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Common Stock and Other Equity Related Transactions | 12 Months Ended
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Dec. 31, 2014
Employee Stock Purchase Plan Purchase Price Of Shares | The common stock may be purchased monthly at a price equal to 85% of the lesser of: (a) the closing price for a share of common stock on the last day of the offering period; and (b) the closing price for a share of common stock on the first day of the offering period.
Common Stock and Other Equity Related Transactions | Common Stock and Other Equity Related Transactions We adopted the 1997 Non-Qualified Employee Stock Purchase Plan (“ESPP”) in July 1997. Pursuant to the ESPP, as amended on May 3, 2006, certain of our employees and directors may each annually acquire up to $250,000 of our common stock. The aggregate number of shares of common stock available under the ESPP shall not exceed 2,000,000, subject to adjustment by our Board of Directors. The common stock may be purchased monthly at a price equal to 85% of the lesser of: (a) the closing price for a share of common stock on the last day of the offering period; and (b) the closing price for a share of common stock on the first day of the offering period. Shares of common stock issued through the ESPP for the years ended December 31, 2014, 2013 and 2012 were 30,739, 18,411 and 30,154, respectively. On November 25, 2013, we amended our charter to increase from 100,000,000 to 200,000,000 the number of shares of common stock, par value $0.01 per share, we are authorized to issue. The following table presents the changes in our outstanding common stock for the years ended December 31, 2014, 2013 and 2012 (excluding OP Units of 7,231,967, 7,667,723, and 7,456,320 outstanding at December 31, 2014, 2013 and 2012, respectively):
| 2014 |  | 2013 |  | 2012
Shares outstanding at January 1, | 83,313,677 |  |  | 83,193,310 |  |  | 82,156,400 |
Common stock issued through conversion of OP Units | 435,756 |  |  | 29,566 |  |  | 749,814 |
Common stock issued through exercise of options | — |  |  | 20,000 |  |  | 160,000 |
Common stock issued through stock grants | 186,666 |  |  | 173,332 |  |  | 177,998 |
Common stock issued through ESPP and Dividend Reinvestment Plan | 31,203 |  |  | 19,013 |  |  | 31,108 |
Common stock repurchased and retired | (87,523 | ) |  | (121,544 | ) |  | (82,010 | )
Shares outstanding at December 31, | 83,879,779 |  |  | 83,313,677 |  |  | 83,193,310 |
During the years ended December 31, 2014, 2013 and 2012, we repurchased shares of common stock representing common stock surrendered by officers to satisfy income tax withholding obligations due as a result of the vesting of restricted stock grants at a weighted average price of $51.62, $36.48 and $33.31 per share, respectively. As of December 31, 2014 and 2013, ELS’ percentage ownership of the Operating Partnership was approximately 92.1% and 91.6%, respectively. The remaining approximately 7.9% and 8.4%, respectively, was owned by the Common OP Unitholders. The following regular quarterly distributions have been declared and paid to common stockholders and common OP Unit non-controlling interests since January 1, 2012:
Distribution Amount Per Share |  | For the Quarter Ending |  | Stockholder Record Date |  | Payment Date
$0.2188 |  | March 31, 2012 |  | March 30, 2012 |  | April 13, 2012
$0.2188 |  | June 30, 2012 |  | June 29, 2012 |  | July 13, 2012
$0.2188 |  | September 30, 2012 |  | September 28, 2012 |  | October 12, 2012
$0.2188 |  | December 31, 2012 |  | December 14, 2012 |  | December 28, 2012
$0.2500 |  | March 31, 2013 |  | March 28, 2013 |  | April 12, 2013
$0.2500 |  | June 30, 2013 |  | June 28, 2013 |  | July 12, 2013
$0.2500 |  | September 30, 2013 |  | September 27, 2013 |  | October 11, 2013
$0.2500 |  | December 31, 2013 |  | December 27, 2013 |  | January 10, 2014
$0.3250 |  | March 31, 2014 |  | March 28, 2014 |  | April 11, 2014
$0.3250 |  | June 30, 2014 |  | June 27, 2014 |  | July 11, 2014
$0.3250 |  | September 30, 2014 |  | September 26, 2014 |  | October 10, 2014
$0.3250 |  | December 31, 2014 |  | December 26, 2014 |  | January 9, 2015
On September 6, 2012, we entered into equity distribution agreements with sales agents, pursuant to which we may sell, from time to time, shares of our common stock, par value $0.01 per share, having an aggregate offering price of up to $125.0 million. We have not sold any common stock to date under the equity distribution agreements. On May 8, 2012, the ability to issue shares upon conversion of the Series A Preferred Stock was approved by our common stockholders. As a result, the Series A Preferred Stock has been classified as redeemable interests within permanent equity on our Consolidated Balance Sheet. On August 9, 2012, we announced an offer to acquire all of the 8,000,000 outstanding Series A Preferred Stock in exchange for one newly issued depositary share plus cash equal to the amount of all unpaid distributions accrued on such tendered Series A Preferred Stock. On September 14, 2012, we issued 54,458 shares of our Series C Preferred Stock with a liquidation value of $2,500.00 per share, which are represented by depositary shares as described below. Also on September 14, 2012, we exchanged 5,445,765 shares of our Series A Preferred Stock for 5,445,765 depositary shares, each representing 1/100 th of a share of our Series C Preferred Stock with a liquidation value of $25.00 per depositary share, plus accrued and unpaid dividends of $0.3849625 per share of Series A Preferred Stock. On October 18, 2012, we redeemed the remaining 2,554,235 shares of Series A Preferred Stock at the $25.00 per share liquidation value plus accrued and unpaid dividends of $0.0948460 per share on such redeemed shares for approximately $64.1 million.

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