Note 15 - Stockholders' Equity

9 Months Ended

Sep. 30, 2019

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

15. Stockholders’ Equity

Preferred Stock -

The Company’s outstanding Preferred Stock is detailed below:

As of September 30, 2019
Class 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
Class J		9,000		9,000	$	225,000	5.500%	$	1.37500	$	1.00	7/25/2017
Class L		10,350		9,000		225,000	5.125%	$	1.28125	$	1.00	8/16/2022
Class M		10,580		10,580		264,500	5.250%	$	1.31250	$	1.00	12/20/2022
				28,580	$	714,500

As of December 31, 2018
Class 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
Class I		18,400		7,000	$	175,000	6.000%	$	1.50000	$	1.00	3/20/2017
Class J		9,000		9,000		225,000	5.500%	$	1.37500	$	1.00	7/25/2017
Class K		8,050		7,000		175,000	5.625%	$	1.40625	$	1.00	12/7/2017
Class L		10,350		9,000		225,000	5.125%	$	1.28125	$	1.00	8/16/2022
Class M		10,580		10,580		264,500	5.250%	$	1.31250	$	1.00	12/20/2022
				42,580	$	1,064,500

The following Preferred Stock classes were redeemed during the nine months ended September 30, 2019:

Class of Preferred Stock	Redemption Date	Depositary Shares Redeemed	Redemption Price		Redemption Amount (in millions)		Redemption Charges (1) (in millions)
Class I	9/14/2019	7,000,000	$	25.00	$	175.0	$	5.5
Class K	9/14/2019	7,000,000	$	25.00	$	175.0	$	5.9

(1) Redemption charges resulting from the difference between the redemption amount and the carrying amount of the respective preferred stock class on the Company’s Condensed Consolidated Balance Sheets are accounted for in accordance with the FASB’s guidance on Distinguishing Liabilities from Equity. These charges were subtracted from net income attributable to the Company to arrive at net income available to the Company’s common shareholders and used in the calculation of earnings per share.

Common Stock -

During February 2018, the Company’s Board of Directors authorized a share repurchase program, which is effective for a term of two years, pursuant to which the Company may repurchase shares of its common stock, par value $0.01 per share, with an aggregate gross purchase price of up to $300.0 million. The Company did not repurchase any shares under the share repurchase program during the nine months ended September 30, 2019. As of September 30, 2019, the Company had $224.9 million available under this common share repurchase program.

During September 2019, the Company established an at the market continuous offering program (the “ATM program”), which will concurrently expire with the Company’s shelf registration statement in February 2021, 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 have 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 September 2019.

Dividends Declared -

The following table provides a summary of the dividends declared per share:

	Three Months Ended September 30,				Nine months Ended September 30,
	2019		2018		2019		2018
Common Shares	$	0.28000	$	0.28000	$	0.84000	$	0.84000
Class I Depositary Shares	$	0.24583	$	0.37500	$	0.99583	$	1.12500
Class J Depositary Shares	$	0.34375	$	0.34375	$	1.03125	$	1.03125
Class K Depositary Shares	$	0.23047	$	0.35156	$	0.93359	$	1.05468
Class L Depositary Shares	$	0.32031	$	0.32031	$	0.96093	$	0.96093
Class M Depositary Shares	$	0.32813	$	0.32813	$	0.98439	$	0.98439