|
4. Equity
The following summarizes the changes in stockholders’ equity for the six months ended June 30, 2012 (dollars in thousands):
|
|
|
|
|
|
|
Accumulated |
|
Accumulated |
|
Total |
|
|
|
|
|
|
|
|
|
|
Additional |
|
earnings |
|
other |
|
AvalonBay |
|
|
|
|
|
|
|
|
Common |
|
paid-in |
|
less |
|
comprehensive |
|
stockholders’ |
|
Noncontrolling |
|
Total |
|
|
|
|
stock |
|
capital |
|
dividends |
|
loss |
|
equity |
|
interests |
|
equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2011 |
|
$ |
952 |
|
$ |
4,652,457 |
|
$ |
(171,648 |
) |
$ |
(87,020 |
) |
$ |
4,394,741 |
|
$ |
7,151 |
|
$ |
4,401,892 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to common stockholders |
|
— |
|
— |
|
214,667 |
|
— |
|
214,667 |
|
— |
|
214,667 |
|
|
Unrealized loss on cash flow hedges |
|
— |
|
— |
|
— |
|
(16,789 |
) |
(16,789 |
) |
— |
|
(16,789 |
) |
|
Change in redemption value of redeemable noncontrolling interest |
|
— |
|
— |
|
(521 |
) |
— |
|
(521 |
) |
— |
|
(521 |
) |
|
Noncontrolling interests |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(3,477 |
) |
(3,477 |
) |
|
Dividends declared to common stockholders |
|
— |
|
— |
|
(186,170 |
) |
— |
|
(186,170 |
) |
— |
|
(186,170 |
) |
|
Issuance of common stock, net of withholdings |
|
14 |
|
162,448 |
|
(2,249 |
) |
— |
|
160,213 |
|
— |
|
160,213 |
|
|
Amortization of deferred compensation |
|
— |
|
12,425 |
|
— |
|
— |
|
12,425 |
|
— |
|
12,425 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at June 30, 2012 |
|
$ |
966 |
|
$ |
4,827,330 |
|
$ |
(145,921 |
) |
$ |
(103,809 |
) |
$ |
4,578,566 |
|
$ |
3,674 |
|
$ |
4,582,240 |
|
During the six months ended June 30, 2012, the Company:
(i) issued 1,119,892 shares of common stock through public offerings under CEP II, discussed below;
(ii) issued 318,175 shares of common stock in connection with stock options exercised;
(iii) issued 1,336 common shares through the Company’s dividend reinvestment plan;
(iv) issued 95,941 common shares in connection with stock grants;
(v) withheld 120,078 common shares to satisfy employees’ tax withholding and other liabilities; and
(vi) cancelled 4,027 shares of restricted common stock upon forfeiture.
In addition, the Company granted 113,804 options for common stock to employees. Any deferred compensation related to the Company’s stock option and restricted stock grants during the six months ended June 30, 2012 is not reflected on the Company’s Condensed Consolidated Balance Sheet as of June 30, 2012, and will not be reflected until earned as compensation cost.
In November 2010, the Company commenced a second continuous equity program (“CEP II”), under which the Company was authorized to sell up to $500,000,000 of its common stock from time to time during a 36-month period. During the three and six months ended June 30, 2012, the Company sold 1,119,892 shares at an average sales price of $140.14 per share, for net proceeds of $154,588,000. The Company completed CEP II in July 2012, see Note 11, “Subsequent Events”. |