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Note 15 - Stockholders' Equity | 9 Months Ended
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Sep. 30, 2023
Notes to Financial Statements |
Equity [Text Block] | 15. Stockholders’ Equity Preferred Stock The Company’s Board of Director’s authorized the repurchase of up to 894,000 depositary shares of Class L preferred stock and 1,048,000 depositary shares of Class M preferred stock, representing up to 1,942 shares of the Company’s preferred stock, par value $1.00 per share, through December 31, 2023. During the nine months ended September 30, 2023, the Company repurchased the following preferred stock:
Class of Preferred Stock |  | Depositary Shares Repurchased |  |  | Purchase Price (in thousands) |
Class L |  |  | 43,777 |  |  | $ | 973.4 |
Class M |  |  | 23,791 |  |  | $ | 515.9 |
The Company’s outstanding Preferred Stock is detailed below (in thousands, except share data and par values):
As of September 30, 2023
Class of Preferred Stock |  | Shares Authorized |  |  | Shares Issued and Outstanding |  |  | Liquidation Preference |  |  | Dividend Rate |  |  | Annual Dividend per Depositary Share |  |  | Par Value |  | Optional Redemption Date
Class L |  |  | 10,350 |  |  |  | 8,902 |  |  | $ | 222,543 |  |  |  | 5.125 | % |  | $ | 1.28125 |  |  | $ | 1.00 |  | 8/16/2022
Class M |  |  | 10,580 |  |  |  | 10,465 |  |  |  | 261,636 |  |  |  | 5.250 | % |  | $ | 1.31250 |  |  | $ | 1.00 |  | 12/20/2022
|  |  |  |  |  |  | 19,367 |  |  | $ | 484,179 |  |  |  |  |  |  |  |  |  |  |  |  |  |
As of December 31, 2022
Class of Preferred Stock |  | Shares Authorized |  |  | Shares Issued and Outstanding |  |  | Liquidation Preference |  |  | Dividend Rate |  |  | Annual Dividend per Depositary Share |  |  | Par Value |  | Optional Redemption Date
Class L |  |  | 10,350 |  |  |  | 8,946 |  |  | $ | 223,637 |  |  |  | 5.125 | % |  | $ | 1.28125 |  |  | $ | 1.00 |  | 8/16/2022
Class M |  |  | 10,580 |  |  |  | 10,489 |  |  |  | 262,231 |  |  |  | 5.250 | % |  | $ | 1.31250 |  |  | $ | 1.00 |  | 12/20/2022
|  |  |  |  |  |  | 19,435 |  |  | $ | 485,868 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stock The Company has a share repurchase program, which is scheduled to expire February 29, 2024. Under this program, 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. The Company did not repurchase any shares under the share repurchase program during the nine months ended September 30, 2023. As of September 30, 2023, the Company had $224.9 million available under this common share repurchase program. During September 2023, the Company established an at-the-market continuous offering program (the “ATM Program”) pursuant to which the Company may offer and sell from time-to-time 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, as amended, including by means of ordinary brokers’ transactions on the New York Stock Exchange 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. In addition, the Company may, from time to time, enter into separate forward sale agreements with one or more banks. The Company did not issue any shares under the ATM Program during the nine months ended September 30, 2023. As of September 30, 2023, the Company had $500.0 million available under this ATM Program. Dividends Declared The following table provides a summary of the dividends declared per share:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Common Shares |  | $ | 0.23000 |  |  | $ | 0.22000 |  |  | $ | 0.69000 |  |  | $ | 0.61000 |
Class L Depositary Shares |  | $ | 0.32031 |  |  | $ | 0.32031 |  |  | $ | 0.96093 |  |  | $ | 0.96093 |
Class M Depositary Shares |  | $ | 0.32813 |  |  | $ | 0.32813 |  |  | $ | 0.98439 |  |  | $ | 0.98439 |

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