Quarterly report pursuant to Section 13 or 15(d)

EQUITY TRANSACTIONS

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EQUITY TRANSACTIONS
6 Months Ended
Jun. 30, 2018
Equity [Abstract]  
EQUITY TRANSACTIONS
NOTE 13. EQUITY TRANSACTIONS
 
We account for stock-based compensation expense in accordance with FASB ASC Topic 718,
Compensation-Stock Compensation
. As a result, $0.1 million and $0.2 million of non-cash stock-based compensation expense has been recorded to additional paid-in capital for the three and six month periods ended June 30, 2018, respectively, in comparison to $44,000 and $1.4 million for the three and six month periods ended June 30, 2017, 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, 2017:
 
Announcement Date
 
Payment Date
 
Amount Per Share
   
Cash Distributed
(
in thousands
)
 
May 31, 2018   June 29, 2018   $ 0.0650     $ 1,701  
February 28, 2018   March 28, 2018   $ 0.0650     $ 1,701  
December 7, 2017   December 29, 2017   $ 0.0650     $ 1,701  
September 12, 2017   September 29, 2017   $ 0.0650     $ 1,701  
June 1, 2017   June 30, 2017   $ 0.0650     $ 1,697  
March 9, 2017   March 31, 2017   $ 0.0650     $ 1,691  
 
Based on the number of shares of Class A and Class B currently outstanding, we expect to pay total annual distributions of approximately $6.8 million during the year ended December 31, 2018.