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Shareholders' Equity
 9 Months Ended
Sep. 30, 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.

 

On August 6, 2013, the Company entered into an at-the-market continuous offering program under which it may offer and sell, from time-to-time, up to 10 million shares of its common stock. Through September 30, 2013, no shares had been sold under this program.

 

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

 

 

 

 

 

 

 

 

 

 

 

Three months ended Septemeber 30,

 

Nine months ended September 30,

 

2013

 

2012

 

2013

 

2012

Common stock

$                 0.050 

 

$                 0.050 

 

$                 0.150 

 

$                 0.150 

Cumulative Redeemable Preferred Stock:

 

 

 

 

 

 

 

8.875% Series A

$                         - 

 

$                 0.555 

 

$                 0.555 

 

$                 1.109 

7.250% Series B

$                 0.453 

 

$                 0.453 

 

$                 1.359 

 

$                 0.453 

 

On October 28, 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 Series B Preferred Stock. The distributions are payable on November 20, 2013 to shareholders of record on November 8, 2013.