Note 13 - Stockholders' Equity

9 Months Ended

Sep. 30, 2018

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

13.

Stockholders’ Equity

Preferred Stock

The Company’s outstanding Preferred Stock is detailed below:

As of September 30 , 2018
Class of Preferred Stock	Shares Authorized		Shares Issued and Outstanding		Liquidation Preference (in thousands)		Dividend Rate			Annual Dividend per Depositary Share		Par Value		Optional Redemption Date
Class I		18,400		7,000	$	175,000		6.000	%	$	1.50000	$	1.00	3/20/2017
Class J		9,000		9,000	$	225,000		5.500	%	$	1.37500	$	1.00	7/25/2017
Class K		8,050		7,000	$	175,000		5.625	%	$	1.40625	$	1.00	12/7/2017
Class L		10,350		9,000	$	225,000		5.125	%	$	1.28125	$	1.00	8/16/2022
Class M (1)		10,580		10,580	$	264,500		5.250	%	$	1.31250	$	1.00	12/20/2022
				42,580	$	1,064,500

( 1 ) During January 2018, the underwriting financial institutions for the Class M Preferred Stock issuance elected to exercise the over-allotment option and as a result, the Company issued an additional 1,380,000 Class M Depositary Shares, each representing a one -thousandth fractional interest in a share of the Company's 5.250% Class M Cumulative Redeemable Preferred Stock, $1.00 par value per share. The Company received net proceeds before expenses of $33.4 million from this over-allotment issuance.

As of December 31, 2017
Class of Preferred Stock	Shares Authorized		Shares Issued and Outstanding		Liquidation Preference (in thousands)		Dividend Rate			Annual Dividend per Depositary Share		Par Value		Optional Redemption Date
Class I		18,400		7,000	$	175,000		6.000	%	$	1.50000	$	1.00	3/20/2017
Class J		9,000		9,000	$	225,000		5.500	%	$	1.37500	$	1.00	7/25/2017
Class K		8,050		7,000	$	175,000		5.625	%	$	1.40625	$	1.00	12/7/2017
Class L		10,350		9,000	$	225,000		5.125	%	$	1.28125	$	1.00	8/16/2022
Class M		10,580		9,200	$	230,000		5.250	%	$	1.31250	$	1.00	12/20/2022
				41,200	$	1,030,000

Common Stock

During

February 2018,

the Company’s Board of Directors authorized a share repurchase program, which is effective for a term of

two

years, pursuant to which the Company

may

repurchase shares of its common stock, par value

$0.01

per share, with an aggregate gross purchase price of up to

$300.0

million. During the

nine

months ended

September 30, 2018,

the Company repurchased

5,100,000

shares for an aggregate purchase price of

$75.1

million (weighted average price of

$14.72

per share). As of

September 30, 2018,

the Company had

$224.9

million available under this common share repurchase program.

Dividends Declared

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

	Nine Months Ended September 30,
	2018		2017
Common Shares	$	0.84000	$	0.81000
Class I Depositary Shares	$	1.12500	$	1.12500
Class I Depositary Shares Redeemed	$	-	$	0.96250
Class J Depositary Shares	$	1.03125	$	1.03125
Class K Depositary Shares	$	1.05468	$	1.05468
Class L Depositary Shares	$	0.96093	$	0.16016
Class M Depositary Shares	$	0.98439	$	-