Mandatorily Redeemable Term Preferred Stock |
12 Months Ended |
|---|---|
Dec. 31, 2017 | |
| Equity [Abstract] | |
| Mandatorily Redeemable Term Preferred Stock |
Mandatorily Redeemable Term Preferred Stock
In February 2012, we completed a public offering of 1,540,000 shares of our 7.125% Series C Cumulative Term Preferred Stock, par value $0.001 per share (the" Series C Preferred Stock"), at a public offering price of $25.00 per share. Gross proceeds of the offering totaled $38.5 million and net proceeds, after deducting offering expenses borne by us, were $36.7 million. The shares of the Series C Preferred Stock had a mandatory redemption date of January 31, 2017. During the year ended December 31, 2016, we redeemed all outstanding shares of the Series C Preferred Stock. Accordingly, we wrote-off unamortized offering costs of $0.2 million during the year ended December 31, 2016, which were recorded to interest expense in our consolidated statements of operations and comprehensive income.
The Series C Preferred Stock was recorded as a liability in accordance with ASC 480, “Distinguishing Liabilities from Equity,” which states that mandatorily redeemable financial instruments should be classified as liabilities and therefore the related dividend payments are treated as a component of interest expense in the consolidated statements of operations.
|
| X | ||||||||||
- Definition Temporary equity. No definition available.
|
| X | ||||||||||
- References No definition available.
|