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Stockholders' Equity
 12 Months Ended
Dec. 31, 2012
Stockholders' Equity

Note 12 – Stockholders’ Equity

The Company’s authorized capital stock consists of 450,000,000 shares of common stock, $0.01 par value per share and 50,000,000 shares of preferred stock, $0.01 par value per share. As of December 31, 2012, 28,044,106 shares of common stock were issued and outstanding and there were 3,450,000 shares of preferred stock issued and outstanding.

Preferred Offering.    During August 2012, the Company completed an underwritten public offering of 3,450,000 shares of its 8.625% Series A Cumulative Redeemable Perpetual Preferred Stock with a liquidation preference of $25.00 per share including 450,000 shares issued pursuant to the underwriters option to purchase additional shares. Net proceeds from the offering, after the underwriting discount and estimated offering expenses payable by the Company, were $83,199.

Common Offering.    During October 2012, the Company completed a follow-on public offering of 7,000,000 shares of its common stock at a price of $16.81 per share. During November 2012, the underwriters partially exercised their option to purchase additional shares of common stock and purchased 404,640 shares of common stock at $16.81 per share. The aggregate net proceeds from the entire offering, including proceeds from the sale of the additional shares, were $124,066, after deducting estimated offering expenses payable by the Company.

Common Offering.    During July 2011, the Company sold an aggregate of 3,000,000 shares of common stock at a price of $16.66 per share in a private offering. The shares were first sold to J.P. Morgan Securities LLC, as initial purchaser which purchased the shares for resale to Investors Insurance Corporation and Liberty Life Insurance Company, two affiliated U.S. insurance companies, and received a selling commission of $0.33 per share, resulting in net proceeds to the Company before offering expenses of $16.33 per share. The offering price was equal to the Company’s June 30, 2011 basic book value per share and represents a premium of approximately 4.65% over the closing price of $15.92 as of July 25, 2011. The offering closed on July 29, 2011 and generated net proceeds before offering expenses of approximately $48,980. The investors were known to the Company’s management team by virtue of being subsidiaries of a portfolio company of an Apollo fund and separate accounts.

In connection with this offering, our board of directors has created an excepted holder limit of 15% in the aggregate for Investors Insurance Corporation and Liberty Life Insurance Company and certain of their respective specified affiliates.

Share Repurchase.    During August 2011, the Company announced that its board of directors had authorized the repurchase of up to $35,000 of its outstanding common stock over a period of one year. The Company has not effected any repurchases of its shares of common stock pursuant to this program.

 

Dividends.    During 2012 and 2011, the Company has declared the following dividends on its common stock:

 

Declaration Date

  

Record Date

  

Payment Date

  

Amount

March 10, 2011

   March 31, 2011   April 12, 2011   $0.40

May 10, 2011

   June 30, 2011   July 12, 2011   $0.40

August 4, 2011

   September 30, 2011   October 12, 2011   $0.40

November 3, 2011

   December 31, 2011   January 12, 2012   $0.40

February 28, 2012

   March 31, 2012   April 12, 2012   $0.40

May 3, 2012

   June 29, 2012   July 12, 2012   $0.40

August 6, 2012

   September 28, 2012   October 12, 2012   $0.40

November 1, 2012

   December 31, 2012   January 14, 2013   $0.40

During 2012 and 2011, the Company declared the following dividends on its Series A Preferred Stock:

 

Declaration Date

    Record Date      Payment Date      Amount  

September 13, 2012

      September 28, 2012         October 15, 2012       $ 0.4432 * 

December 13, 2012

      December 31, 2012         January 15, 2013       $ 0.5391   

 

* Partial payment for the period from the date of issuance (August 1, 2012) through October 15, 2012.