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Equity (Tables) | 3 Months Ended
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Mar. 31, 2018
Equity |
Schedule of equity | Equity activity was as follows (in thousands):
|  | Total |
|  | Equity |
Balance at December 31, 2017 |  | $ | 758,648 |
Net income |  |  | 20,359 |
Stock-based compensation expense |  |  | 1,376 |
Stock option exercise |  |  | 123 |
Common stock dividends |  |  | (22,578) |
Other |  |  | (1,065) |
Balance at March 31, 2018 |  | $ | 756,863 |
Schedule of cash dividends declared and paid | We declared and paid the following cash dividends (in thousands):
|  | Three Months Ended March 31, |
|  | 2018 |  | 2017 |  |
|  | Declared |  | Paid |  | Declared |  | Paid |  |
Common Stock |  | $ | 22,578 | (1) | $ | 22,578 | (1) | $ | 22,552 | (1) | $ | 22,552 | (1) |
| (1) |  | Represents $0.19 per share per month for the three months ended March 31, 2018, and 2017.
Schedule of options exercised | During the three months ended March 31, 2018 and 2017, no stock options were granted. The stock options exercised during the three months ended March 31, 2018 and 2017 were as follows:
|  |  |  | Weighted |  |  |  |  |  |  |
|  |  |  | Average |  |  |  |  |  |  |
|  | Options |  | Exercise |  | Option |  | Market |
|  | Exercised |  | Price |  | Value |  | Value(1) |
2018 |  | 5,000 |  | $ | 24.65 |  | $ | 123,000 |  | $ | 205,000 |
2017 |  | — |  | $ | — |  | $ | — |  | $ | — |
| (1) |  | As of exercise date.
Schedule of restricted common stock and performance-based stock unit scheduled to vest and remaining compensation expense | The following table summarizes our restricted stock and performance based stock units activity for the three months ended March 31, 2018 and 2017:
|  | Three months ended March 31, |
|  | 2018 |  | 2017 |
Outstanding, January 1 |  |  | 244,181 |  |  | 210,573 |
Granted |  |  | 147,990 |  |  | 132,641 |
Vested |  |  | (61,733) |  |  | (65,683) |
Outstanding, March 31 |  |  | 330,438 |  |  | 277,531 |
Schedule of restricted stock activity | During the three months ended March 31, 2018 and 2017, we granted restricted stock and performance-based stock units under the 2015 Plan as follows:
|  | No. of |  | Price per |  |  |
Year |  | Shares/Units |  | Share |  | Vesting Period |
2018 |  | 81,819 |  | $ | 38.18 |  | ratably over 3 years |
|  | 66,171 |  | $ | 38.18 |  | TSR targets (1) |
|  | 147,990 |  |  |  |  |  |
2017 |  | 74,760 |  | $ | 45.76 |  | ratably over 3 years |
|  | 57,881 |  | $ | 45.76 |  | TSR targets (1) |
|  | 132,641 |  |  |  |  |  |
| (1) |  | Vesting is based on achieving certain total shareholder return (or TSR) targets in 4 years with acceleration opportunity in 3 years.
Schedule of unrecognized compensation |
|  | Remaining
|  | Compensation
Vesting Date |  | Expense
2018 |  | $ | 4,284,000
2019 |  |  | 4,100,000
2020 |  |  | 2,210,000
2021 |  |  | 238,000
|  | $ | 10,832,000

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