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Equity | 12 Months Ended
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Dec. 31, 2020
Stockholders' Equity Note [Abstract] |
Common Stock Capitalization | Equity Preferred Stock The Company has authorized 100,000,000 shares of preferred stock, $0.001 par value per share. As of both December 31, 2020 and 2019, there were 4,600,000 shares of 6.750% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, $0.001 par value per share ("Series A Preferred Stock") outstanding. The Company's Series A Preferred Stock ranks senior to its common stock and Convertible Non-controlling Interests with respect to the payment of dividends and the distribution of assets upon a voluntary or involuntary liquidation, dissolution or winding up of the Company. Additionally, the Company's Series A Preferred Stock has no stated maturity and is not subject to any sinking fund or mandatory redemption. The Series A Preferred Stock is not redeemable by the Company prior to October 30, 2024, except under circumstances where it is necessary to allow the Company to maintain its qualification as a REIT for U.S. federal income tax purposes and except in certain instances upon the occurrence of a change of control. Holders of the Company's Series A Preferred Stock generally do not have any voting rights. Holders of the Series A Preferred Stock are entitled to receive cumulative cash dividends (i) from and including the original issue date to, but excluding, October 30, 2024, at a fixed rate equal to 6.750% per annum of the $25.00 per share liquidation preference and (ii) from and including October 30, 2024, at a floating rate equal to three-month LIBOR plus a spread of 5.196% per annum of the $25.00 per share liquidation preference. Dividends are payable quarterly in arrears on or about the 30th day of each January, April, July, and October, commencing with the first dividend payment on January 30, 2020, which the Board of Directors declared in December 2019. As of December 31, 2020 and 2019, the total amount of cumulative preferred dividends in arrears was $1.3 million and $1.5 million, respectively. Common Stock The Company has authorized 100,000,000 shares of common stock, $0.001 par value per share. The Board of Directors may authorize the issuance of additional shares, subject to the approval of the holders of at least a majority of the shares of common stock then outstanding present in person or represented by proxy at a meeting of the stockholders. As of December 31, 2020 and 2019, there were 43,781,684 and 38,647,943, respectively, shares of common stock outstanding. On January 24, 2020, the Company completed a follow-on offering of 5,290,000 shares of its common stock, of which 690,000 shares were issued pursuant to the exercise of the underwriters' option. The issuance and sale of the 5,290,000 shares of common stock generated net proceeds, after underwriters' discount and offering costs, of $95.3 million. The following table summarizes issuance, repurchase, and other activity with respect to the Company's common stock for the years ended December 31, 2020 and 2019:
|  | Year Ended
|  | December 31, 2020 |  | December 31, 2019
Shares of Common Stock Outstanding (12/31/2019 and 1/1/2019, respectively) |  | 38,647,943 |  |  | 29,796,601 |
Share Activity: |  |  |  |
Shares of common stock issued |  | 5,290,000 |  |  | 8,855,000 |
Shares of common stock issued in connection with incentive fee payment |  | 637 |  |  | — |
Shares of common stock repurchased |  | (290,050) |  |  | (50,825) |
OP LTIP Units exercised |  | — |  |  | 13,092 |
OP Units exercised |  | 133,154 |  |  | 34,075 |
Shares of Common Stock Outstanding (12/31/2020 and 12/31/2019, respectively) |  | 43,781,684 |  |  | 38,647,943 |
If all Convertible Non-controlling Interests that have been previously issued were to become fully vested and exchanged for shares of common stock as of December 31, 2020 and 2019, the Company's issued and outstanding shares of common stock would increase to 44,442,631 and 39,371,584 shares, respectively. On June 13, 2018, the Board of Directors approved the adoption of a share repurchase program under which the Company is authorized to repurchase up to 1.55 million shares of common stock. The program, which is open-ended in duration, allows the Company to make repurchases from time to time on the open market or in negotiated transactions, including under Rule 10b5-1 plans. Repurchases are at the Company's discretion, subject to applicable law, share availability, price and financial performance, among other considerations. During the year ended December 31, 2020, the Company repurchased 290,050 shares at an average price per share of $10.54 and a total cost of $3.1 million. During the year ended December 31, 2019, the Company repurchased 50,825 shares at an average price per share of $15.39 and a total cost of $0.8 million. From inception of the current repurchase plan through December 31, 2020, the Company repurchased 701,965 shares at an average price per share of $13.36 and a total cost of $9.4 million. Common Share Capitalization During the year ended December 31, 2018 the Board of Directors authorized dividends totaling $1.64 per share. Total dividends paid during the year ended December 31, 2018 were $50.7 million, respectively. The following table summarizes issuance, repurchase, and other activity with respect to the Company's common shares for the year ended December 31, 2018:
|  | Year Ended December 31, 2018
Common Shares Outstanding (December 31, 2017) |  | 31,335,938 |
Share Activity: |  |
Shares repurchased |  | (1,547,148) |
Director LTIP Units exercised |  | 3,334 |
Shares issued in connection with incentive fee payment |  | 4,477 |
Common Shares Outstanding (December 31, 2018) |  | 29,796,601 |
If all LTIP Units, OP LTIP Units, and OP Units that have been previously issued were to become fully vested and exchanged for common shares as of December 31, 2018 the Company's issued and outstanding common shares would increase to 30,529,972. On June 13, 2018, the Company's Board of Directors approved the adoption of a share repurchase program under which the Company is authorized to repurchase up to 1.55 million common shares. The program, which is open-ended in duration, allows the Company to make repurchases from time to time on the open market or in negotiated transactions, including under Rule 10b5-1 plans. Repurchases are at the Company's discretion, subject to applicable law, share availability, price and its financial performance, among other considerations. This program superseded the program that was previously adopted on February 6, 2018. During the year ended December 31, 2018, the Company repurchased 1,547,148 common shares at an average price per share of $14.95 and a total cost of $23.1 million. As of December 31, 2018, the Company had repurchased 361,090 common shares at an average price per share of $15.34 and a total cost of $5.5 million under the current share repurchase program.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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