Shareholders' Equity |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity | Note 7. Shareholders’ Equity
On August 1, 2016, the Company completed a public offering of 5,750,000 common shares on a forward basis in connection with a forward sale agreement under which the Company has agreed to issue and sell to the forward purchaser (subject to the Company’s right to cash settle or net settle the forward sale agreement) the same number of shares of common stock sold by the forward purchaser to the underwriter in the public offering. Estimated net proceeds are $44.2 million, before adjustments for dividends paid and other administrative costs prior to settlement. The Company expects to physically settle the forward sale agreement in full, which is expected to occur on one or more dates no later than August 1, 2017.
Dividends The following table provides a summary of dividends declared and paid per share:
On July 25, 2016, the Company’s Board of Directors declared a dividend of $0.05 per share with respect to its common stock. At the same time, the Board declared a dividend of $0.453125 per share with respect to the Company’s Series B Preferred Stock. The distributions are payable on August 22, 2016 to shareholders of record on August 12, 2016. |