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Equity (Tables)

12 Months Ended

Dec. 31, 2015

Stock Based Compensation Plans

Schedule of cash dividends declared and paid

We declared and paid the following cash dividends (in thousands):

		Year Ended
		December 31, 2015						December 31, 2014
		Declared			Paid			Declared			Paid
Preferred Stock Series C		$	2,454		$	2,454		$	3,273		$	3,273
Common Stock			74,311	(1)		74,311	(1)		71,158	(2)		71,158	(2)
Total		$	76,765		$	76,765		$	74,431		$	74,431

⁽¹⁾ Represents $0.17 per share per month for January through September 2015 and $0.18 per share per month for October through December 2015.

⁽²⁾ Represents $0.17 per share per month for the twelve months ended December 31, 2014.

Schedule of restricted stock activity

.  Restricted stock activity for the years ended December 31, 2015 and 2014 was as follows:

		2015			2014
Outstanding, January 1			214,168			165,149
Granted			92,150			95,000
Vested			(118,331)			(45,981)
Canceled			(640)			—
Outstanding, December 31			187,347			214,168
Compensation expense for the year		$	3,992,000		$	3,241,000

Schedule of nonqualified stock option activity

						Weighted Average
		Shares				Price
		2015		2014		2015			2014
Outstanding, January 1		43,334		73,334		$	29.16		$	23.97
Granted		—		15,000		$	—		$	38.43
Exercised		(3,333)		(45,000)		$	23.79		$	23.79
Canceled		—		—		$	—		$	—
Outstanding, December 31		40,001		43,334		$	29.60		$	29.16
Exercisable, December 31(1)		30,001		28,334		$	31.99		$	24.25

⁽¹⁾ The aggregate intrinsic value of exercisable options at December 31, 2015, based upon the closing price of our common shares at December 31, 2015, the last trading day of 2015, was approximately $494,000. Options exercisable at December 31, 2015 have a weighted average remaining contractual life of approximately 2.6 years.

Schedule of options exercised

				Weighted
				Average
		Options		Exercise			Option			Market
		Exercised		Price			Value			Value(1)
2015		3,333		$	23.79		$	79,000		$	140,000
2014		45,000		$	23.79		$	1,071,000		$	1,840,000

⁽¹⁾ As of the exercise dates.

2008 Plan

Stock Based Compensation Plans

Schedule of restricted stock granted

During 2015 and 2014, we granted 92,150 and 95,000 shares of restricted common stock, respectively, under the 2008 Plan as follows:

				Price per
Year		No. of Shares		Share			Vesting Period
2015		65,750		$	44.45		ratably over 3 years
		18,000		$	42.30		ratably over 3 years
		8,400		$	42.30		June 2, 2016
		92,150
2014		59,000		$	36.81		ratably over 3 years
		3,000		$	38.43		ratably over 3 years
		15,000		$	40.05		ratably over 3 years
		10,500		$	40.05		June 9, 2015
		7,500		$	41.34		November 12, 2015
		95,000

Restricted stock

Stock Based Compensation Plans

Schedule of restricted common shares and stock options scheduled to vest and remaining compensation expense

		Number		Remaining
		of		Compensation
Vesting Date		Awards		Expense
2016		102,060		$	2,618,000
2017		57,367			1,416,000
2018		27,920			187,000
		187,347		$	4,221,000

Stock options

Stock Based Compensation Plans

Schedule of restricted common shares and stock options scheduled to vest and remaining compensation expense

		Number		Remaining
		of		Compensation
Vesting Date		Awards		Expense
2016		5,000		$	15,000
2017		5,000			3,000
		10,000		$	18,000

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