Equity

As of December 31, 2015 and 2014, the Company's charter had authorized for issuance a total of 280,000,000 shares of common stock and 50,000,000 shares of preferred stock.

During the year ended December 31, 2015, the Company:


i.	issued 281,091 shares of common stock in connection with stock options exercised;


ii.	issued 2,142 common shares through the Company's dividend reinvestment plan;


iii.	issued 157,779 common shares in connection with restricted stock grants and the conversion of performance awards to restricted shares;


iv.	issued 46,589 common shares in conjunction with the conversion of deferred stock awards;


v.	withheld 45,090 common shares to satisfy employees' tax withholding and other liabilities;


vi.	canceled 1,529 shares of restricted stock upon forfeiture;


vii.	issued 10,667 shares through the Employee Stock Purchase Plan; and


viii.	issued 4,500,000 shares of common stock in settlement of the Forward.

Any deferred compensation related to the Company’s stock option and restricted stock grants during the year ended December 31, 2015 is not reflected on the Company’s Consolidated Balance Sheet as of December 31, 2015, and will not be reflected until recognized as compensation cost.

In August 2012, the Company commenced a third continuous equity program ("CEP III"), under which the Company was authorized by its Board of Directors to sell up to $750,000,000 of shares of its common stock from time to time during a 36-month period. CEP III expired in August 2015, and the Company had no sales under the program during the year ended December 31, 2015.

In December 2015, the Company commenced a fourth continuous equity program ("CEP IV") under which the Company may sell up to $1,000,000,000 of its common stock from time to time. Actual sales will depend on a variety of factors to be determined by the Company, including market conditions, the trading price of the Company's common stock and determinations by the Company of the appropriate sources of funding for the Company. In conjunction with CEP IV, the Company engaged sales agents who will receive compensation of up to 2.0% of the gross sales price for shares sold. CEP IV also allows the Company to enter into forward sale agreements up to $1,000,000,000 in aggregate sales price of its common stock. The Company will physically settle each forward sale agreement on one or more dates specified by the Company on or prior to the maturity date of that particular forward sale agreement, in which case the Company will expect to receive aggregate net cash proceeds at settlement equal to the number of shares underlying the particular forward agreement multiplied by the relevant forward sale price. However, the Company may also elect to cash settle or net share settle a forward sale agreement. In connection with each forward sale agreement, the Company will pay the relevant forward seller, in the form of a reduced initial forward sale price, commission of up to 2.0% of the sales prices of all borrowed shares of common stock sold. In 2015, the Company had no sales under the program and did not enter into any forward sale agreements.

On September 9, 2014, based on a market closing price of $155.83 per share on that date, the Company entered into a forward contract to sell 4,500,000 shares of common stock for an initial forward price of $151.74 per share, net of offering fees and discounts (the "Forward"). The sales price and proceeds achieved by the Company were determined on the dates of settlement, with adjustments during the term of the contract for the Company’s dividends as well as for a daily interest factor that varied with changes in the Fed Funds rate. During the year ended December 31, 2015, the Company issued 4,500,000 shares of common stock at a weighted average sales price of $146.54 per share, for net proceeds of $659,423,000, in settlement of the Forward.