| Preferred Stock |
The following table presents cash dividends declared by the Company on its preferred stock during the year ended December 31, 2017:
|
|
|
|
|
|
|
|
|
|
Declaration Date |
|
Record Date |
|
Payment Date |
|
Cash Dividend Per Preferred Share |
Series A Preferred Stock: |
|
|
|
|
|
|
December 14, 2017 |
|
January 12, 2018 |
|
January 29, 2018 |
|
$ |
0.50781 |
|
September 14, 2017 |
|
October 12, 2017 |
|
October 27, 2017 |
|
$ |
0.50781 |
|
June 15, 2017 |
|
July 12, 2017 |
|
July 27, 2017 |
|
$ |
0.75043 |
|
Series B Preferred Stock: |
|
|
|
|
|
|
December 14, 2017 |
|
January 12, 2018 |
|
January 29, 2018 |
|
$ |
0.47656 |
|
September 14, 2017 |
|
October 12, 2017 |
|
October 27, 2017 |
|
$ |
0.51892 |
|
Series C Preferred Stock: |
|
|
|
|
|
|
December 14, 2017 |
|
January 12, 2018 |
|
January 29, 2018 |
|
$ |
0.30208 |
|
|
| Dividends Declared |
Distributions to Preferred Stockholders
The following table presents cash dividends declared by the Company on its preferred stock during the year ended December 31, 2017:
|
|
|
|
|
|
|
|
|
|
Declaration Date |
|
Record Date |
|
Payment Date |
|
Cash Dividend Per Preferred Share |
Series A Preferred Stock: |
|
|
|
|
|
|
December 14, 2017 |
|
January 12, 2018 |
|
January 29, 2018 |
|
$ |
0.50781 |
|
September 14, 2017 |
|
October 12, 2017 |
|
October 27, 2017 |
|
$ |
0.50781 |
|
June 15, 2017 |
|
July 12, 2017 |
|
July 27, 2017 |
|
$ |
0.75043 |
|
Series B Preferred Stock: |
|
|
|
|
|
|
December 14, 2017 |
|
January 12, 2018 |
|
January 29, 2018 |
|
$ |
0.47656 |
|
September 14, 2017 |
|
October 12, 2017 |
|
October 27, 2017 |
|
$ |
0.51892 |
|
Series C Preferred Stock: |
|
|
|
|
|
|
December 14, 2017 |
|
January 12, 2018 |
|
January 29, 2018 |
|
$ |
0.30208 |
|
Common Stock
Reverse Stock Split
On September 14, 2017, the Company’s board of directors approved a one-for-two reverse stock split of its outstanding shares of common stock. The reverse stock split was effected on November 1, 2017 at 5:01 p.m. Eastern time, following the special dividend of Granite Point common stock. At the effective time, every two issued and outstanding shares of the Company’s common stock were converted into one share of common stock. No fractional shares were issued in connection with the reverse stock split; instead, each stockholder holding fractional shares was entitled to receive, in lieu of such fractional shares, cash in an amount determined on the basis of the volume weighted average price of the Company’s common stock on the NYSE on November 1, 2017. In connection with the reverse stock split, the number of authorized shares of the Company’s common stock was also reduced on a one-for-two basis, from 900 million to 450 million. The par value of each share of common stock remained unchanged. All per share amounts, common shares outstanding and restricted shares for all periods presented have been adjusted on a retroactive basis to reflect the reverse stock split.
As of December 31, 2017, the Company had 174,496,587 shares of common stock outstanding. The following table presents a reconciliation of the common shares outstanding from December 31, 2014 through December 31, 2017:
|
|
|
|
|
Number of common shares |
Common shares outstanding, December 31, 2014 |
183,197,960 |
|
Issuance of common stock |
34,913 |
|
Issuance of restricted stock (1)
|
552,680 |
|
Repurchase of common stock |
(6,832,150 |
) |
Common shares outstanding, December 31, 2015 |
176,953,403 |
|
Issuance of common stock |
30,301 |
|
Issuance of restricted stock (1)
|
852,459 |
|
Repurchase of common stock |
(4,010,000 |
) |
Common shares outstanding, December 31, 2016 |
173,826,163 |
|
Issuance of common stock |
26,950 |
|
Issuance of restricted stock (1)
|
643,474 |
|
Common shares outstanding, December 31, 2017 |
174,496,587 |
|
____________________
|
|
(1) |
Represents shares of restricted stock granted under the Second Restated 2009 Equity Incentive Plan, of which 1,284,010 restricted shares remained subject to vesting requirements at December 31, 2017.
|
Distributions to Common Stockholders
The following table presents cash dividends declared by the Company on its common stock during the years ended December 31, 2017, 2016 and 2015:
|
|
|
|
|
|
|
|
|
|
Declaration Date |
|
Record Date |
|
Payment Date |
|
Cash Dividend Per Common Share |
December 14, 2017 |
|
December 26, 2017 |
|
December 29, 2017 |
|
$ |
0.47 |
|
September 14, 2017 |
|
September 29, 2017 |
|
October 27, 2017 |
|
$ |
0.52 |
|
June 15, 2017 |
|
June 30, 2017 |
|
July 27, 2017 |
|
$ |
0.52 |
|
March 14, 2017 |
|
March 31, 2017 |
|
April 27, 2017 |
|
$ |
0.50 |
|
December 15, 2016 |
|
December 30, 2016 |
|
January 27, 2017 |
|
$ |
0.48 |
|
September 15, 2016 |
|
September 30, 2016 |
|
October 20, 2016 |
|
$ |
0.46 |
|
June 16, 2016 |
|
June 30, 2016 |
|
July 20, 2016 |
|
$ |
0.46 |
|
March 15, 2016 |
|
March 31, 2016 |
|
April 21, 2016 |
|
$ |
0.46 |
|
December 16, 2015 |
|
December 30, 2015 |
|
January 20, 2016 |
|
$ |
0.52 |
|
September 16, 2015 |
|
September 30, 2015 |
|
October 22, 2015 |
|
$ |
0.52 |
|
June 17, 2015 |
|
June 30, 2015 |
|
July 21, 2015 |
|
$ |
0.52 |
|
March 18, 2015 |
|
March 31, 2015 |
|
April 21, 2015 |
|
$ |
0.52 |
|
|
| Schedule of Stock by Class |
The following table presents a reconciliation of the common shares outstanding from December 31, 2014 through December 31, 2017:
|
|
|
|
|
Number of common shares |
Common shares outstanding, December 31, 2014 |
183,197,960 |
|
Issuance of common stock |
34,913 |
|
Issuance of restricted stock (1)
|
552,680 |
|
Repurchase of common stock |
(6,832,150 |
) |
Common shares outstanding, December 31, 2015 |
176,953,403 |
|
Issuance of common stock |
30,301 |
|
Issuance of restricted stock (1)
|
852,459 |
|
Repurchase of common stock |
(4,010,000 |
) |
Common shares outstanding, December 31, 2016 |
173,826,163 |
|
Issuance of common stock |
26,950 |
|
Issuance of restricted stock (1)
|
643,474 |
|
Common shares outstanding, December 31, 2017 |
174,496,587 |
|
____________________
|
|
(1) |
Represents shares of restricted stock granted under the Second Restated 2009 Equity Incentive Plan, of which 1,284,010 restricted shares remained subject to vesting requirements at December 31, 2017.
|
|