Quarterly report pursuant to Section 13 or 15(d)

Equity

v3.10.0.1
Equity
9 Months Ended
Sep. 30, 2018
Equity [Abstract]  
Equity
Equity
Dividends and Distributions
Our board of directors declared the following dividends in 2017 and 2018:
 
Announced Date
 
Record Date
 
Pay Date
 
Amount per
share
3/15/2017
 
4/5/2017
 
 
4/13/2017
 
$
0.33

6/1/2017
 
7/6/2017
 
 
7/13/2017
 
0.33

9/12/2017
 
10/5/2017
 
 
10/16/2017
 
0.33

12/12/2017
 
12/26/2017
(1) 
 
1/11/2018
 
0.33

2/21/2018
 
4/4/2018
 
 
4/12/2018
 
0.33

5/31/2018
 
7/5/2018
 
 
7/12/2018
 
0.33

9/12/2018
 
10/3/2018
 
 
10/11/2018
 
0.33

(1)
 This dividend was treated as a distribution in 2018 for tax purposes.
We have an effective universal shelf registration statement registering the potential offer and sale, from time to time and in one or more offerings, of any combination of our common stock, preferred stock, depositary shares, debt securities, warrants and rights (collectively referred to as the “securities”). We may offer the securities directly, through agents, or to or through underwriters by means of ordinary brokers’ transactions on the NYSE or otherwise at market prices prevailing at the time of sale or at negotiated prices and may include “at the market” (“ATM”) offerings or sales “at the market,” to or through a market maker or into an existing trading market on an exchange or otherwise. We completed the following public offerings (including ATM issuances) of our common stock in 2017 and 2018:
Closing Date
 
Common Stock Offerings
 
Shares Issued (1)
 
Price Per Share
 
Net Proceeds (2)
 
 
 
 
(amounts in millions, except per share amounts)
1/20/17 to 2/2/17
 
ATM
 
0.197

 
$
19.18

 
(3) 
 
$
4

3/10/17
 
Public Offering
 
3.450

 
18.73

 
(4) 
 
64

5/17/17 to 6/22/17
 
ATM
 
1.376

 
22.71

 
(3) 
 
31

5/18/18 to 6/25/18
 
ATM
 
0.834

 
18.76

 
(3) 
 
15

(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 average price per share at which investors in our ATM offerings purchased our shares.
(4)
Represents the price per share at which the underwriters in our public offerings purchased our shares.
Awards of Shares of Restricted Common Stock and Restricted Stock Units under our 2013 Plan
We have issued awards with service, performance and market conditions that vest from 2019 to 2021. During the nine months ended September 30, 2018, our board of directors awarded employees and directors 549,858 shares of restricted stock and restricted stock units that vest from 2019 to 2021. As of September 30, 2018, as it relates to previously issued restricted stock awards with performance conditions, we have concluded that it is probable that the performance conditions will be met.
For the three and nine months ended September 30, 2018, we recorded $3 million and $8 million, respectively, of equity-based compensation expense as compared to $3 million and $8 million, respectively, for the three and nine months ended September 30, 2017. The total unrecognized compensation expense related to awards of shares of restricted stock and restricted stock units was approximately $13 million as of September 30, 2018. We expect to recognize compensation expense related to these awards over a weighted-average term of approximately 2 years. 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, 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

Granted
377,730

 
19.05

 
7.2

Vested
(369,656
)
 
18.88

 
(7.0
)
Forfeited
(96,871
)
 
18.92

 
(1.8
)
Ending Balance — September 30, 2018
1,310,796

 
$
18.77

 
$
24.6

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

Granted
172,128

 
20.24

 
3.4

Vested
(20,368
)
 
18.99

 
(0.4
)
Forfeited
(18,318
)
 
19.05

 
(0.3
)
Ending Balance — September 30, 2018
389,148

 
$
19.54

 
$
7.6