Shareholders' Equity

3 Months Ended

Mar. 31, 2023

Stockholders Equity Note [Abstract]

Shareholders' Equity

Note 7. Shareholders’ Equity

Preferred Stock

The Company is authorized to issue up to 12,500,000 shares of preferred stock. The following tables summarize details about the Company’s preferred stock:

	Series B		Series C
	Preferred Stock		Preferred Stock
Par value	$	0.01	$	0.01
Liquidation value	$	25.00	$	25.00
	March 31, 2023				December 31, 2022
	Series B		Series C		Series B		Series C
	Preferred Stock		Preferred Stock		Preferred Stock		Preferred Stock
Shares authorized		6,050,000		6,450,000		6,050,000		6,450,000
Shares issued and outstanding		1,450,000		5,000,000		1,450,000		5,000,000
Balance	$	34,767,000	$	124,774,000	$	34,767,000	$	124,774,000

Dividends

The following table provides a summary of dividends declared and paid per share:

	Three months ended March 31,
	2023		2022
Common stock	$	—	$	0.066
7.25% Series B Preferred Stock	$	0.453	$	0.453
6.50% Series C Preferred Stock	$	0.406	$	0.406

On April 20, 2023, the Company’s Board of Directors declared dividends of $0.453125 and $0.406250 per share with respect to the Company’s Series B Preferred Stock and Series C Preferred Stock, respectively. The distributions are payable on May 22, 2023 to shareholders of record of the Series B Preferred Stock and Series C Preferred Stock, as applicable, on May 10, 2023.