Capital Stock

6 Months Ended

Jun. 30, 2014

Capital Stock [Abstract]

Capital Stock

NOTE 6. CAPITAL STOCK

At December 31, 2012, the Company had the authority to issue 1,000,000 shares of $0.01 par value common stock. In connection with the Company’s IPO in February 2013, the Company’s charter was amended to increase the authorized capital stock to 600,000,000 shares, of which (i) 500,000,000 shares are designated as common stock and (ii) 100,000,000 shares are designated as preferred stock, each with a par value of $0.01 per share. Holders of shares of the common stock generally have no preference, conversion, exchange, sinking fund, redemption or appraisal rights and have no preemptive rights to subscribe for any securities of the Company. Subject to the provisions of our charter regarding restrictions on ownership and transfer of our stock, all holders of shares of the common stock will have equal liquidation and other rights.

Common Stock Issuances

During 2014 and 2013, the Company completed the following public offerings of shares of its common stock.

($ in thousands, except per share amounts)
			Price
			Received			Net
Type of Offering	Month		Per Share(1)	Shares		Proceeds(2)
2014
Secondary Offering	January 2014	$	12.50	2,070,000	$	24,174
Secondary Offering(3)	March 2014		12.55	3,680,000		43,989
At-the-Market Offering Program(4)	June 2014		13.14	537,499		6,914
At-the-Market Offering Program(4)	July 2014		13.07	115,921		1,483
				6,403,420	$	76,560
2013
Initial Public Offering	February 2013	$	15.00	2,360,000	$	35,400(5)
				2,360,000	$	35,400

• Price received per share is gross of underwriters’ discount, if applicable, and other offering costs.
• Net proceeds are net of the underwriters’ discount, if applicable, and other offering costs.
• Includes net proceeds received of $5.7 million and 480,000 shares issued to the underwriters in April 2014 pursuant to the exercise of their overallotment option related to the March 2014 offering.
• The Company entered into an Equity Distribution Agreement with two sales agents to publicly offer and sell shares of the Company’s common stock in at-the-market and privately negotiated transactions from time to time. The net proceeds and shares issued in July 2014 under this program are not reflected in the Company’s financial statements as of June 30, 2014. As of June 30, 2014, shares with a value of $27.9 million remain available for issuance under the Equity Distribution Agreement.
• Bimini Advisors has paid, or has reimbursed the Company for all offering expenses in connection with the Company’s IPO. The Company has no obligation or intent to reimburse Bimini Advisors, either directly or indirectly, for the offering costs; therefore they are not included in the Company's financial statements.

Stock Dividend

On February 14, 2013, Orchid’s Board of Directors declared a stock dividend whereby 5.37 shares of common stock were issued for each share of common stock outstanding. The 827,555 shares distributed pursuant to this dividend were issued to Bimini on February 20, 2013, immediately prior to the Company’s IPO.

Cash Dividends

The table below presents the cash dividends declared on the Company’s common stock since its IPO.

Declaration Date	Record Date	Payment Date		Per Share Amount		Total
2014
July 10, 2014(1)	July 28, 2014	July 31, 2014	$	0.180	$	1,758,965
June 11, 2014	June 25, 2014	June 30, 2014		0.180		1,711,531
May 8, 2014	May 27, 2014	May 30, 2014		0.180		1,640,820
April 8, 2014	April 25, 2014	April 30, 2014		0.180		1,636,500
March 11, 2014	March 26, 2014	March 31, 2014		0.180		1,550,100
February 11, 2014	February 25, 2014	February 28, 2014		0.180		974,100
January 9, 2014	January 27, 2014	January 31, 2014		0.180		925,500
2013
December 11, 2013	December 26, 2013	December 30, 2013		0.180		601,500
November 12, 2013	November 25, 2013	November 27, 2013		0.135		451,125
October 10, 2013	October 25, 2013	October 31, 2013		0.135		451,125
September 10, 2013	September 25, 2013	September 30, 2013		0.135		451,125
August 12, 2013	August 26, 2013	August 30, 2013		0.135		451,125
July 9, 2013	July 25, 2013	July 31, 2013		0.135		451,125
June 10, 2013	June 25, 2013	June 28, 2013		0.135		451,125
May 9, 2013	May 28, 2013	May 31, 2013		0.135		451,125
April 10, 2013	April 25, 2013	April 30, 2013		0.135		451,125
March 8, 2013	March 25, 2013	March 27, 2013		0.135		451,125

The effect of the dividend declared in July 2014 is not reflected in the Company’s financial statements as of June 30, 2014.