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Dividends and Distributions (Tables)
12 Months Ended
Dec. 31, 2018
Equity [Abstract]  
Schedule of dividends declared and distributions paid
The following tables summarize dividends declared and distributions paid to the holders of common shares and Series B Preferred Shares in 2018, 2017 and 2016:
2018
Month Declared/Paid
Dividend Per Share
Distributions Declared
 
Distributions Paid
 
 
 
 
Common Shares
 
Series B Preferred Shares
 
Common Shares
 
Series B Preferred Shares
 
 
(In thousands, except per share amounts)
January (a)
$
0.0186

$
1,291

 
$
619

 
$
1,291

 
$
619

 
 
March/April
0.1396

20,145

 

 
20,145

 
 
 
 
March (c)
 
 
 
 
 
(79
)
 

Dividend equivalents accrued on unvested restricted stock units to be paid when the awards vest.
March/April
 
 
 
 
 
20

 

Dividend equivalents paid on unvested restricted stock units that are not expected to vest (recognized as additional compensation).
June/July
0.1875

27,250

 

 
27,246

 

 
 
June (d)
 
 
 
 
 
(114
)
 

Dividend equivalents accrued on unvested restricted stock units to be paid when the awards vest.
June/July
 
 
 
 
 
28

 

Dividend equivalents paid on unvested restricted stock units that are not expected to vest (recognized as additional compensation).
September/October
0.1875

28,072

 

 
28,072

 
 
 
October(e)
 
 
 

 
(114
)
 

Dividend equivalents accrued on unvested restricted stock units to be paid when the awards vest.
September/October
 
 
 

 
28

 

Dividend equivalents paid on unvested restricted stock units that are not expected to vest (recognized as additional compensation).
December/January (2019)
$
0.1875

28,218

 

 

 

 
 
 
 
$
104,976

 
 
 
$
76,523

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Series B Preferred Shares - Fixed Dividend
 
 
 
 
 
 
 
 
January (a)
 
 
 
1,198

 
 
 
1,198

 
 
Total distributions paid to holders of Series B Preferred Shares (b)
 
$
1,817

 
 
 
$
1,817

 
 
(a)
Stub period dividend paid to shareholders of record prior to the IPO.
(b)
Last participating and fixed dividend paid to holders of Series B Preferred Shares in connection with the conversion to common shares on the IPO date.
(c)
Declared in March and included in the $20.1 million declared.
(d)
Declared in June and included in the $27.3 million declared.
(e)
Declared in September and included in the $28.1 million declared.

2017
Month Declared
 
Dividend Per Share
 
Distributions Paid
 
Month Paid
 
 
 
 
Common Shares
 
Series B Preferred Shares
 
 
(In thousands, except per share amounts)
March
 
$
0.073

 
$
5,053

 
$
2,421

 
April
June
 
0.073

 
5,054

 
2,422

 
July
September
 
0.073

 
5,053

 
2,421

 
October
December
 
$
0.073

 
5,054

 
2,422

 
December
 
 
 
 
$
20,214

 
9,686

(a) 
 
 
 
 
 
 
 
 
 
 
Series B Preferred Shares - Fixed Dividend
 
18,750

(b) 
 
Total distributions paid to holders of Series B Preferred Shares
 
$
28,436

 
 
(a)
Participating dividend.
(b)
Paid in equal quarterly amounts along with the participating dividend.
2016
Month Declared
 
Dividend Per Share
 
Distributions Paid
 
Month Paid
 
 
 
 
Common Shares
 
Series B Preferred Shares
 
 
(In thousands, except per share amounts)
March
 
$
0.073

 
$
5,053

 
$
2,421

 
April
June
 
0.073

 
5,054

 
2,422

 
July
September
 
0.073

 
5,053

 
2,421

 
October
December
 
$
0.073

 
5,054

 
2,422

 
December
 
 
 
 
$
20,214

 
9,686

(a) 
 
 
 
 
 
 
 
 
 
 
Series B Preferred Shares - Fixed Dividend
 
18,750

(b) 
 
Total distributions paid to holders of Series B Preferred Shares
 
$
28,436

 
 
(a)
Participating dividend.
(b)
Paid in equal quarterly amounts along with the participating dividend.
Schedule of distribution type
The composition of the Company’s distributions per common share and per preferred share is as follows:
Common Shares
 
2018
 
2017
 
2016
Ordinary income
 
66
%
 
85
%
 
100
%
Capital gains
 
0
%
 
0
%
 
0
%
Return of capital
 
34
%
 
15
%
 
0
%
 
 
100
%
 
100
%
 
100
%
Preferred Shares
 
2018
 
2017
 
2016
Ordinary income
 
100
%
 
100
%
 
100
%
Capital gains
 
0
%
 
0
%
 
0
%
Return of capital
 
0
%
 
0
%
 
0
%
 
 
100
%
 
100
%
 
100
%