Stockholders' Equity

12 Months Ended

Dec. 31, 2019

Stockholders' Equity [Abstract]

Stockholders' Equity

Note 11 - Stockholders’ Equity

Series A Preferred Stock

On November 15, 2008, the Company completed a private placement offering consisting of a total of 70 units, at an offering price of $100,000 per unit, for gross proceeds of $7.0 million. Each unit consisted of 6,250 shares of the Company’s Series A 8.0% Non-Cumulative Convertible Preferred Stock. On March 13, 2018, the Company notified holders of its Series A preferred stock that the Company had exercised its option to convert each of the 437,500 outstanding shares of Series A preferred stock for one share of common stock and converted such shares on April 2, 2018.  As of that date, the Series A preferred stock was no longer deemed outstanding and all rights with respect to such stock ceased and terminated.

Dividend Restrictions

The Company’s ability to declare dividends on its common stock was previously limited by the terms of the Company’s Series A Preferred Stock. As of December 31, 2018, those restrictions had been removed. In 2019, we paid dividends of $1.8 million ($0.14 per share) to common stockholders.