12. Distributions Paid and Payable

A. Common Stock

We pay monthly distributions to our common stockholders. The following is a summary of monthly distributions paid per common share for the years:

Month	2014		2013		2012

January	$	0.1821667	$	0.1517500	$	0.1455000
February	0.1821667		0.1809167		0.1455000
March	0.1821667		0.1809167		0.1455000
April	0.1824792		0.1812292		0.1458125
May	0.1824792		0.1812292		0.1458125
June	0.1824792		0.1812292		0.1458125
July	0.1827917		0.1815417		0.1461250
August	0.1827917		0.1815417		0.1461250
September	0.1827917		0.1815417		0.1511250
October	0.1831042		0.1818542		0.1514375
November	0.1831042		0.1818542		0.1514375
December	0.1831042		0.1818542		0.1514375


Total	$	2.1916254	$	2.1474587	$	1.7716250

The following presents the federal income tax characterization of distributions paid or deemed to be paid per common share for the years:

	2014		2013		2012
Ordinary income	$	1.6483522	$	1.3153791	$	1.3367481
Nontaxable distributions	0.5432732		0.8320796		0.4348769
Totals	$	2.1916254	$	2.1474587	$	1.7716250

At December 31, 2014, a distribution of $0.1834167 per common share was payable and was paid in January 2015. At December 31, 2013, a distribution of $0.1821667 per common share was payable and was paid in January 2014.

B. Class D Preferred Stock

Prior to the redemption of the Class D preferred stock in March 2012, dividends of $0.1536459 per share were paid monthly in arrears on the Class D preferred stock. We declared dividends to holders of our Class D preferred stock totaling $2.0 million in 2012. For 2012, dividends paid per share in the amount of $0.3841147 were characterized as ordinary income for federal income tax purposes.

C. Class E Preferred Stock

Prior to the redemption of the Class E preferred stock in October 2014, dividends of $0.140625 per share were paid monthly in arrears on the Class E preferred stock. We paid distributions to holders of our Class E preferred stock totaling $12.7 million in 2014, and $14.9 million in 2013 and 2012. For 2014, dividends paid per share in the amount of $1.4484375 were characterized as ordinary income for federal income tax purposes, while in 2013 and 2012, dividends paid per share in the amount of $1.6875 were characterized as ordinary income for federal income tax purposes.

D. Class F Preferred Stock

Dividends of $0.138021 per share are paid monthly in arrears on the Class F preferred stock. We declared dividends to holders of our Class F preferred stock totaling $27.1 million in 2014 and 2013 and $22.6 million in 2012. For 2014 and 2013, dividends paid per share of $1.656252 were characterized as ordinary income for federal income tax purposes. In 2012, dividends paid per share of $1.4124147 were characterized as ordinary income for federal income tax purposes. At December 31, 2014, a monthly dividend of $0.138021 per share was payable and was paid in January 2015. We are current in our obligations to pay dividends on our Class F preferred stock.