Annual report pursuant to Section 13 and 15(d)

Equity (Tables)

v3.6.0.2
Equity (Tables)
 12 Months Ended
Dec. 31, 2016
Equity [Abstract]  
Summary of Dividends Declared by Board of Directors

Our board of directors declared the following dividends in 2015 and 2016:

 

Announced Date

    Record Date      Pay Date      Amount per share  

3/17/15

      3/30/15        4/9/15      $ 0.26  

6/16/15

      6/30/15        7/9/15      $ 0.26  

9/16/15

      9/30/15        10/8/15      $ 0.26  

12/15/15

      12/30/15 *       1/7/16      $ 0.30  

3/15/16

      3/30/16        4/7/16      $ 0.30  

6/07/16

      7/06/16        7/14/16      $ 0.30  

9/15/16

      10/05/16        10/13/16      $ 0.30  

12/13/16

      12/29/16 *       1/12/17      $ 0.33  

 

* These dividends will be treated as distributions in the following year for tax purposes.
Schedule of Common Stock Public Offerings and ATM

We completed the following public offerings and ATM offerings of our common stock in 2015 and 2016:

 

Closing Date

    Common Stock
Offerings		    Shares
Issued 1		      Price
Per Share 		     Net
Proceeds 2		  
          (amounts in millions, except per share amounts)  

5/4/15

    Public Offering      4.600      $ 18.50 3     $ 82  

10/19/15

    Public Offering      5.750      $ 18.00 3     $ 99  

6/21/16

    Public Offering      4.600      $ 19.78 4     $ 91  

5/9/16 to 6/30/16

    ATM      0.065      $ 20.31 5     $ 1  

11/09/16

    Public Offering      4.025      $ 19.28 4     $ 77  

12/13/16 to 12/29/16

    ATM      0.407      $ 19.47 5     $ 8  

 

1 Includes shares issued in connection with the exercise of the underwriters’ option to purchase additional shares.
2 Net proceeds from the offerings is shown after deducting underwriting discounts, commissions and other offering costs.
3 Represents the public offering price per share.
4 Represents the price per share at which the underwriters in our public offerings purchased shares from our company.
5 Represents the average price per share at which investors in our ATM offerings purchased shares from our company.

 
Summary of Equity-based Compensation Expense and Fair Value of Shares Vested on Vesting Date

A summary of equity-based compensation expense and the fair value of shares vested on the vesting date for the years ended December 31, 2016, 2015, and 2014 is as follows:

 

         2016              2015              2014      
     (in millions)  

Equity-based compensation expense

    $ 10      $ 11      $ 5  

Fair value of awards vested on vesting date

    $ 14      $ 6      $ 2  

Summary of Unvested Shares of Restricted Common Stock

A summary of the unvested shares of restricted common stock that have been issued is as follows:

 

     Restricted Shares of
Common Stock 		     Weighted Average
Share Price 		     Value
(in millions) 		 

Balance—December 31, 2013

      598,815      $ 12.50      $ 7.5  

Granted

      529,100        14.18        7.5  

Vested

      (149,709 )       12.50        (1.9 ) 

Forfeited

      (13,386 )       12.99        (0.2 ) 
  

 

 

     

 

 

     

 

 

  

Balance—December 31, 2014

      964,820      $ 13.41      $ 12.9  

Granted

      586,648        17.29        10.2  

Vested

      (285,289 )       13.61        (3.9 ) 

Forfeited

      (18,110 )       15.54        (0.3 ) 
  

 

 

     

 

 

     

 

 

  

Ending Balance—December 31, 2015

      1,248,069      $ 15.16      $ 18.9  

Granted

      661,055        18.62        12.3  

Vested

      (716,264 )       14.03        (10.0 ) 

Forfeited

      (11,188 )       17.25        (0.2 ) 
  

 

 

     

 

 

     

 

 

  

Ending Balance—December 31, 2016

      1,181,672      $ 17.76      $ 21.0