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Shareholders' Equity
 6 Months Ended
Jun. 30, 2012
Shareholders' Equity [Abstract]  
Shareholders' Equity

Note 9. Shareholders’ Equity

 

On May 15, 2012, the Company concluded a public offering of 400,000 shares of its 7.25% Series B Cumulative Redeemable Preferred Stock “Series B Preferred Stock” at $23.00 per share, and realized net proceeds, after offering expenses, of approximately $8.6 million. The Series B Preferred Stock has a liquidation preference of $25.00 per share, has no stated maturity, is not convertible into any other security of the Company, and is redeemable at the Company’s option beginning May 22, 2017 at a price of $25.00 per share plus accrued and unpaid distributions. In addition, on May 29, 2012 the Company entered into an at-the-market (“ATM”) equity program in which the Company may, from time to time, offer and sell up to an additional 4,000,000 shares of its 7.25% Series B Preferred Stock. During the period ended June 30, 2012, the Company sold approximately 53,000 shares under the ATM equity program at a weighted average price of $23.15 per share, and realized net proceeds, after offering expenses, of approximately $1.2 million. In addition, during the period ended June 30, 2012, the Company redeemed and/or purchased on the open-market approximately 380,000 shares of its 8.875% Series A Cumulative Redeemable Preferred Stock, for a total cash outlay of $9.6 million (including $89,000 of accrued dividends).

 

            The following table provides a summary of dividends declared and paid per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended June 30,

 

Six months ended June 30,

 

 

2012

 

2011

 

2012

 

2011

Common stock

 

$              0.050 

 

$              0.090 

 

$              0.100 

 

$              0.180 

Cumulative Redeemable Preferred Stock:

 

 

 

 

 

 

 

 

8.875% Series A

 

$              0.555 

 

$              0.555 

 

$              1.109 

 

$              1.109 

7.250% Series B

 

$                     - 

 

$                     - 

 

$                     - 

 

$                     - 

 

 

During the six months ended June 30, 2012, holders of approximately 1,134,000 OP Units (including 564,000 mezzanine OP Units) converted their holdings to shares of the Company’s common stock. In connection therewith, $3.9 million of the carrying value of mezzanine OP Units was reclassified to equity.