Shareholders' Equity

6 Months Ended

Jun. 30, 2020

Note 7. Shareholders’ Equity

Preferred Stock

The Company is authorized to issue up to 12,500,000 shares of preferred stock. The following tables summarize details about the Company’s preferred stock:

	Series B		Series C
	Preferred Stock		Preferred Stock
Par value	$	0.01	$	0.01
Liquidation value	$	25.00	$	25.00

	June 30, 2020				December 31, 2019
	Series B		Series C		Series B		Series C
	Preferred Stock		Preferred Stock		Preferred Stock		Preferred Stock
Shares authorized		1,450,000		6,450,000		1,450,000		6,450,000
Shares issued and outstanding		1,450,000		5,000,000		1,450,000		5,000,000
Balance	$	34,767,000	$	124,774,000	$	34,767,000		124,774,000

Dividends

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

	Three months ended June 30,				Six months ended June 30,
	2020		2019		2020		2019
Common stock	$	0.010	$	0.050	$	0.060	$	0.100
7.25% Series B Preferred Stock	$	0.453	$	0.453	$	0.906	$	0.906
6.50% Series C Preferred Stock	$	0.406	$	0.406	$	0.813	$	0.813

On July 20, 2020, the Company’s Board of Directors declared a dividend of $0.01 per share with respect to its common stock. At the same time, the Board declared dividends of $0.453125 and $0.406250 per share with respect to the Company’s Series B Preferred Stock and Series C Preferred Stock, respectively. The distributions are payable on August 20, 2020 to shareholders of record on August 10, 2020.