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Equity
6 Months Ended
Jun. 30, 2013
Equity

NOTE 11: EQUITY

Preferred Shares

Dividends:

On January 29, 2013, our board of trustees declared a first quarter 2013 cash dividend of $0.484375 per share on our 7.75% Series A Preferred Shares, $0.5234375 per share on our 8.375% Series B Preferred Shares, $0.5546875 per share on our 8.875% Series C Preferred Shares and $0.4687500 per share on our Series D Preferred Shares. The dividends were paid on April 1, 2013 to holders of record on March 1, 2013 and totaled $4,840.

On May 14, 2013, our board of trustees declared a second quarter 2013 cash dividend of $0.484375 per share on our 7.75% Series A Preferred Shares, $0.5234375 per share on our 8.375% Series B Preferred Shares, $0.5546875 per share on our 8.875% Series C Preferred Shares and $0.4687500 per share on our Series D Preferred Shares. The dividends were paid on July 1, 2013 to holders of record on June 3, 2013 and totaled $5,142.

On July 30, 2013, our board of trustees declared a third quarter 2013 cash dividend of $0.484375 per share on our 7.75% Series A Preferred Shares, $0.5234375 per share on our 8.375% Series B Preferred Shares, $0.5546875 per share on our 8.875% Series C Preferred Shares and $0.4687500 per share on our Series D Preferred Shares. The dividends will be paid on September 30, 2013 to holders of record on September 3, 2013.

At Market Issuance Sales Agreement (ATM):

On May 21, 2012, we entered into an At Market Issuance Sales Agreement, or Preferred ATM agreement, with MLV & Co. LLC, or MLV, providing that, from time to time during the term of the Preferred ATM agreement, on the terms and subject to the conditions set forth therein, we may issue and sell through MLV, up to 2,000,000 Series A Preferred Shares, up to 2,000,000 Series B Preferred Shares, and up to 2,000,000 Series C Preferred Shares. Unless the Preferred ATM agreement is earlier terminated by MLV or us, the Preferred ATM agreement automatically terminates upon the issuance and sale of all of the Series A Preferred Shares, Series B Preferred Shares, and Series C Preferred Shares subject to the Preferred ATM agreement. During the six-month period ended June 30, 2013, pursuant to the Preferred ATM agreement we issued a total of 625,000 Series A Preferred Shares at a weighted-average price of $24.00 per share and we received $14,550 of net proceeds. We did not issue any Series B Preferred Shares or Series C Preferred Shares during the six-month period ended June 30, 2013. From July 1, 2013 through August 5, 2013 we issued a total of 320,000 Series A Preferred Shares pursuant to the ATM at a weighted-average price of $23.75 per share and we received $7,372 of net proceeds. After reflecting the preferred shares issued through August 5, 2013, 690,712, 1,969,835, and 1,959,900 of Series A Preferred Shares, Series B Preferred Shares, and Series C Preferred Shares, respectively, remain available for issuance under the Preferred ATM agreement.

 

Common Shares

Dividends:

On March 15, 2013, the board of trustees declared a $0.12 dividend on our common shares to holders of record as of April 3, 2013. The dividend was paid on April 30, 2013 and totaled $8,334.

On June 20, 2013, the board of trustees declared a $0.13 dividend on our common shares to holders of record as of July 12, 2013. The dividend was paid on July 31, 2013 and totaled $9,032.

Equity Compensation:

During the six-month period ended June 30, 2013, 54,728 phantom unit awards were redeemed for common shares, a portion of which was withheld in order to satisfy the applicable withholding taxes. These phantom units were fully vested at the time of redemption.

On July 30, 2013, the compensation committee awarded 6,578 restricted common share awards, valued at $50 using our closing stock price of $7.60, to one of the board’s non-management trustees. Three quarters of this award vested immediately and the remainder vests three months after the award date.

On January 29, 2013, the compensation committee awarded 43,536 restricted common share awards, valued at $300 using our closing stock price of $6.89, to six of the board’s non-management trustees. One quarter of these awards vested immediately and the remainder vest over a nine-month period. On January 29, 2013, the compensation committee awarded 369,500 restricted common share awards, valued at $2,577 using our closing stock price of $6.89, to our executive officers and non-executive officer employees. These awards generally vest over three-year periods.

On January 29, 2013, the compensation committee awarded 1,127,500 stock appreciation rights, or SARs, valued at $1,332 based on a Black-Scholes option pricing model at the date of grant, to our executive officers and non-executive officer employees. The SARs vest over a three-year period and may be exercised between the date of vesting and January 29, 2018, the expiration date of the SARs.

Dividend Reinvestment and Share Purchase Plan (DRSPP):

We have a dividend reinvestment and share purchase plan, or DRSPP, under which we registered and reserved for issuance, in the aggregate, 10,500,000 common shares. During the six-month period ended June 30, 2013, we issued a total of 2,343 common shares pursuant to the DRSPP at a weighted-average price of $7.81 per share and we received $18 of net proceeds. As of June 30, 2013, 7,781,137 common shares, in the aggregate, remain available for issuance under the DRSPP.

Capital on Demand™ Sales Agreement (COD):

On November 21, 2012, we entered into a Capital on Demand™ Sales Agreement, or the COD sales agreement, with JonesTrading Institutional Services LLC, or JonesTrading, pursuant to which we may issue and sell up to 10,000,000 of our common shares from time to time through JonesTrading acting as agent and/or principal, subject to the terms and conditions of the COD sales agreement. Unless the COD sales agreement is earlier terminated by JonesTrading or us, the COD sales agreement automatically terminates upon the issuance and sale of all of the common shares subject to the COD sales agreement. During the six-month period ended June 30, 2013, there were no common shares issued pursuant to this agreement. From July 1, 2013 through August 5, 2013 we issued a total of 287,277 common shares pursuant to this agreement at a weighted-average price of $7.59 per share and we received $2,126 of net proceeds. After reflecting the common shares issued through August 5, 2013, 9,712,723 common shares, in the aggregate, remain available for issuance under the COD sales agreement.

Common Share Public Offering:

In January 2013 in connection with an underwritten public offering in the fourth quarter of 2012, the underwriters exercised their overallotment option to purchase 1,350,000 additional common shares and we received $7,358 of proceeds.

In April 2013, we issued 9,200,000 common shares in an underwritten public offering. The public offering price was $7.87 per share and we received $70,196 of proceeds.