Quarterly report pursuant to Section 13 or 15(d)

Equity Transactions

v3.19.1
Equity Transactions
3 Months Ended
Mar. 31, 2019
Federal Home Loan Banks [Abstract]  
Equity Transactions

NOTE 19. EQUITY TRANSACTIONS

We account for stock-based compensation expense in accordance with FASB ASC Topic 718, Compensation-Stock Compensation. As a result, $0.2 million and $46,000 of non-cash stock-based compensation expense has been recorded to additional paid-in capital for the three month period ended March 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)
 

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 $6.8 million during the year ended December 31, 2019.