Quarterly report pursuant to Section 13 or 15(d)

Equity

v3.4.0.3
Equity
 3 Months Ended
Mar. 31, 2016
Equity [Abstract]  
Equity

11. Equity

Dividends and Distributions

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   

We completed the following public offerings of common stock in 2015:

 

Closing Date

    Shares Issued1      Price
Per Share 		     Net
Proceeds 2		  
     (amounts in millions, except per share amounts)  

5/4/15

      4.60       $ 18.50       $ 82   

10/19/15

      5.75       $ 18.00       $ 99   

 

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.

Awards of Shares of Restricted Common Stock under our 2013 Plan

We recognize equity-based compensation expense as described in Note 2 and have issued both awards with service conditions and awards with both service and performance conditions. During the three months ended March 31, 2016, our board of directors awarded employees and directors 357,640 shares of restricted common stock that vest in 2016 to 2019 and 290,330 shares of restricted common stock to certain employees that vest upon the achievement of certain performance targets. As of March 31, 2016, we have concluded that it is probable that the performance conditions will be met.

For both the three months ended March 31, 2016 and 2015, we recorded $2 million of equity-based compensation expense. The total unrecognized compensation expense related to awards of shares of restricted common stock was approximately $19 million as of March 31, 2016, that is expected to be recognized over a weighted-average term of approximately two years. The calculation of the equity-based compensation expense assumes a forfeiture rate up to 5%.

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, 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 ) 
  

 

 

     

 

 

     

 

 

  

Balance — December 31, 2015

      1,248,069       $ 15.16       $ 18.9   

Granted

      647,970         18.58         12.0   

Vested

      (29,268 )       14.23         (0.4 ) 

Forfeited

      —           —           —     
  

 

 

     

 

 

     

 

 

  

Ending Balance — March 31, 2016

      1,866,771       $ 16.36       $ 30.5