Capital Stock

6 Months Ended

Jun. 30, 2017

Capital Stock [Abstract]

Capital Stock

NOTE 7. CAPITAL STOCK

Common Stock Issuances

During 2017 and 2016, 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)
2017
At the Market Offering Program(3)	First Quarter	$	10.13	1,286,196	$	12,792
At the Market Offering Program(3)	Second Quarter		10.17	11,012,836		110,065
				12,299,032	$	122,857
2016
At the Market Offering Program(3)	Second Quarter	$	10.48	646,753	$	6,591
At the Market Offering Program(3)	Third Quarter		10.80	3,818,802		40,525
At the Market Offering Program(3)	Fourth Quarter		10.79	6,707,101		71,212
				11,172,656	$	118,328

• 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 five equity distribution agreements, all of which have either been terminated because all shares were sold or were replaced with a subsequent agreement.

Share 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 share 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 June 30, 2017, the Company repurchased a total of 1,216,243 shares 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.

(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		1.680		41,388
2017 - YTD(1)		0.980		36,977
Totals	$	8.135	$	144,418

On July 12, 2017, the Company declared a dividend of $0.14 per share to be paid on August 10, 2017. The effect of this dividend is included in the table above but is not reflected in the Company’s financial statements as of June 30, 2017.