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Shareholders' Equity
 3 Months Ended
Mar. 31, 2014
Shareholders' Equity [Abstract]  
Shareholders' Equity

Note 8. Shareholders’ Equity

 

Common Stock

 

On January 13, 2014, the Company concluded a public offering of 6,900,000 shares of its common stock (including 900,000 shares relating to the exercise of an over-allotment option by the underwriters), and realized net proceeds, after offering expenses, of approximately $41.3 million.

 

The Company has an at-the-market offering program under which it may offer and sell, from time-to-time, up to 10 million shares of its common stock. Through March 31, 2014,  no shares had been sold under this program.

 

Dividends

 

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

 

 

 

 

 

 

 

Three months ended March 31,

 

2014

 

2013

Common stock

$             0.050

 

$             0.050

Cumulative Redeemable Preferred Stock:

 

 

 

8.875% Series A

$                     -

 

$             0.555

7.250% Series B

$             0.453

 

$             0.453

 

On April 24, 2014, 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 May 20, 2014 to shareholders of record on May 9, 2014.