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Shareholders' Equity
 3 Months Ended
Mar. 31, 2013
Shareholders' Equity [Abstract]  
Shareholders' Equity

Note 8. Shareholders’ Equity

 

On February 12, 2013, the Company concluded a public offering of 2,000,000 shares of its 7.25% Series B Cumulative Redeemable Preferred Stock (“Series B Preferred Stock”) at $24.58 per share, and realized net proceeds, after offering expenses, of approximately $47.6 million. On February 12, 2013, the underwriters exercised their over-allotment option to the extent of 300,000 additional shares of the Company’s Series B Preferred Stock, and the Company realized additional net proceeds of $7.1 million.

 

In addition, during the three months ended March 31, 2013, the Company sold approximately 221,000 shares of its Series B Preferred Stock under the at-the-market equity program at a weighted average price of $24.52 per share, and realized net proceeds, after offering expenses, of approximately $5.2 million.

 

On March 11, 2013, the Company redeemed the remaining 1,408,000 shares of its 8.875% Series A Cumulative Redeemable Preferred Stock, for a total cash outlay of $35.4 million.

 

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

 

 

 

 

 

 

 

 

 

Three months ended March 31,

 

 

 

2013

 

2012

 

Common stock

 

$             0.050

 

$             0.050

 

Cumulative Redeemable Preferred Stock:

 

 

 

 

 

8.875% Series A

 

$             0.555

 

$             0.555

 

7.250% Series B

 

$             0.453

 

$                     -

 

 

 

 

 

 

 

 

On March 5, 2013, the Company’s Board of Directors declared a dividend of $0.05 per share with respect to its common stock. At the same time, the Board declared a dividend of $0.453125 per share with respect to the Company’s 7.25% Series B Preferred Stock. The distributions are payable on May 20, 2013 to shareholders of record on May 10, 2013.