Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of Nonvested Restricted Stock Shares Activity

The following table summarizes the activity related to restricted stock units to employees of the Manager and its affiliates for the year ended December 31, 2015.



	Year Ended December 31,
	2015
	Restricted Stock Units		Weighted Average Grant Date Fair Value ⁽¹⁾
Unvested at the beginning of the year	45,545		$	18.67
Shares granted during the year	17,652		15.97
Shares forfeited during the year	(4,600	)	(17.26		)
Shares vested during the year	(17,783	)	(19.53		)
Unvested at the end of the year	40,814		$	17.29


(1)	The grant date fair value of restricted stock awards is based on the closing market price of the Company’s common stock at the grant date.

Common Dividends Declared Per Share

The following table sets forth the dividends declared per share of the Company's common stock.



Date Declared	Dividends Declared Per Share
	Amount		Date of Payment
2015
December 15, 2015	$	0.40	January 26, 2016
September 15, 2015	$	0.40	October 27, 2015
June 15, 2015	$	0.45	July 28, 2015
March 17, 2015	$	0.45	April 28, 2015
2014
December 16, 2014	$	0.45	January 27, 2015
September 15, 2014	$	0.50	October 28, 2014
June 16, 2014	$	0.50	July 28, 2014
March 18, 2014	$	0.50	April 28, 2014

Preferred Stock Dividends Declared Per Share

The following table sets forth the dividends declared per share of the Company's Series A Preferred Stock.



Date Declared	Dividends Declared Per Share
	Amount		Date of Payment
2015
December 15, 2015	$	0.4844	January 25, 2016
September 15, 2015	$	0.4844	October 26, 2015
June 15, 2015	$	0.4844	July 27, 2015
March 17, 2015	$	0.4844	April 27, 2015
2014
December 16, 2014	$	0.4844	January 26, 2015
September 15, 2014	$	0.4844	October 27, 2014
June 16, 2014	$	0.4844	July 25, 2014
March 18, 2014	$	0.4844	April 25, 2014

The following table sets forth the dividends declared per share of the Company's Series B Preferred Stock.



Date Declared	Dividends Declared Per Share
	Amount		Date of Payment
2015
December 15, 2015	$	0.4844	March 28, 2016
September 15, 2015	$	0.4844	December 28, 2015
June 15, 2015	$	0.4844	September 28, 2015
March 17, 2015	$	0.4844	June 29, 2015
2014
December 16, 2014	$	0.4844	March 27, 2015
November 4, 2014	$	0.5705	December 29, 2014

Schedule of Dividends Declared Per Share, Including Tax Characterization

The following table sets forth the dividends declared per share of the Company's preferred and common stock and their related tax characterization for the fiscal tax years ended December 31, 2015 and 2014.



		Tax Characterization of Dividends
Fiscal Tax Year	Dividends Declared	Ordinary Dividends	Capital Gain Distribution	Carry Forward
Series A Preferred Stock Dividends
Fiscal tax year 2015⁽¹⁾	1.937600	1.937600	—	—
Fiscal tax year 2014⁽²⁾	1.937600	1.937600	—	—

Series B Preferred Stock Dividends
Fiscal tax year 2015⁽³⁾	1.937600	1.937600	—	—
Fiscal tax year 2014⁽⁴⁾	0.570500	0.570500	—	—

Common Stock Dividends
Fiscal tax year 2015⁽⁵⁾	1.700000	1.615469	—	0.257840
Fiscal tax year 2014	1.950000	1.776691	—	0.173309


(1)	Excludes preferred stock dividend of $0.4844 per share declared on December 15, 2015 having a record date of January 1, 2016, which for federal income tax purposes is a fiscal tax year 2016 dividend.


(2)	Excludes preferred stock dividend of $0.4844 per share declared on December 16, 2014 having a record date of January 1, 2015, which for federal income tax purposes is a fiscal tax year 2015 dividend.


(3)	Excludes preferred stock dividend of $0.4844 per share declared on December 15, 2015 having a record date of March 5, 2016, which for federal income tax purposes is a fiscal tax year 2016 dividend.


(4)	Excludes preferred stock dividend of $0.4844 per share declared on December 16, 2014 having a record date of March 5, 2015, which for federal income tax purposes is a fiscal tax year 2015 dividend.


(5)	Ordinary dividends include $0.173309 of undistributed taxable income carried-forward from fiscal tax year 2014.