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

Annual report pursuant to Section 13 and 15(d)

Equity (Tables)

Equity (Tables)

12 Months Ended

Dec. 31, 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

6/7/16

7/6/16

7/14/16

0.30

9/15/16

10/5/16

10/13/16

0.30

12/13/16

12/29/16

(1)

1/12/17

0.33

3/15/17

4/5/17

4/13/17

0.33

6/1/17

7/6/17

7/13/17

0.33

9/12/17

10/5/17

10/16/17

0.33

12/12/17

12/26/17

(1)

1/11/18

0.33

(1)	These dividends are 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 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
11/9/16	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 are 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 shares from our company.

(4)	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, 2017, 2016, and 2015 is as follows:


	2017		2016		2015
	(in millions)
Equity-based compensation expense	$	11	$	10	$	11
Fair value of awards vested on vesting date		5		14		6

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, 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
Granted		452,864			19.06		8.6
Vested		(230,424	)		14.41		(3.3	)
Forfeited		(4,519	)		18.72		(0.1	)

Ending Balance—December 31, 2017		1,399,593		$	18.73	$	26.2

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			Weighted Average Share Price		Value
						(in millions)
Ending Balance—December 31, 2016		—		$	—	$	—
Granted		257,284			18.99		4.9
Vested		(376	)		18.99		—
Forfeited		(1,202	)		18.99		—

Ending Balance—December 31, 2017		255,706		$	18.99	$	4.9