Note 12 - Preferred Stock and Common Stock

9 Months Ended

Sep. 30, 2017

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

12

.

Preferred Stock

and Common Stock

The Company

’s outstanding Preferred Stock is detailed below:

As of September 30, 2017
Series of Preferred Stock	Shares Authorized		Shares Issued and Outstanding		Liquidation Preference (in thousands)		Dividend Rate			Annual Dividend per Depositary Share		Par Value		Optional Redemption Date
Series I		18,400		7,000	$	175,000		6.00	%	$	1.50000	$	1.00	3/20/2017
Series J		9,000		9,000		225,000		5.50	%	$	1.37500	$	1.00	7/25/2017
Series K		8,050		7,000		175,000		5.625	%	$	1.40625	$	1.00	12/7/2017
Series L		10,350		9,000		225,000		5.125	%	$	1.28125	$	1.00	8/16/2022
		45,800		32,000	$	800,000

As of December 31, 201 6
Series of Preferred Stock	Shares Authorized		Shares Issued and Outstanding		Liquidation Preference (in thousands)		Dividend Rate			Annual Dividend per Depositary Share		Par Value		Optional Redemption Date
Series I		18,400		16,000	$	400,000		6.00	%	$	1.50000	$	1.00	3/20/2017
Series J		9,000		9,000		225,000		5.50	%	$	1.37500	$	1.00	7/25/2017
Series K		8,050		7,000		175,000		5.625	%	$	1.40625	$	1.00	12/7/2017
		35,450		32,000	$	800,000

The following Preferred Stock series w

as issued during the

nine

months ended

September 30, 2017:

Series of Preferred Stock	Date Issued	Depositary Shares Issued		Fractional Interest per Share	Net Proceeds, A fter Expenses (in millions)		Offering Price		Optional Redemption Date
Series L	8/16/2017		9,000,000	1/1000	$	217.6		25.00	8/16/2022

The following Preferred Stock series w

as partially redeemed during the

nine

months ended

September 30, 2017:

Series of Preferred Stock	Date Issued	Depositary Shares Redeemed		Redemption Amount (in millions)		Redemption Price		Redemption Date
Series I (1)	3/20/2012		9,000,000	$	225.0	$	25.00	9/6/2017

( 1 ) On September 6, 2017, the Company partially redeemed 9,000 shares of its issued and outstanding Series I Preferred Stock, representing 56.25% of the issued and outstanding Series I Preferred Stock. In connection with this partial redemption the Company recorded a charge of $7.0 million resulting from the difference between the redemption amount and the carrying amount of the Series I Preferred Stock on the Company’s Condensed Consolidated Balance Sheets in accordance with the FASB’s guidance on Distinguishing Liabilities from Equity. This $7.0 million charge was subtracted from net income/(loss) attributable to the Company to arrive at net income/(loss) available to the Company ’s common shareholders and used in the calculation of earnings per share for the nine months ended September 30, 2017.

D

uring

February 2015,

the Company established an at the market continuous offering program (the “ATM program”) which is effective for a term of

three

years, pursuant to which the Company

may

offer and sell shares of its common stock, par value

$0.01

per share, with an aggregate gross sales price of up to

$500.0

million through a consortium of banks acting as sales agents. Sales of the shares of common stock

may

be made, as needed, from time to time in “at the market” offerings as defined in Rule

415

of the Securities Act of

1933,

including by means of ordinary brokers’ transactions on the New York Stock Exchange (the “NYSE”) or otherwise (i) at market prices prevailing at the time of sale, (ii) at prices related to prevailing market prices or (iii) as otherwise agreed to with the applicable sales agent. The Company did

not

offer for sale any shares of common stock under the ATM program during the

nine

months ended

September 30, 2017.

As of

September 30, 2017,

the Company had

$211.9

million available under this ATM program.