Shareholders' Equity

9 Months Ended

Sep. 30, 2018

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

	September 30, 2018				December 31, 2017
	Series B		Series C		Series B		Series C
	Preferred Stock		Preferred Stock		Preferred Stock		Preferred Stock
Shares authorized		1,450,000		6,450,000		3,450,000		6,450,000
Shares issued and outstanding		1,450,000		5,000,000		3,450,000		5,000,000
Balance	$	34,767,000	$	124,774,000	$	82,734,000		124,774,000

On January 12, 2018, the Company redeemed 2,000,000 shares of Series B Preferred Stock at a price of $25.00 per share for an aggregate of $50.0 million, plus all accrued and unpaid dividends up to (but excluding) the redemption date.

Dividends

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

	Three months ended September 30,				Nine months ended September 30,
	2018		2017		2018		2017
Common stock	$	0.050	$	0.050	$	0.150	$	0.150
7.25% Series B Preferred Stock	$	0.453	$	0.453	$	1.359	$	1.359
6.50% Series C Preferred Stock	$	0.406	$	-	$	1.219	$	-

On October 19, 2018, 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 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 November 20, 2018 to shareholders of record on November 9, 2018.