Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2015

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

Note 12 — Common Stock

As of December 31, 2015 and 2014, the Company had 162.5 million and 162.2 million shares of common stock outstanding, respectively, including shares of unvested restricted common stock ("restricted shares") and shares issued under the distribution reinvestment plan (the "DRIP"), but not including OP units or Long-term Incentive Plan units ("LTIP units") which may in the future be converted into shares of common stock.

From December 2010 to April 2014, the Company declared and paid dividends at a dividend rate equal to $0.605 per annum per share of common stock. The dividends were paid by the fifth day following each month end to stockholders of record at the close of business each day during the prior month at a per share rate of 0.0016575342 per day. In April 2014, the Company's board of directors authorized, and the Company declared, a monthly dividend at an annualized rate equal to $0.46 per share per annum. Beginning in April 2014, dividends are paid to stockholders of record on the close of business on the 8th day of each month, payable on the 15th day of such month. The Company's board of directors may reduce the amount of dividends paid or suspend dividend payments at any time and therefore dividend payments are not assured.

On March 31, 2014, the board of directors approved the termination of the Company's Share Repurchase Program ("SRP"). The Company processed all of the requests received under the SRP through the first quarter of 2014. The following table reflects the cumulative number of shares repurchased as of and through the termination of the SRP:

	Number of Requests	Number of Shares Repurchased	Average Price per Share
Repurchases prior to December 31, 2012	11	84,199	9.56
Year ended December 31, 2013	24	195,395	9.65
Repurchases in 2014 through termination of the SRP	1	5,000	10.00
Cumulative repurchase requests through termination of SRP	36	284,594	$	9.63

Note 17 — Accumulated Other Comprehensive Income (Loss)

The following table illustrates the changes in accumulated other comprehensive income (loss) as of and for the periods indicated:

	Unrealized gains			Change in			Total accumulated
	on available-for-sale			unrealized gain			other comprehensive
(in thousands)	securities			(loss) on derivatives			income (loss)
Balance, December 31, 2012	$	—		$	(1,693	)	$	(1,693	)
Other comprehensive loss, before reclassifications	(240		)	(16		)	(256		)
Amounts reclassified from accumulated other comprehensive income (loss)	—			1,336			1,336
Net current-period other comprehensive income (loss)	(240		)	1,320			1,080
Balance, December 31, 2013	(240		)	(373		)	(613		)
Other comprehensive income (loss), before reclassifications	484			(2,847		)	(2,363		)
Amounts reclassified from accumulated other comprehensive income (loss)	—			2,160			2,160
Net current-period other comprehensive income (loss)	484			(687		)	(203		)
Balance, December 31, 2014	244			(1,060		)	(816		)
Other comprehensive loss, before reclassifications	(137		)	(2,344		)	(2,481		)
Amounts reclassified from accumulated other comprehensive income (loss)	(107		)	2,167			2,060
Net current-period other comprehensive loss	(244		)	(177		)	(421		)
Balance, December 31, 2015	$	—		$	(1,237	)	$	(1,237	)

For a reconciliation of the income statement line item affected due to amounts reclassified out of accumulated other comprehensive loss for the years ended December 31, 2015, 2014 and 2013, see Note 11 — Interest Rate Derivatives and Hedging Activities.