Preferred Shares (Notes)

9 Months Ended

Sep. 30, 2017

Investments, Debt and Equity Securities [Abstract]

Preferred Stock [Text Block]

Preferred Shares

The Company’s Articles of Incorporation authorize the issuance of up to 2,000,000 preferred shares, par value $.01 per share.  On March 15, 2007, the Company issued 4,000,000 depositary shares, each representing 1/1000^th of a 9.75% Series A Preferred Share of the Company (the “Series A Preferred Shares”), or 4,000 Series A Preferred Shares in the aggregate.  On April 10, 2013, the Company redeemed 2,000 of its Series A Preferred Shares (and the 2,000,000 related depositary shares) for an aggregate redemption price of approximately $50.4 million in cash. On September 14, 2017, the Company announced that it will redeem the remaining 2,000 outstanding Series A Preferred Shares (and the 2,000,000 related depositary shares) on October 16, 2017 for an aggregate redemption price of approximately $50.4 million in cash. The redemption was consummated on October 16, 2017.

The Company declared and paid a quarterly dividend of $609.375 per share on its Series A Preferred Shares in both the third quarter of 2017 and 2016 for $1.2 million and has paid aggregate dividend payments of $3.7 million for the nine months ended September 30, 2017 and 2016. Please see Note 13 for additional information related to our Series A Preferred Shares.