11. 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 2016, 2015 and 2014:

Month	2016		2015		2014
January	$	0.1910000	$	0.1834167	$	0.1821667
February	0.1985000		0.1890000		0.1821667
March	0.1985000		0.1890000		0.1821667
April	0.1990000		0.1895000		0.1824792
May	0.1990000		0.1895000		0.1824792
June	0.1990000		0.1895000		0.1824792
July	0.1995000		0.1900000		0.1827917
August	0.1995000		0.1900000		0.1827917
September	0.2015000		0.1900000		0.1827917
October	0.2020000		0.1905000		0.1831042
November	0.2020000		0.1905000		0.1831042
December	0.2020000		0.1905000		0.1831042
Total	$	2.3915000	$	2.2714167	$	2.1916254

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

	2016		2015		2014
Ordinary income	$	1.8771975	$	1.7307023	$	1.6483522
Nontaxable distributions	0.5143025		0.5407144		0.5432732
Totals	$	2.3915000	$	2.2714167	$	2.1916254

At December 31, 2016, a distribution of $0.2025 per common share was payable and was paid in January 2017. At December 31, 2015, a distribution of $0.191 per common share was payable and was paid in January 2016.

B. 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. For 2014, dividends paid per share in the amount of $1.4484375 were characterized as ordinary income for federal income tax purposes.

C. 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 2016, 2015 and 2014. For 2016, 2015 and 2014, dividends paid per share of $1.656252 were characterized as ordinary income for federal income tax purposes. At December 31, 2016, a monthly dividend of $0.138021 per share was payable and was paid in January 2017. We are current in our obligations to pay dividends on our Class F preferred stock.