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EQUITY (Notes)
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
EQUITY EQUITY
Series A and B Convertible Preferred Stock - There are no shares of Series A or Series B Preferred Stock currently issued or outstanding.

Equity Issuances - In July 2020, we established an “at-the-market” equity program for the offer and sale from time to time of our common stock up to an aggregate offering price of $1.0 billion. The program allows us to offer and sell common stock at prices we deem appropriate through a sales agent, in forward sales transactions through a forward seller or directly to one or more of the program’s managers acting as principals. Sales of our common stock may be made by means of ordinary brokers’ transactions on the NYSE, in block transactions or as otherwise agreed to between us and the sales agent. We are under no obligation to offer and sell common stock under the program. No shares have been sold through our “at-the-market” program as of the date of this report.

In June 2020, we completed an underwritten public offering of 29.9 million shares of our common stock at a public offering price of $32.00 per share, generating net proceeds, after deducting underwriting discounts, commissions and offering expenses, of $937.0 million. The proceeds were used for general corporate purposes, including repayment of existing indebtedness and funding capital expenditures.
Dividends - Holders of our common stock share equally in any dividend declared by our Board of Directors, subject to the rights of the holders of outstanding Series E Preferred Stock. Dividends paid totaled $1.7 billion, $1.6 billion and $1.5 billion for 2021, 2020 and 2019, respectively. Although dividends per share did not increase in 2021 as compared with 2020, dividends paid increased due to the increase in number of shares outstanding as a result of our equity issuances. The following table sets forth the quarterly dividends per share paid on our common stock in the periods indicated:
 Years Ended December 31,
 202120202019
First Quarter$0.935 $0.935 $0.860 
Second Quarter0.935 0.935 0.865 
Third Quarter0.935 0.935 0.890 
Fourth Quarter0.935 0.935 0.915 
Total$3.74 $3.74 $3.53 

Additionally, in February 2022, we maintained and paid a quarterly common stock dividend of $0.935 per share ($3.74 per share on an annualized basis), which was paid to shareholders of record as of January 31, 2022.
The Series E Preferred Stock pays quarterly dividends on each share of Series E Preferred Stock, when, as and if declared by our Board of Directors, at a rate of 5.5% per year. We paid dividends for the Series E Preferred Stock of $1.1 million in 2021, 2020 and 2019. We paid quarterly dividends totaling $0.3 million for the Series E Preferred Stock in February 2022.