Stockholders' Equity (Tables)

3 Months Ended

Sep. 30, 2016

Schedule of preferred stock called for redemption

On September 30, 2016, the Company declared the preferred dividend for the month of October 2016 and elected to redeem all 317,319 outstanding shares of the Company’s 8.5% Series A Cumulative (perpetual) Preferred Stock. The redemption will occur on November 14, 2016 at the issue's $25.00 per share liquidation value plus all accumulated and unpaid distributions from October 31, 2016 (the last dividend payment date before the redemption date) through the redemption date, for an aggregate redemption price of approximately $25.082639 per share:



Consideration to preferred shareholders upon redemption at liquidation preference	$	7,932,975
Accrued and unpaid dividends (1)	$	82,415
Deemed dividend (2)	$	1,002,440

(1) Includes the monthly dividend for October 2016 declared by the Company.

(2) Represents the difference between the redemption consideration and the historical carrying value of the preferred shares. Accordingly, net income was adjusted for this deemed dividend to determine net income attributable to common shareholders and earnings per common share.