	Expense
2018	$	2,973,000
2019		4,250,000
2020		2,210,000
2021		238,000
Total	$	9,671,000