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Preferred Stock
9 Months Ended
Sep. 30, 2022
Equity [Abstract]  
Preferred Stock

Note 9 — Preferred Stock

 

Series A Preferred Redemption

 

In May 2022, we redeemed in full all of our issued and outstanding shares of Series A Preferred at a redemption price of $1,050.00 per share, plus $8.87 per share, which is the amount of accrued and unpaid dividends from April 1, 2022 up to, but not including, the redemption date of May 3, 2022. The difference between the consideration paid of $973.4 million (including unpaid dividends of $8.2 million) and the net carrying value of the shares redeemed was $223.7 million, of which $215.5 million was recorded as deemed dividends in our Consolidated Statements of Operations in the second quarter of 2022. Our Series A Preferred bore a cumulative 9.5% fixed dividend payable at the end of each fiscal quarter. During the nine months ended September 30, 2022, we paid $51.8 million of dividends to preferred shareholders. Following the redemption, we have no Series A Preferred outstanding and all rights of the holders of shares of Series A Preferred were terminated.