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Equity (Tables) | 3 Months Ended
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Mar. 31, 2016
Equity |
Schedule of equity | Equity activity was as follows (in thousands):
|  | Total |
|  | Equity |
Balance at December 31, 2015 |  | $ | 659,202 |
Net income |  |  | 19,858 |
Proceeds from common stock offering, net of fees and costs |  |  | 14,327 |
Vesting of stock option and restricted common stock |  |  | 990 |
Reclassification adjustment |  |  | (28) |
Common stock dividends |  |  | (20,347) |
Other |  |  | (1,312) |
Balance at March 31, 2016 |  | $ | 672,690 |
Schedule of cash dividends declared and paid | We declared and paid the following cash dividends (in thousands):
|  | Three Months Ended |  |
|  | March 31, 2016 |  | March 31, 2015 |  |
|  | Declared |  | Paid |  | Declared |  | Paid |  |
Preferred Stock Series C |  | $ | — |  | $ | — |  | $ | 818 |  | $ | 818 |  |
Common Stock |  |  | 20,347 | (1) |  | 20,347 | (1) |  | 18,116 | (2) |  | 18,116 | (2) |
Total |  | $ | 20,347 |  | $ | 20,347 |  | $ | 18,934 |  | $ | 18,934 |  |
| (1) |  | Represents $0.18 per share per month for the three months ended March 31, 2016.
| (2) |  | Represents $0.17 per share per month for the three months ended March 31, 2015.
Schedule of restricted stock granted |
|  |  |  | Price per |  |  |
Year |  | No. of Shares |  | Share |  | Vesting Period |
2016 |  | 65,300 |  | $ | 43.24 |  | ratably over 3 years |
2015 |  | 65,750 |  | $ | 44.45 |  | ratably over 3 years |
Restricted stock |
Equity |
Schedule of unrecognized compensation |
|  | Number |  | Remaining |
|  | of |  | Compensation |
Vesting Date |  | Awards |  | Expense |
2016 |  | 44,480 |  | $ | 2,519,000 |
2017 |  | 77,663 |  |  | 2,335,000 |
2018 |  | 49,352 |  |  | 1,127,000 |
2019 |  | 21,771 |  |  | 78,000 |
|  | 193,266 |  | $ | 6,059,000 |

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