Shareholders' Equity

3 Months Ended

Mar. 31, 2017

Stockholders Equity Note [Abstract]

Shareholders' Equity

Note 7. Shareholders’ Equity

Common Stock

On August 1, 2016, the Company entered into a forward sales agreement to issue 5,750,000 common shares for estimated net proceeds of $44.2 million, before adjustments for dividends paid and other administrative costs prior to settlement. To date, there have been no physical settlements regarding this offering. The Company expects to physically settle the agreement in full prior to its expiration on August 1, 2017. The Company does have the option to net settle this agreement in shares or cash prior to its expiration, but does not expect to utilize this option.

Preferred Stock

The Company’s 7.25% Series B Cumulative Redeemable Preferred Stock  has a liquidation preference of $25.00 per share, has no stated maturity, is not convertible into any other security of the Company, and is redeemable at the Company’s option beginning May 22, 2017 at a price of $25.00 per share plus accrued and unpaid distributions.

Dividends

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

	Three months ended March 31,
	2017		2016
Common stock	$	0.050	$	0.050
7.250% Series B Preferred Stock	$	0.453	$	0.453

On April 19, 2017, the Company’s Board of Directors declared a dividend of $0.05 per share with respect to its common stock. At the same time, the Board declared a dividend of $0.453125 per share with respect to the Company’s Series B Preferred Stock. The distributions are payable on May 22, 2017 to shareholders of record on May 12, 2017.