Shareholders' Equity

6 Months Ended

Jun. 30, 2022

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
	June 30, 2022				December 31, 2021
	Series B		Series C		Series B		Series C
	Preferred Stock		Preferred Stock		Preferred Stock		Preferred Stock
Shares authorized		1,450,000		6,450,000		1,450,000		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 June 30,				Six months ended June 30,
	2022		2021		2022		2021
Common stock	$	-	$	0.066	$	0.066	$	0.132
7.25% Series B Preferred Stock	$	0.453	$	0.453	$	0.906	$	0.906
6.50% Series C Preferred Stock	$	0.406	$	0.406	$	0.813	$	0.813

On July 19, 2022, 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 August 22, 2022 to shareholders of record on August 12, 2022.