Annual report pursuant to Section 13 and 15(d)

Equity Transactions

v3.20.1
Equity Transactions
 12 Months Ended
Dec. 31, 2019
Federal Home Loan Banks [Abstract]  
Equity Transactions
NOTE 20. EQUITY TRANSACTIONS
We account for stock-based compensation expense in accordance with FASB ASC Topic 718, “
Compensation-Stock Compensation
.” We recorded
non-cash
stock based compensation expense of $1.5 million and $0.5 million to additional
paid-in
capital during the years ended December 31, 2019 and 2018, respectively.
While we intend to pay regular quarterly distributions, the actual declaration of such future distributions and the establishment of the per share amount, record dates, and payment dates are subject to final determination by our Board of Directors and dependent upon future earnings, cash flows, financial and legal requirements, and other factors. Any future distributions are likely to be comparable to prior declarations unless there are changes in expected future earnings, cash flows, financial and legal requirements.
The following table shows distributions that have been declared and paid since January 1, 2018:
 
Announcement Date
   
Payment Date
   
Amount Per
Share
     
Cash Distributed

(in thousands)
  
December 10, 2019
    December 30, 2019    $  0.0250      $ 667  
September 11, 2019
    September 30, 2019    $ 0.0650        1,730  
May 14, 2019
    June 28, 2019    $ 0.0650        1,728  
March 7, 2019
    March 29, 2019    $ 0.0650        1,702  
November 26, 2018
    December 21, 2018    $ 0.0650        1,702  
September 5, 2018
    September 28, 2018    $ 0.0650        1,702  
May 31, 2018
    June 29, 2018    $ 0.0650        1,701  
February 28, 2018
    March 28, 2018    $             0.0650                    1,701  
Based on the number of shares of Class A and Class B currently outstanding, we expect to pay total annual distributions of approximately $2.7 million for the year ended December 31, 2020.