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Shareholders' Equity
 9 Months Ended
Sep. 30, 2016
Stockholders Equity Note [Abstract]  
Shareholders' Equity

Note 7. Shareholders’ Equity

 

On August 1, 2016, the Company entered into a forward sales agreement to issue 5,750,000 common shares for estimated net proceeds of $44.2 million, before adjustments for dividends paid and other administrative costs prior to settlement. To date, there have been no physical settlements regarding this offering. The Company expects to physically settle the agreement in full prior to its expiration on August 1, 2017. The Company does have the right, at its option, to net settle this agreement in shares or cash prior to its expiration, but does not expect to do so.

 

Dividends

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

 

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

Common stock

 

$

0.050

 

 

$

0.050

 

 

$

0.150

 

 

$

0.150

 

7.250% Series B Preferred Stock

 

$

0.453

 

 

$

0.453

 

 

$

1.359

 

 

$

1.359

 

 

On October 21, 2016, 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 21, 2016 to shareholders of record on November 11, 2016.