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, 2018

Summary of Dividends Declared by Board of Directors

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
12/12/2018	12/26/2018	⁽¹⁾	1/10/2019	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 (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
3/10/2017	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
11/15/18 to 12/11/2018	ATM	2.777	23.37		⁽³⁾	64
12/17/2018	Public Offering	5.000	21.60		⁽⁴⁾	108


(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 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.

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, 2018, 2017, and 2016 is as follows:



	2018		2017		2016
	(in millions)
Equity-based compensation expense	$	10	$	11	$	10
Fair value of awards vested on vesting date	7		5		14

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	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	454,106		19.72		9.0
Vested	(370,072	)	18.88		(7.0		)
Forfeited	(96,871	)	18.92		(1.8		)
Ending Balance—December 31, 2018	1,386,756		$	19.00	$	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		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	176,128		20.24		3.5
Vested	(20,368	)	18.99		(0.4		)
Forfeited	(18,318	)	19.05		(0.3		)
Ending Balance—December 31, 2018	393,148		$	19.55	$	7.7