Shareholders' Equity

6 Months Ended

Jun. 30, 2017

Stockholders Equity Note [Abstract]

Shareholders' Equity

Note 7. Shareholders’ Equity

Common Stock

The Company’s forward sales agreements, entered into on August 1, 2016 for the issuance of 5,750,000 common shares, were settled by August 1, 2017 for net proceeds, after adjustments for dividends paid and other administrative costs, of approximately $43.2 million.

Preferred Stock

The Company’s 7.25% Series B Cumulative Redeemable Preferred Stock (“Series B 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 was redeemable, in whole or in part, at the Company’s option beginning May 22, 2017 at a price of $25.00 per share plus accrued and unpaid distributions.

On July 17, 2017,  the Company announced it will redeem 1.5 million shares of Series B Preferred Stock at a price of $25.00 per share plus all accrued and unpaid dividends up to (but excluding) the redemption date of August 16, 2017, for a total of approximately $25.47 per share.

Dividends

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

	Three months ended June 30,				Six months ended June 30,
	2017		2016		2017		2016
Common stock	$	0.050	$	0.050	$	0.100	$	0.100
7.250% Series B Preferred Stock	$	0.453	$	0.453	$	0.906	$	0.906

On July 13, 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 August 21, 2017 to shareholders of record on August 11, 2017.