Other Equity Matters (Tables)

12 Months Ended

Dec. 31, 2019

Preferred Shares

The following table summarizes the Company's preferred share issuances (the "Series") during 2019:



Preferred Share Offerings	Issuance	Liquidation Preference		# of Shares⁽¹⁾
Series A 8.50% Cumulative Redeemable Perpetual Preference Shares ("Series A")	March 2019	$	86,250	3,450,000
Series B 8.00% Cumulative Redeemable Perpetual Preference Shares ("Series B")	June 2019	143,750		5,750,000
Series C 7.375% Cumulative Redeemable Perpetual Preference Shares ("Series C")	November 2019	175,000		7,000,000
		$	405,000	16,200,000


(1)	Represents number of shares authorized, issued, and outstanding.

As a result of these offerings, the Company received $392.2 million in aggregate net proceeds after deducting underwriting discounts of $2.7 million, $4.6 million, and $5.5 million for Series A, Series B, and Series C, respectively. The net proceeds were used for general corporate purposes, including the purchase of containers, the repurchase of outstanding common shares, the payment of dividends, and the repayment or repurchase of outstanding indebtedness.

Quarterly Financial Information [Table Text Block]

Dividends

Dividends on shares of each Series are cumulative from the date of original issue and will be payable quarterly in arrears on the 15th day of March, June, September and December of each year, when, as and if declared by the Company's Board of Directors. Dividends will be payable equal to the stated rate per annum of the $25.00 liquidation preference per share. The Series rank senior to the Company's common shares with respect to dividend rights and rights upon the Company's liquidation, dissolution or winding up, whether voluntary or involuntary.

The Company paid the following quarterly dividends during the year ended December 31, 2019 on its issued and outstanding Series:

Series A

Series B

Series C

Record Date

Payment Date

Aggregate Payment

Per Share

Payment

Aggregate Payment

Per Share

Payment

Aggregate Payment

Per Share

Payment

December 9, 2019

December 16, 2019

$1.8 million

$0.53125

$2.9 million

$0.50000

$1.4 million

$0.19462

September 9, 2019

September 16, 2019

$1.8 million

$0.53125

$2.6 million

$0.45000

n/a

June 10, 2019

June 17, 2019

$1.8 million

$0.53125

n/a

As of December 31, 2019, the Company had cumulative unpaid preferred dividends of $1.3 million.

The following table sets forth certain key interim financial information for the years ended December 31, 2019 and 2018:



(In thousands, except per share amounts)
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
2019
Total leasing revenues	$	340,859	$	338,566	$	336,668	$	331,176
Trading margin	$	3,587	$	4,496	$	4,150	$	2,275
Net gain on sale of leasing equipment	$	8,469	$	7,519	$	6,196	$	4,857
Net income attributable to shareholders	$	91,914	$	84,071	$	85,895	$	77,161
Net income per basic common share	$	1.18	$	1.13	$	1.18	$	1.07
Net income per diluted common share	$	1.17	$	1.12	$	1.17	$	1.07
2018
Total leasing revenues	$	315,097	$	329,771	$	350,078	$	355,357
Trading margin	$	2,991	$	3,994	$	5,810	$	6,126
Net gain on sale of leasing equipment	$	9,218	$	11,105	$	7,055	$	7,999
Net income attributable to shareholders	$	80,892	$	104,870	$	94,236	$	69,557
Net income per basic common share	$	1.01	$	1.31	$	1.18	$	0.88
Net income per diluted common share	$	1.00	$	1.30	$	1.17	$	0.87

Dividends Declared

The Company paid the following quarterly dividends during the years ended December 31, 2019, 2018, and 2017 on its issued and outstanding common shares:



Record Date	Payment Date	Aggregate Payment	Per Share Payment
December 3, 2019	December 20, 2019	$37.3 Million	$0.52
September 5, 2019	September 26, 2019	$37.6 Million	$0.52
June 6, 2019	June 27, 2019	$38.6 Million	$0.52
March 12, 2019	March 28, 2019	$40.4 Million	$0.52
December 3, 2018	December 20, 2018	$41.0 Million	$0.52
September 4, 2018	September 25, 2018	$41.6 Million	$0.52
June 1, 2018	June 22, 2018	$41.6 Million	$0.52
March 12, 2018	March 28, 2018	$36.1 Million	$0.45
December 1, 2017	December 22, 2017	$36.0 Million	$0.45
September 1, 2017	September 22, 2017	$33.2 Million	$0.45
June 1, 2017	June 22, 2017	$33.2 Million	$0.45
March 20, 2017	March 30, 2017	$33.2 Million	$0.45

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

The following table summarizes the components of accumulated other comprehensive income (loss), net of tax, for the years ended December 31, 2019, 2018, and 2017 (in thousands):



	Cash Flow Hedges			Foreign Currency Translation			Accumulated Other Comprehensive (Loss) Income
Balance at January 1, 2017	$	31,182		$	(4,424	)	$	26,758
Change in derivative instruments designated as cash flow hedges⁽¹⁾	(407		)	—			(407		)
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges⁽¹⁾	440			—			440
Foreign currency translation adjustment	—			151			151
Balance at December 31, 2017	$	31,215		$	(4,273	)	$	26,942
Change in derivative instruments designated as cash flow hedges⁽¹⁾	(3,933		)	—			(3,933		)
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges⁽¹⁾	(5,210		)	—			(5,210		)
Tax reclassification to accumulated earnings for the adoption of ASU 2018-02	(3,029		)	$	—		(3,029		)
Foreign currency translation adjustment	—			(207		)	(207		)
Balance at December 31, 2018	$	19,043		$	(4,480	)	$	14,563
Change in derivative instruments designated as cash flow hedges⁽¹⁾	(42,532		)	—			(42,532		)
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges⁽¹⁾	(4,039		)	—			(4,039		)
Cumulative effect for the adoption of ASU 2017-12, net of income tax effect	432			—			432
Foreign currency translation adjustment	—			(57		)	(57		)
Balance at December 31, 2019	$	(27,096	)	$	(4,537	)	$	(31,633	)

(1)

Refer to Note 7 - "Derivative Instruments" for reclassification impact on the Consolidated Statements of Operations.