Stockholders' Equity

3 Months Ended

Mar. 31, 2017

Equity [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

In February 2017, the Company issued 25.0 million shares of common stock, resulting in gross proceeds to the Company of $212.9 million. The Company recorded $1.1 million in legal, accounting, and other expenses associated with the issuance resulting in net proceeds of $211.8 million. The Company used the net proceeds from this offering to reduce indebtedness.

On January 3, 2017, the Company declared a cash dividend of $0.06 per common share which was paid January 19, 2017 to shareholders of record on January 13, 2017. On March 20, 2017, the Company declared a cash dividend of $0.06 per common share, which was paid April 13, 2017 to shareholders of record on April 3, 2017.

In March, certain holders of CPLP units redeemed 251,468 units in exchange for shares of the Company's common stock. The aggregate value at the time of these transactions was approximately $2.0 million based upon the value of the Company's common stock at the time of the transactions.

In 2015, the Board of Directors of the Company authorized the repurchase of up to $100 million of its outstanding common shares. The plan expires on September 8, 2017. The repurchases may be executed in the open market, through private negotiations, or in other transactions permitted under applicable law. The timing, manner, price and amount of any repurchases will be determined by the Company in its discretion and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors. The share repurchase program may be suspended or discontinued at any time. No shares were repurchased during the quarter ended March 31, 2017.