HA Sustainable Infrastructure Capital, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Equity (Tables)

Equity (Tables)

9 Months Ended

Sep. 30, 2017

Equity [Abstract]

Summary of Dividends Declared by Board of Directors

Our board of directors declared the following dividends in 2016 and 2017:

Announced Date

Record Date

Pay Date

Amount per
share

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⁾

1/12/17

0.33

3/15/17

4/05/17

4/13/17

0.33

6/01/17

7/06/17

7/13/17

0.33

9/12/17

10/05/17

10/16/17

0.33

(1)	This dividend was treated as a distribution in 2017 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 2016 and 2017:


Closing Date	Common Stock Offerings	Shares Issued⁽¹⁾		Price Per Share			Net Proceeds⁽²⁾
		(amounts in millions, except per share amounts)
6/21/16	Public Offering		4.600	$	19.78	⁽³⁾	$	91
5/9/16 to 6/30/16	ATM		0.065	$	20.31	⁽⁴⁾	$	1
11/09/16	Public Offering		4.025	$	19.28	⁽³⁾	$	77
12/13/16 to 12/29/16	ATM		0.407	$	19.47	⁽⁴⁾	$	8
1/20/17 to 2/2/17	ATM		0.197	$	19.18	⁽⁴⁾	$	4
3/10/17	Public Offering		3.450	$	18.73	⁽³⁾	$	64
5/17/17 to 6/22/17	ATM		1.376	$	22.71	⁽⁴⁾	$	31

(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 price per share at which the underwriters in our public offerings purchased our shares.

(4)	Represents the average price per share at which investors in our ATM offerings purchased our shares.

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)
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
Granted		451,614			19.04		8.6
Vested		(217,833	)		14.15		(3.1	)
Forfeited		(4,519	)		18.72		(0.1	)

Ending Balance — September 30, 2017		1,410,934		$	18.72	$	26.4

A summary of the unvested shares of restricted stock units that have market based vesting conditions that have been issued is as follows:


	Restricted Stock Units⁽¹⁾			Weighted Average Share Price		Value (in millions)
Ending Balance — December 31, 2016		—			—		—
Granted		256,034		$	18.99	$	4.9
Vested		(376	)		18.99		—
Forfeited		(1,202	)		18.99		—

Ending Balance — September 30, 2017		254,456		$	18.99	$	4.9

(1)	As discussed in Note 2 these restricted stock units vest between 0% and 200% of the target. The amounts shown represent the number of restricted stock units at 100% of target.