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Shareholders' Equity
 9 Months Ended
Sep. 30, 2022
Stockholders Equity Note [Abstract]  
Shareholders' Equity

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2022

 

 

December 31, 2021

 

 

 

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 September 30,

 

 

Nine months ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Common stock

 

$

19.520

 

 

$

0.066

 

 

$

19.586

 

 

$

0.198

 

Common stock - merger consideration

 

$

9.480

 

 

$

—

 

 

$

9.480

 

 

$

—

 

7.25% Series B Preferred Stock

 

$

0.453

 

 

$

0.453

 

 

$

1.359

 

 

$

1.359

 

6.50% Series C Preferred Stock

 

$

0.406

 

 

$

0.406

 

 

$

1.219

 

 

$

1.219

 

 

On August 9, 2022, the Company's Board of Directors declared a special dividend on shares of the Company's outstanding common stock of $19.52 per share, payable to holders of record of the Company’s common stock at the close of business on August 19, 2022.

On August 26, 2022, the Company paid merger consideration of $9.48 per share on shares of the Company’s outstanding common stock.

On October 17, 2022, the Company’s Board of Directors 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 November 21, 2022 to shareholders of record of the Series B Preferred Stock and Series C Preferred Stock, as applicable, on November 10, 2022.