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Common Stock and Other Equity Related Transactions | 12 Months Ended
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Dec. 31, 2019
Equity [Abstract] |
Common Stock and Other Equity Related Transactions | Common Stock and Other Equity Related Transactions Increase in Authorized Shares On April 30, 2019, our stockholders approved an amendment to our charter to increase the number of shares of our common stock that we are authorized to issue from 200,000,000 to 400,000,000 shares. Two-for-One Common Stock and OP Units Split On October 15, 2019, a two-for-one stock split of our common stock, effected by and in the form of a stock dividend, was paid to stockholders of record as of October 1, 2019. In connection with our stock split, the OP Units of our Operating Partnership were also split on a two-for-one basis. Equity Offering Program On October 26, 2018, we entered into a new at-the-market ("ATM") equity offering program with certain 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 $200.0 million. As of December 31, 2019, we have $140.7 million of common stock available for issuance. The following table presents the shares that were issued under our ATM equity offering programs, as adjusted for the stock split, during the years ended December 31, 2019, 2018, and 2017:
| Years Ended December 31,
(amounts in thousands, except share data) | 2019 |  | 2018 |  | 2017
Shares of common stock sold | 1,010,472 |  |  | 1,722,282 |  |  | 2,760,034 |
Weighted average price | $ | 58.71 |  |  | $ | 45.73 |  |  | $ | 43.73 |
Total gross proceeds | $ | 59,319 |  |  | $ | 78,755 |  |  | $ | 120,698 |
Commissions paid to sales agents | $ | 771 |  |  | $ | 1,028 |  |  | $ | 1,512 |
Employee Stock Purchase Plan 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 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, 2019, 2018 and 2017 were 40,934, 44,142 and 49,430, respectively. As of December 31, 2019, 774,579 shares remained available to be sold under the ESPP, subject to adjustment by our Board of Directors. Exchanges Subject to certain limitations, Common OP Unitholders can request an exchange of any or all of their OP Units for shares of common stock at any time. Upon receipt of such a request, we may, in lieu of issuing shares of common stock, cause the Operating Partnership to pay cash. Common Stock Activity and Distributions The following table presents the changes in our outstanding common stock (excluding OP Units of 10,491,222, 11,491,932, and 11,668,200 outstanding at December 31, 2019, 2018 and 2017, respectively), as adjusted for the stock split:
| Years Ended December 31,
| 2019 |  | 2018 |  | 2017
Shares outstanding at January 1, | 179,842,036 |  |  | 177,170,320 |  |  | 171,058,772 |
Common stock issued through the ATM Equity Offering Program and its predecessor | 1,010,472 |  |  | 1,722,282 |  |  | 2,760,034 |
Common stock issued through exchange of OP Units | 997,750 |  |  | 176,268 |  |  | 2,671,800 |
Common stock issued through exercise of options | 5,600 |  |  | 405,600 |  |  | 440,000 |
Common stock issued through restricted stock grants | 193,262 |  |  | 385,010 |  |  | 260,852 |
Common stock forfeitures | — |  |  | — |  |  | (1,980 | )
Common stock issued through ESPP and Dividend Reinvestment Plan | 41,589 |  |  | 45,144 |  |  | 50,202 |
Common stock repurchased and retired | (1,114 | ) |  | (62,588 | ) |  | (69,360 | )
Shares outstanding at December 31, | 182,089,595 |  |  | 179,842,036 |  |  | 177,170,320 |
During the years ended December 31, 2019, 2018 and 2017, we repurchased shares of common stock representing common stock surrendered to satisfy income tax withholding obligations primarily due to the vesting of restricted stock grants at a weighted average price of $47.48, $48.12 and $44.51 per share, respectively. As of December 31, 2019, 2018 and 2017, ELS' percentage ownership of the Operating Partnership was approximately 94.6%, 94.0% and 93.8%, respectively. The remaining approximately 5.4%, 6.0% and 6.2% as of December 31, 2019, 2018 and 2017, respectively, was owned by the Common OP Unitholders. The following regular quarterly distributions have been declared and paid to common stockholders and Common OP Unitholders since January 1, 2017:
Distribution Amount Per Share |  | For the Quarter Ended |  | Stockholder Record Date |  | Payment Date
$0.2438 |  | March 31, 2017 |  | March 31, 2017 |  | April 14, 2017
$0.2438 |  | June 30, 2017 |  | June 30, 2017 |  | July 14, 2017
$0.2438 |  | September 30, 2017 |  | September 29, 2017 |  | October 13, 2017
$0.2438 |  | December 31, 2017 |  | December 29, 2017 |  | January 12, 2018
$0.2750 |  | March 31, 2018 |  | March 30, 2018 |  | April 13, 2018
$0.2750 |  | June 30, 2018 |  | June 29, 2018 |  | July 13, 2018
$0.2750 |  | September 30, 2018 |  | September 28, 2018 |  | October 12, 2018
$0.2750 |  | December 31, 2018 |  | December 28, 2018 |  | January 11, 2019
$0.3063 |  | March 31, 2019 |  | March 29, 2019 |  | April 12, 2019
$0.3063 |  | June 30, 2019 |  | June 28, 2019 |  | July 12, 2019
$0.3063 |  | September 30, 2019 |  | September 27, 2019 |  | October 11, 2019
$0.3063 |  | December 31, 2019 |  | December 27, 2019 |  | January 10, 2020

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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