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Capital Stock
 9 Months Ended
Sep. 30, 2015
Capital Stock [Abstract]  
Capital Stock

NOTE 6. CAPITAL STOCK

Common Stock Issuances

During 2015 and 2014, the Company completed the following public offerings of shares of its common stock.

($ in thousands, except per share amounts)
Weighted
Average
Price
ReceivedNet
Type of OfferingPeriodPer Share(1)SharesProceeds(2)
2015
At the Market Offering Program(3)First Quarter$13.661,210,487$16,175
At the Market Offering Program(3)Second Quarter13.655,024,53067,100
At the Market Offering Program(3)Third Quarter---
6,235,017$83,275
2014
Secondary OfferingFirst Quarter$12.502,070,000$24,174
Secondary Offering(4)First Quarter12.553,680,00043,989
At the Market Offering Program(3)Second Quarter13.14537,4996,914
At the Market Offering Program(3)Third Quarter13.993,389,44146,372
At the Market Offering Program(3)Fourth Quarter13.873,675,20749,846
13,352,147$171,295

  • Weighted average 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.
  • The Company has entered into three equity distribution agreements, two of which have been cancelled and replaced with the current agreement, to publicly offer and sell shares of the Company’s common stock in at the market and privately negotiated transactions from time to time. As of September 30, 2015, shares with a value of $15.0 million remain available for issuance under the March 2015 Equity Distribution Agreement.
  • Includes net proceeds received of $5.7 million for 480,000 shares issued to the underwriters in April 2014 pursuant to the exercise of their overallotment option related to the March 2014 offering.

Stock Repurchase Program

On July 29, 2015, the Company’s Board of Directors authorized the repurchase of up to 2,000,000 shares of the Company’s common stock. As part of the stock repurchase program, shares may be purchased in open market transactions, including through block purchases, through privately negotiated transactions, or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Open market repurchases will be made in accordance with Exchange Act Rule 10b-18, which sets certain restrictions on the method, timing, price and volume of open market stock repurchases. The timing, manner, price and amount of any repurchases will be determined by the Company in its discretion and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors. The authorization does not obligate the Company to acquire any particular amount of common stock and the program may be suspended or discontinued at the Company’s discretion without prior notice.

Through September 30, 2015, the Company repurchased a total of 1,069,720 shares under the stock repurchase program at an aggregate cost of approximately $9.5 million, net of commissions and fees, for a weighted average price of $8.89 per share.

($ in thousands, except per share amounts)
Weighted
Average
Price
PaidSharesNet
PeriodPer ShareRepurchasedCost
2015
Third Quarter$8.891,069,720$9,512

Cash Dividends

The table below presents the cash dividends declared on the Company’s common stock during 2015 and 2014.

(in thousands, except per share amount)
Declaration DateRecord DatePayment DatePer Share AmountTotal
2015
October 8, 2015(1)October 26, 2015October 30, 2015$0.14$3,051
September 11, 2015September 25, 2015September 30, 20150.143,069
August 11, 2015August 26, 2015August 31, 20150.143,132
July 9, 2015July 27, 2015July 31, 20150.143,218
June 9, 2015June 22, 2015June 30, 20150.184,057
May 11, 2015May 26, 2015May 29, 20150.183,580
April 9, 2015April 27, 2015April 30, 20150.183,303
March 10, 2015March 27, 2015March 31, 20150.183,205
February 10, 2015February 25, 2015February 27, 20150.183,017
January 13, 2015January 26, 2015January 30, 20150.183,017
Totals$1.64$32,649
2014
December 9, 2014December 26, 2014December 30, 2014$0.18$3,004
November 12, 2014November 25, 2014November 28, 20140.182,737
October 9, 2014October 28, 2014October 31, 20140.182,358
September 9, 2014September 25, 2014September 30, 20140.182,348
August 12, 2014August 26, 2014August 29, 20140.181,999
July 10, 2014July 28, 2014July 31, 20140.181,759
June 11, 2014June 25, 2014June 30, 20140.181,712
May 8, 2014May 27, 2014May 30, 20140.181,641
April 8, 2014April 25, 2014April 30, 20140.181,636
March 11, 2014March 26, 2014March 31, 20140.181,550
February 11, 2014February 25, 2014February 28, 20140.18974
January 9, 2014January 27, 2014January 31, 20140.18925
Totals$2.16$22,643

The effect of the dividend declared in October 2015 is not reflected in the Company’s financial statements as of September 30, 2015.