Shareholders' Equity

6 Months Ended

Jun. 30, 2014

Shareholders' Equity [Abstract]

SHAREHOLDERS' EQUITY

NOTE 6 - SHAREHOLDERS’ EQUITY

Common Stock

On June 16, 2014, the Company paid total cash dividends of $3,991,110 or $0.18 per share to common shareholders of record as of close of business on May 15, 2014, of which $460,544 was reinvested in the Dividend Reinvestment and Stock Purchase Plan (DRIP). Total dividends paid to our common shareholders for the six months ended June 30, 2014 amounted to $7,844,705 of which $912,856 was reinvested.

During the six months ended June 30, 2014, the Company received, including dividends reinvested of $912,856, a total of $15,249,235 from its DRIP. There were 1,661,927 new shares issued under the DRIP.

On July 1, 2014, the Company declared a dividend of $0.18 per share to be paid September 15, 2014 to common shareholders of record as of close of business on August 15, 2014.

8.25% Series A Cumulative Redeemable Preferred Stock

On June 16, 2014, the Company paid $1,889,147 in dividends or $0.515625 per share for the period from March 1, 2014 through May 31, 2014 to preferred shareholders of record as of close of business on May 15, 2014. Dividends on the Series A preferred shares are cumulative and payable quarterly at an annual rate of $2.0625 per share. Total dividends paid to our preferred shareholders for the six months ended June 30, 2014 amounted to $3,778,294.

On July 1, 2014, the Company declared a dividend of $0.515625 per share for the period from June 1, 2014 through August 31, 2014 to be paid on September 15, 2014 to preferred shareholders of record as of close of business on August 15, 2014.