Stockholders' Equity

12 Months Ended

Dec. 31, 2016

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Common Stock

The following table provides a reconciliation of the beginning and ending common stock balances for the years ended December 31, 2016 and 2015 and for the period March 28, 2014 (inception) through December 31, 2014:

	For the Year Ended December 31,		For the Period March 28, 2014 (inception) through December 31,
	2016	2015	2014
Balance, beginning of period	7,596,940	200,000	—
Issuance of common stock	5,175,000	7,311,183	200,000
Restricted stock issued	216,542	85,757	—
Balance, end of period	12,988,482	7,596,940	200,000

Equity Offerings

In April 2016, the Company completed a follow-on public offering of 5,175,000 shares of its common stock, including 675,000 shares of common stock issued in connection with the exercise in full of the underwriters' option to purchase additional shares, and received net proceeds of approximately $86.1 million.

On May 27, 2015, the Company completed its initial public offering of 7,187,500 shares of its common stock, including 937,500 shares of common stock issued in connection with the exercise in full of the underwriters’ option to purchase additional shares, and received net proceeds, after underwriters' discount and other expenses of approximately $125.2 million. Concurrently, the Company issued 123,683 shares of common stock in concurrent private placements to certain directors and officers of the Company and received approximately $2.3 million in net proceeds.

On March 31, 2014, the Company issued 200,000 shares of common stock to its officers as founder's shares in connection with the formation of the Company.

Universal Shelf S-3 Registration Statement

On September 13, 2016, the Company filed a registration statement on Form S-3 that will allow us to offer debt or equity securities (or a combination thereof) of up to $750.0 million from time to time. The S-3 registration statement was declared effective as of September 26, 2016.

Dividends Declared

During 2016, the Company declared and paid dividends totaling $1.525 per common share as shown in the table below.

Declaration Date	Record Date	Date Paid	Amount Per Share
February 8, 2016	February 19, 2016	March 4, 2016	$0.3775
May 2, 2016	May 20, 2016	June 3, 2016	$0.3800
August 4, 2016	August 19, 2016	September 2, 2016	$0.3825
November 1, 2016	November 18, 2016	December 2, 2016	$0.3850

During 2015, the Company declared and paid dividends totaling $0.517 per common share.