Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Equity

v3.20.4
Consolidated Statements of Equity - USD ($)
Total
Cumulative Effect, Period of Adoption, Adjustment
Capital Stock
Preferred Stock
Additional Paid-in Capital
Additional Paid-in Capital
Cumulative Effect, Period of Adoption, Adjustment
Retained Earnings (Deficit)
Beginning balance (in shares) at Dec. 31, 2017     11,915,830        
Beginning balance at Dec. 31, 2017 $ 461,785,632 $ (2,449,245) $ 11,916 $ 130,000,000 $ 331,773,716 $ (2,449,245) $ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 43,711,876           43,711,876
Series A preferred stock dividends (9,587,500)           (9,587,500)
Preferred stock repurchases [1] (4,275,553)     (4,444,325) 158,218   10,554
Common stock dividends (35,793,889)       (10,806,660)   (24,987,229)
Common stock issued under director's compensation plan (in shares)     1,807        
Common stock issued under director's compensation plan 67,500   $ 2   67,498    
Common stock issued upon conversion of convertible notes (in shares)     1,271        
Common stock issued upon conversion of convertible notes 42,654   $ 1   42,653    
Reinvestment of dividends paid to common stockholders (in shares)     41,317        
Reinvestment of dividends paid to common stockholders 1,509,830   $ 41   1,509,789    
Ending balance (in shares) at Dec. 31, 2018 [2]     11,960,225        
Ending balance at Dec. 31, 2018 [2] 455,011,305   $ 11,960 125,555,675 320,295,969   9,147,701
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 4,079,495           4,079,495
Series A preferred stock dividends (9,255,121)       (4,627,561)   (4,627,560)
Preferred stock repurchases [3] (60,550)     (62,500) 2,195   (245)
Common stock dividends (39,504,487)       (21,293,224)   (18,211,263)
Common stock issued upon exchange of convertible notes (in shares)     1,540,472        
Common stock issued upon exchange of convertible notes 61,871,302   $ 1,540   61,869,762    
Common stock issued upon conversion of convertible notes (in shares)     127,143        
Common stock issued upon conversion of convertible notes 4,193,664   $ 128   4,193,536    
Reinvestment of dividends paid to common stockholders (in shares)     11,076        
Reinvestment of dividends paid to common stockholders $ 403,831   $ 11   403,820    
Ending balance (in shares) at Dec. 31, 2019 13,638,916   13,638,916        
Ending balance at Dec. 31, 2019 $ 476,739,439   $ 13,639 125,493,175 360,844,497   (9,611,872)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income (306,067,579)           (306,067,579)
Series A preferred stock dividends (9,242,797)       (9,242,797)    
Preferred stock repurchases [1] (161,997)     (222,825) 7,932   52,896
Common stock dividends (12,286,368)       (12,286,368)    
Common stock issued upon exchange of convertible notes (in shares)     12,605        
Common stock issued upon exchange of convertible notes $ 419,129   $ 13   419,116    
Ending balance (in shares) at Dec. 31, 2020 13,651,521   13,651,521        
Ending balance at Dec. 31, 2020 $ 149,399,827   $ 13,652 $ 125,270,350 $ 339,742,380   $ (315,626,555)
[1] (1) In connection with the repurchases of Series A Preferred Stock during 2018 and 2020, the deduction to preferred dividends of $10,554 and $52,896, respectively, represents the discount in the repurchase price paid compared to the carrying amount derecognized.
[2] (2) The retained earnings balance at December 31, 2018 was generated due to the timing of quarterly dividends and quarterly net income. In the fourth quarter of 2018, net income was greater than dividends due to the gain on sale of leased property, net from the sale of the Portland Terminal Facility resulting in a retained earnings balance as of December 31, 2018.
[3] (3) In connection with the repurchases of Series A Preferred Stock during 2019, the addition to preferred dividends of $245 represents the premium in the repurchase price paid compared to the carrying amount derecognized.