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Accumulated Other Comprehensive Loss | 9 Months Ended
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Sep. 30, 2020
Equity [Abstract] |
Accumulated Other Comprehensive Loss | Stockholders’ Equity of the Company Common Stock Our authorized capital stock consists of 260,000,000 shares, $0.01 par value per share, consisting of 160,000,000 shares of common stock, $0.01 par value per share, 75,000,000 shares of excess stock, at $0.01 par value per share, and 25,000,000 shares of preferred stock, par value $0.01 per share. As of September 30, 2020, 73,040,291 shares of common stock and no shares of excess stock were issued and outstanding. Share Repurchase Program In August 2016, our Board of Directors approved a share repurchase program under which we can buy up to $1.0 billion of shares of our common stock. The Board of Directors has since authorized four separate $500.0 million increases to the size of the share repurchase program in the fourth quarter of 2017, second quarter of 2018, fourth quarter of 2018, and fourth quarter of 2019 bringing the total program size to $3.0 billion. At September 30, 2020, repurchases executed under the program were as follows:
Period | Shares repurchased | Average price paid per share | Cumulative number of shares repurchased as part of the repurchase plan or programs |
Year ended 2017 | 8,342,411 | $101.64 | 8,342,411 |
Year ended 2018 | 9,744,911 | $96.22 | 18,087,322 |
Year ended 2019 | 4,596,171 | $83.62 | 22,683,493 |
Nine months ended September 30, 2020 (1) | 6,243,165 | $62.77 | 28,926,658 |
(1) Includes 216,101 shares of common stock repurchased by the Company in September 2020 that were settled in October 2020. Perpetual Preferred Stock We have 9,200,000 shares of our 6.50% Series I Cumulative Redeemable Preferred Stock, or the Series I Preferred Stock, outstanding with a mandatory liquidation preference of $25.00 per share. The Series I Preferred stockholders receive annual dividends of $1.625 per share paid on a quarterly basis and dividends are cumulative, subject to certain provisions. We are entitled to redeem the Series I Preferred Stock at par for cash at our option. In August 2012, we received $221.9 million in net proceeds from the issuance of the Series I Preferred Stock, which were recorded net of underwriters' discount and issuance costs, and contributed the net proceeds to the Operating Partnership in exchange for 9,200,000 units of 6.50% Series I Cumulative Redeemable Preferred Units of limited partnership interest, or the Series I Preferred Units. Dividend Reinvestment and Stock Purchase Plan ("DRSPP") In February 2018, the Company filed a registration statement with the SEC for our dividend reinvestment and stock purchase plan, or DRSPP, which automatically became effective upon filing. The Company registered 3,500,000 shares of our common stock under the DRSPP. The DRSPP commenced on September 24, 2001. The following table summarizes SL Green common stock issued, and proceeds received from dividend reinvestments and/or stock purchases under the DRSPP for the three and nine months ended September 30, 2020 and 2019, respectively (dollars in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Shares of common stock issued | 4,205 |  |  | 490 |  |  | 9,884 |  |  | 3,485 |
Dividend reinvestments/stock purchases under the DRSPP | $ | 202 |  |  | $ | 39 |  |  | $ | 566 |  |  | $ | 303 |
Earnings per Share We use the two-class method of computing earnings per share (“EPS”), which is an earnings allocation formula that determines EPS for common stock and any participating securities according to dividends declared (whether paid or unpaid). Under the two-class method, basic EPS is computed by dividing the income available to common stockholders by the weighted-average number of common stock shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from share equivalent activity. SL Green's earnings per share for the three and nine months ended September 30, 2020 and 2019 are computed as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
Numerator | 2020 |  | 2019 |  | 2020 |  | 2019
Basic Earnings: |  |  |  |  |  |  |
Income attributable to SL Green common stockholders | $ | 13,859 |  |  | $ | 33,157 |  |  | $ | 185,104 |  |  | $ | 238,052 |
Less: distributed earnings allocated to participating securities | (333) |  |  | (108) |  |  | (777) |  |  | (325) |
Less: undistributed earnings allocated to participating securities | — |  |  | — |  |  | (141) |  |  | (41) |
Net income attributable to SL Green common stockholders (numerator for basic earnings per share) | $ | 13,526 |  |  | $ | 33,049 |  |  | $ | 184,186 |  |  | $ | 237,686 |
Add back: dilutive effect of earnings allocated to participating securities | 333 |  |  | 108 |  |  | 777 |  |  | 325 |
Add back: undistributed earnings allocated to participating securities | — |  |  | — |  |  | 141 |  |  | 41 |
Add back: effect of dilutive securities (redemption of units to common shares) | 802 |  |  | 1,719 |  |  | 10,073 |  |  | 12,306 |
Income attributable to SL Green common stockholders (numerator for diluted earnings per share) | $ | 14,661 |  |  | $ | 34,876 |  |  | $ | 195,177 |  |  | $ | 250,358 |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
Denominator | 2020 |  | 2019 |  | 2020 |  | 2019
Basic Shares: |  |  |  |  |  |  |
Weighted average common stock outstanding | 73,020 |  |  | 82,292 |  |  | 75,521 |  |  | 82,855 |
Effect of Dilutive Securities: |  |  |  |  |  |  |
Operating Partnership units redeemable for common shares | 4,029 |  |  | 4,258 |  |  | 4,123 |  |  | 4,283 |
Stock-based compensation plans | 442 |  |  | 164 |  |  | 441 |  |  | 171 |
Diluted weighted average common stock outstanding | 77,491 |  |  | 86,714 |  |  | 80,085 |  |  | 87,309 |
The Company has excluded 2,131,606 and 1,779,212 common stock equivalents from the calculation of diluted shares outstanding for the three and nine months ended September 30, 2020, respectively, as they were anti-dilutive. The Company has excluded 1,317,803 and 1,266,296 common stock equivalents from the calculation of diluted shares outstanding for the three and nine months ended September 30, 2019, respectively, as they were anti-dilutive. Accumulated Other Comprehensive Loss The following tables set forth the changes in accumulated other comprehensive loss by component as of September 30, 2020 (in thousands):
| Net unrealized loss on derivative instruments (1) |  | SL Green’s share of joint venture net unrealized loss on derivative instruments (2) |  | Net unrealized gain (loss) on marketable securities |  | Total
Balance at December 31, 2019 | $ | (22,780) |  |  | $ | (7,982) |  |  | $ | 2,277 |  |  | $ | (28,485) |
Other comprehensive loss before reclassifications | (50,038) |  |  | (7,954) |  |  | (2,047) |  |  | (60,039) |
Amounts reclassified from accumulated other comprehensive loss | 9,120 |  |  | 3,204 |  |  | — |  |  | 12,324 |
Balance at September 30, 2020 | $ | (63,698) |  |  | $ | (12,732) |  |  | $ | 230 |  |  | $ | (76,200) |
(1)Amount reclassified from accumulated other comprehensive loss is included in interest expense in the respective consolidated statements of operations. As of September 30, 2020 and December 31, 2019, the deferred net gains from these terminated hedges, which is included in accumulated other comprehensive loss relating to net unrealized (loss) gain on derivative instrument, was $(0.5) million and $(0.7) million, respectively. (2)Amount reclassified from accumulated other comprehensive loss is included in equity in net loss from unconsolidated joint ventures in the respective consolidated statements of operations.

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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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