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Common Stock

9 Months Ended

Sep. 30, 2020

Note 10 – Common Stock

Dividend

The following chart details the Company’s dividend activity for the nine months ended September 30, 2020 (amounts in thousands, except per share data):


		Dividend		Total			Dividend Paid			Cash	Stock
Declaration Date		per Share		Dividend	Payable Date	Record Date	Cash %	Stock %		Issued	Issued
March 13, 2020	$	0.45	$	9,036	April 7, 2020	March 24, 2020	100.0	—	$	9,036	—
June 10, 2020 (a)(b)	$	0.45	$	9,068	July 31, 2020	June 22, 2020	50.0	50.0	$	4,537	263
September 9, 2020 (a)(c)(d)	$	0.45	$	9,198	October 29, 2020	September 21, 2020	75.0	25.0	$	6,898	141

(a)

Stockholders were entitled to elect whether the dividend payable to them would be paid in cash or shares of the Company’s common stock at the percentages indicated, with certain limitations.

(b)

The shares of common stock issued were valued at approximately $17.22 per share.

(c)

The shares of common stock issued were valued at approximately $16.27 per share.

(d)

Earnings per share amounts for the three and nine months ended September 30, 2020 reflect the portion of the dividend paid by the issuance of stock (see Note 13). The number of shares issued and outstanding as presented on the balance sheet at September 30, 2020 would have been 19,878, taking into account the 141 shares issued on October 29, 2020.

Change in Authorized Capital

On July 8, 2020, the Company filed an amended and restated charter with the Maryland State Department of Assessments and Taxation, which, among other things, increased the number of shares of common stock the Company is authorized to issue from 25,000,000 shares to 50,000,000 shares.