Redeemable Preferred Stocks

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Redeemable Preferred Stocks

8. Redeemable Preferred Stocks

Series E and Series F Redeemable Preferred

As of March 31, 2021, the Series E Redeemable Preferred had a 14% annual dividend rate and a participating right in dividends and liquidating distributions equal to 303,646 shares of common stock (participation rights value).  Dividends accrue semi-annually in arrears and are compounded.  Pursuant to the terms of the Series E Redeemable Preferred, the annual dividend rate increased 0.50% in April 2021 and will increase (a) by an additional 0.50% in April 2022 and (b) by an additional 1.0% in April 2023. The Series E Redeemable Preferred contains redemption features and a participation rights value that are being accounted for as derivative instruments and have been bifurcated from the Series E Redeemable Preferred as discussed in Note 6.

As of March 31, 2021, the Series F Redeemable Preferred has voting rights to vote as a single class on all matters which the common stock have the right to vote and is entitled to a number of votes equal to 456,225 shares of our common stock.

Changes in our Series E and Series F Redeemable Preferred are as follows:

	Series E Redeemable Preferred
	Shares		Amount
	(Dollars In Thousands)
Balance at December 31, 2020		139,768	$	272,101
Accretion relating to liquidation preference on    preferred stock		—		273
Accretion for discount and issuance costs on    preferred stock		—		238
Accumulated dividends		—		9,511
Balance at March 31, 2021		139,768	$	282,123