Equity Transactions |
6 Months Ended |
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Jun. 30, 2019 | |
| Equity [Abstract] | |
| Equity Transactions | Equity Transactions
10% Series A Cumulative Preferred Stock (“Preferred Stock”)
Holders of the Company’s 10.00% Series A Cumulative Preferred Stock were entitled to receive, when, as and if declared by the Company’s Board of Directors, out of funds legally available for the payment of dividends, cumulative cash dividends at a rate of 10.0% per annum of the $50.00 liquidation preference per share (equivalent to $5.00 per annum per share). Dividends were payable quarterly in arrears on the last day of each March, June, September and December when, as and if declared by the Company’s Board of Directors. Preferred Stock dividends of $1,823 and $3,647 for the three and six months ended June 30, 2019 remained consistent compared to the same periods of 2018, respectively.
On June 18, 2019, the Company announced it had given notice for the redemption (the “Redemption”) of all outstanding shares of the Preferred Stock. The redemption date of the Preferred Stock was July 18, 2019 (the “Redemption Date”). The Preferred Stock were redeemed at the redemption price equal to $50.00 per share, plus an amount equal to all accrued and unpaid dividends in an amount equal to $0.24 per share, for a total redemption price of $50.24 per share (the “Redemption Price”). After the Redemption Date, the Preferred Stock were no longer deemed outstanding, dividends on the Preferred Stock ceased to accrue, and all rights of the holders with respect to such Preferred Stock were terminated, except the right of the holders to receive the Redemption Price, without interest. Regular dividends on the Preferred Stock for the second quarter of 2019 were paid prior to the end of the period.
Common stock
On May 30, 2018, the Company completed an underwritten public offering of 25.3 million shares of its common stock for total estimated net proceeds (after the underwriter’s discounts and estimated offering costs) of approximately $287,988. The Company used proceeds from the offering to partially fund the Delaware Asset Acquisition completed in the third quarter of 2018, described in Note 3.
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