XML 31 R19.htm IDEA: XBRL DOCUMENT v3.4.0.3
Note 10 - Preferred Stock and Common Stock
 3 Months Ended
Mar. 31, 2016
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]
10. Preferred Stock and Common Stock
 
The Company’s outstanding Preferred Stock is detailed below:
 
As of March 31, 2016 and December 31, 2015
  
Series of 
Preferred 
Stock
  
Shares
Authorized
    
Shares
Issued and
Outstanding
    
Liquidation
Preference
(in thousands)
    
Dividend
Rate
    
Annual
Dividend per
Depositary
Share
    
Par
Value
  
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  
      35,450       32,000     $ 800,000                          
 
During February 2015, the Company established an at the market continuous offering program (the “ATM program”), pursuant to which the Company may offer and sell shares of its common stock, par value $0.01 per share, with an aggregate gross sales price of up to $500.0 million through a consortium of banks acting as sales agents. Sales of the shares of common stock may be made, as needed, from time to time in “at the market” offerings as defined in Rule 415 of the Securities Act of 1933, including by means of ordinary brokers’ transactions on the New York Stock Exchange (the “NYSE”) or otherwise (i) at market prices prevailing at the time of sale, (ii) at prices related to prevailing market prices or (iii) as otherwise agreed to with the applicable sales agent. During the three months ended March 31, 2016, the Company issued 3,618,831 shares and received proceeds of $100.6 million, net of commissions and fees of $1.0 million. In addition, from April 1, 2016 thru April 13, 2016, the Company issued an additional 1,342,564 shares and received proceeds of $37.9 million, net of commissions and fees of $0.4 million.