Equity

12 Months Ended

Dec. 31, 2018

EQUITY

At-the-Market (ATM) Common Stock Program

On April 4, 2017, we entered into a Distribution Agreement (the Agreement) with a sales agent, under which we may offer and sell, from time to time, through the sales agent shares of our common stock, par value $0.20 per share (the Shares), up to an aggregate offering price of $100.0 million. We intended to use the net proceeds from these sales to fund (or offset costs of) acquisitions, future capital expenditures, repay amounts outstanding under our revolving credit facility, and general corporate purposes.

On May 2, 2018, we terminated the Distribution Agreement. The Distribution Agreement was terminable at will on written notification by us with no penalty. As of the date of termination, we had sold 787,547 shares of our common stock under the Distribution Agreement resulting in net proceeds of approximately $18.6 million. We paid the sales agent a commission of 2.0% of the gross sales price per share sold. As a result of the termination, there will be no more sales of our common stock under the Distribution Agreement.

Accumulated Other Comprehensive Income (Loss)

Components of accumulated other comprehensive income (loss) were as follows for the years ended December 31:


	2018		2017		2016
	(In thousands)
Unrealized appreciation (depreciation) on securities, before tax	$	(738)	$	102	$	—
Tax benefit (expense) ⁽¹⁾	181		(39)		—
Unrealized appreciation (depreciation) on securities, net of tax	$	(557)	$	63	$	—

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1.In 2018, due to the implementation of ASU 2018-02, the tax rate changed from 37.75% to 24.5%.

Changes in accumulated other comprehensive income (loss) by component, net of tax, for the years ended December 31 are as follows:


	Net Gains on Equity Securities
	2018		2017		2016
	(In thousands)
Balance at December 31:	$	63	$	—	$	—
Adjustment due to ASU 2018-02 ⁽¹⁾	13		—		—
Balance at January 1:	76		—		—
Unrealized appreciation (depreciation) before reclassifications ⁽¹⁾	(557)		63		—
Amounts reclassified from accumulated other comprehensive income	—		—		—
Net current-period other comprehensive income (loss)	(557)		63		—
Balance at December 31:	$	(481)	$	63	$	—

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1.In 2018, due to the implementation of ASU 2018-02, the tax rate changed from 37.75% to 24.5%.