Equity

The following summarizes the changes in equity for the three months ended March 31, 2019 (dollars in thousands):



	Common stock		Additional paid-in capital		Accumulated earnings less dividends			Accumulated other comprehensive loss			Total equity

Balance at December 31, 2018	$	1,385	$	10,306,588	$	350,777		$	(26,144	)	$	10,632,606
Net income attributable to common stockholders	—		—		170,366			—			170,366
Loss on cash flow hedges, net	—		—		—			(7,231		)	(7,231		)
Cash flow hedge losses reclassified to earnings	—		—		—			1,468			1,468
Change in redemption value of redeemable noncontrolling interest	—		—		(224		)	—			(224		)
Dividends declared to common stockholders ($1.52 per share)	—		—		(212,166		)	—			(212,166		)
Issuance of common stock, net of withholdings	9		143,202		(1,892		)	—			141,319
Amortization of deferred compensation	—		7,861		—			—			7,861
Balance at March 31, 2019	$	1,394	$	10,457,651	$	306,861		$	(31,907	)	$	10,733,999

The following summarizes the changes in equity for the three months ended March 31, 2018 (dollars in thousands):



	Common stock		Additional paid-in capital			Accumulated earnings less dividends			Accumulated other comprehensive loss			Total equity

Balance at December 31, 2017	$	1,381	$	10,235,475		$	188,609		$	(37,419	)	$	10,388,046
Net income attributable to common stockholders	—		—			141,643			—			141,643
Gain on cash flow hedges, net	—		—			—			11,501			11,501
Cash flow hedge losses reclassified to earnings	—		—			—			1,756			1,756
Change in redemption value of redeemable noncontrolling interest	—		—			(63		)	—			(63		)
Dividends declared to common stockholders ($1.47 per share)	—		—			(203,166		)	—			(203,166		)
Issuance of common stock, net of withholdings	1		(12,286		)	1,143			—			(11,142		)
Amortization of deferred compensation	—		6,549			—			—			6,549
Balance at March 31, 2018	$	1,382	$	10,229,738		$	128,166		$	(24,162	)	$	10,335,124

As of March 31, 2019 and December 31, 2018, 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 three months ended March 31, 2019, the Company:


i.	issued 66,949 shares of common stock in connection with stock options exercised;


ii.	issued 602 common shares through the Company's dividend reinvestment plan;


iii.	issued 148,004 common shares in connection with restricted stock grants and the conversion of performance awards to restricted shares;


iv.	issued 755,054 shares under CEP IV, as discussed below;


v.	withheld 75,195 common shares to satisfy employees' tax withholding and other liabilities; and


vi.	canceled 616 common shares of restricted stock upon forfeiture.

Any deferred compensation related to the Company's stock option, restricted stock and performance award grants during the three months ended March 31, 2019 is not reflected on the accompanying Condensed Consolidated Balance Sheets as of March 31, 2019, and will not be reflected until recognized as compensation cost.

In December 2015, the Company commenced a fourth continuous equity program ("CEP IV") under which the Company may sell (and/or enter into forward sale agreements for the sale of) 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. The Company expects that, if entered into, it 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, a commission of up to 2.0% of the sales prices of all borrowed shares of common stock sold. As of March 31, 2019, there are no outstanding forward sales agreements. During the three months ended March 31, 2019, the Company sold 755,054 shares at an average sales price of $198.26 per share, for net proceeds of $147,450,000. As of March 31, 2019, the Company had $696,895,000 remaining authorized for issuance under this program.