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Equity (Tables) | 9 Months Ended
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Sep. 30, 2015
Equity |
Schedule of equity | Equity activity was as follows (in thousands):
|  | Total |
|  | Equity |
Balance at December 31, 2014 |  | $ | 660,121 |
Net income |  |  | 55,127 |
Vesting of stock option and restricted common stock |  |  | 3,093 |
Stock option exercise |  |  | 79 |
Reclassification adjustment |  |  | (26) |
Preferred stock dividends |  |  | (2,454) |
Common stock dividends |  |  | (54,388) |
Other |  |  | (346) |
Balance at September 30, 2015 |  | $ | 661,206 |
Schedule of cash dividends declared and paid | We declared and paid the following cash dividends (in thousands):
|  | Nine Months Ended |
|  | September 30, 2015 |  | September 30, 2014 |
|  | Declared |  | Paid |  | Declared |  | Paid |
Preferred Stock Series C |  | $ | 2,454 |  | $ | 2,454 |  | $ | 2,454 |  | $ | 2,454 |
Common Stock(1) |  |  | 54,388 |  |  | 54,388 |  |  | 53,275 |  |  | 53,275 |
Total |  | $ | 56,842 |  | $ | 56,842 |  | $ | 55,729 |  | $ | 55,729 |
| (1) |  | Represents $0.17 per share per month for each of the nine months ended September 30, 2015 and 2014, respectively.
Schedule of restricted stock granted |
|  |  |  | Price per |  |  |
Year |  | No. of Shares |  | Share |  | Vesting Period |
2015 |  | 65,750 |  | $ | 44.45 |  | ratably over 3 years |
|  | 18,000 |  | $ | 42.30 |  | ratably over 3 years |
|  | 8,400 |  | $ | 42.30 |  | June 2, 2016 |
|  | 92,150 |  |  |  |  |  |
2014 |  | 59,000 |  | $ | 36.81 |  | ratably over 3 years |
|  | 3,000 |  | $ | 38.43 |  | ratably over 3 years |
|  | 15,000 |  | $ | 40.05 |  | ratably over 3 years |
|  | 10,500 |  | $ | 40.05 |  | June 9, 2015 |
|  | 87,500 |  |  |  |  |  |
Schedule of options exercised | The options exercised during the nine months ended September 30, 2015 and 2014 were as follows:
|  |  |  | Weighted |  |  |  |  |  |  |
|  |  |  | Average |  |  |  |  |  |  |
|  | Options |  | Exercise |  | Option |  | Market |
|  | Exercised |  | Price |  | Value |  | Value(1) |
2015 |  | 3,333 |  | $ | 23.79 |  | $ | 79,000 |  | $ | 140,000 |
2014 |  | 11,666 |  | $ | 23.79 |  | $ | 277,000 |  | $ | 455,000 |
| (1) |  | As of the exercise dates.
Summary of scheduled number of stock option vesting and remaining compensation expense | The following table summarizes our scheduled number of stock option vesting and remaining compensation expense to be recognized related to the future service period of unvested outstanding stock options:
|  | Number |  | Remaining |
|  | of |  | Compensation |
Vesting Date |  | Awards |  | Expense |
2015 |  | — |  | $ | 4,000 |
2016 |  | 5,000 |  |  | 15,000 |
2017 |  | 5,000 |  |  | 3,000 |
|  | 10,000 |  | $ | 22,000 |
Summary of the total number of restricted common shares scheduled to vest and remaining compensation expense | At September 30, 2015, the total number of restricted common shares that are scheduled to vest and remaining compensation expense to be recognized related to the future service period of unvested outstanding restricted common stock are as follows:
|  | Number |  | Remaining |
|  | of |  | Compensation |
Vesting Date |  | Awards |  | Expense |
2015 |  | 41,200 |  | $ | 910,000 |
2016 |  | 102,060 |  |  | 2,618,000 |
2017 |  | 57,367 |  |  | 1,416,000 |
2018 |  | 27,920 |  |  | 187,000 |
|  | 228,547 |  | $ | 5,131,000 |

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