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Note 12 - Preferred Stock
 9 Months Ended
Sep. 30, 2015
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Note Disclosure [Text Block]

12. Preferred Stock


The Company’s outstanding Preferred Stock is detailed below:


As of September 30, 2015 and December 31, 2014

  

Series of Preferred Stock

  

Shares Authorized

    

Shares Issued and Outstanding

    

Liquidation Preference

(in thousands)

    

Dividend Rate

    

Annual Dividend per

Depositary Share

    

Par Value

  

Series H

    70,000       70,000     $ 175,000       6.90 %   $ 1.72500     $ 1.00  

Series I

     18,400       16,000       400,000       6.00 %   $ 1.50000     $ 1.00  

Series J

     9,000       9,000       225,000       5.50 %   $ 1.37500     $ 1.00  

Series K

     8,050       7,000       175,000       5.625 %   $ 1.40625     $ 1.00  
      105,450       102,000     $ 975,000                          

On October 26, 2015, the Company called for the redemption of all of its outstanding 7,000,000 depositary shares of the Company’s 6.90% Class H Cumulative Redeemable Preferred Stock, $1.00 par value per share (the “Class H Preferred Stock”). The aggregate redemption amount of $175.0 million plus accumulated and unpaid dividends of $1.3 million, will be paid on November 25, 2015. Upon redemption, the Company anticipates to record a non-cash charge of $5.8 million resulting from the difference between the redemption amount and the carrying amount of the Class H Preferred Stock on the Company’s Condensed Consolidated Balance Sheets in accordance with the FASB’s guidance on Distinguishing Liabilities from Equity. This charge will be subtracted from net income to arrive at net income available to common shareholders and used in the calculation of earnings per share for the period ending December 31, 2015.