Capital Stock

3 Months Ended

Mar. 31, 2016

Capital Stock [Abstract]

Capital Stock

NOTE 7. CAPITAL STOCK

Common Stock Issuances

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

($ in thousands, except per share amounts)
			Weighted
			Average
			Price
			Received			Net
Type of Offering	Period		Per Share(1)	Shares		Proceeds(2)
2015
At the Market Offering Program(3)	First Quarter	$	13.66	1,210,487	$	16,175
At the Market Offering Program(3)	Second Quarter		13.65	5,024,530		67,100
				6,235,017	$	83,275

• 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 atthemarket and privately negotiated transactions from time to time. As of March 31, 2016, shares with a value of $15.0 million remain available for issuance under the March 2015 Equity Distribution Agreement.

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.

From the inception of the share repurchase program through March 31, 2016, the Company repurchased a total of 1,216,243 shares under the stock repurchase program at an aggregate cost of approximately $10.8 million, including commissions and fees, for a weighted average price of $8.92 per share.

Cash Dividends

The table below presents the cash dividends declared on the Company’s common stock since its February 2013 IPO.

(in thousands, except per share amounts)
Year		Per Share Amount		Total
2013	$	1.395	$	4,662
2014		2.160		22,643
2015		1.920		38,748
2016 - YTD(1)		0.560		12,212
Totals	$	6.035	$	78,265

On April 13, 2016, the Company declared a dividend of $0.14 per share to be paid on April 29, 2016. The effect of this dividend is not reflected in the Company’s financial statements as of March 31, 2016.