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Common Stock and Other Equity Related Transactions | 12 Months Ended
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Dec. 31, 2016
Equity [Abstract] |
Common Stock and Other Equity Related Transactions | Common Stock and Other Equity Related Transactions On May 4, 2015, we entered into new separate equity distribution agreements with certain sales agents, pursuant to an at-the-market (“ATM”) equity offering program. Under the ATM equity offering program 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. The following table presents the shares that were issued under the ATM equity offering program during the year ended December 31, 2016 (amounts in thousands, except share data):
|  | Year Ended December 31, 2016
Shares of Common Stock sold |  | 683,548 |
Weighted average price |  | $ | 73.15 |
Total gross proceeds |  | $ | 50,000 |
Commissions paid to sales agents |  | $ | 657 |
As of December 31, 2016, $75.0 million of Common Stock remained available for issuance under the ATM equity offering program. We did not sell any shares under the ATM equity offering program during the year ended December 31, 2015. On May 10, 2016, we amended and restated the 1997 Non-Qualified Employee Stock Purchase Plan ("ESPP"). Pursuant to the ESPP, 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, 2016, 2015 and 2014 were 17,037, 19,788 and 30,739, respectively. The following table presents the changes in our outstanding common stock for the years ended December 31, 2016, 2015 and 2014 (excluding OP Units of 7,170,000, 7,207,678, and 7,231,967 outstanding at December 31, 2016, 2015 and 2014, respectively):
| Years Ended December 31,
| 2016 |  | 2015 |  | 2014
Shares outstanding at January 1, | 84,253,065 |  |  | 83,879,779 |  |  | 83,313,677 |
Common stock issued through the At-The-Market Equity Offering Program | 683,548 |  |  | — |  |  | — |
Common stock issued through conversion of OP Units | 37,678 |  |  | 24,289 |  |  | 435,756 |
Common stock issued through exercise of options | 440,000 |  |  | 220,000 |  |  | — |
Common stock issued through stock grants | 133,726 |  |  | 158,013 |  |  | 186,666 |
Common stock issued through ESPP and Dividend Reinvestment Plan | 17,373 |  |  | 20,134 |  |  | 31,203 |
Common stock repurchased and retired | (36,004 | ) |  | (49,150 | ) |  | (87,523 | )
Shares outstanding at December 31, | 85,529,386 |  |  | 84,253,065 |  |  | 83,879,779 |
During the years ended December 31, 2016, 2015 and 2014, we repurchased shares of common stock representing common stock surrendered to satisfy income tax withholding obligations due as a result of the vesting of restricted stock grants at a weighted average price of $72.22, $66.20 and $51.62 per share, respectively. As of December 31, 2016 and 2015, ELS' percentage ownership of the Operating Partnership was approximately 92.3% and 92.1%, respectively. The remaining approximately 7.7% and 7.9% as of December 31, 2016 and 2015, 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, 2014:
Distribution Amount Per Share |  | For the Quarter Ending |  | Stockholder Record Date |  | Payment Date
$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
$0.3750 |  | March 31, 2015 |  | March 27, 2015 |  | April 10, 2015
$0.3750 |  | June 30, 2015 |  | June 26, 2015 |  | July 10, 2015
$0.3750 |  | September 30, 2015 |  | September 25, 2015 |  | October 9, 2015
$0.3750 |  | December 31, 2015 |  | December 28, 2015 |  | January 8, 2016
$0.4250 |  | March 31, 2016 |  | March 25, 2016 |  | April 8, 2016
$0.4250 |  | June 30, 2016 |  | June 24, 2016 |  | July 8, 2016
$0.4250 |  | September 30, 2016 |  | September 30, 2016 |  | October 14, 2016
$0.4250 |  | December 31, 2016 |  | December 30, 2016 |  | January 13, 2017

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB Topic 4.E) -URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74567-122707 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(31)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB Topic 4.C) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(30)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(d)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Preferred Stock -URI http://asc.fasb.org/extlink&oid=6521494 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644 Reference 16: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644 + Details
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