Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Equity

v3.10.0.1
Consolidated Statements of Equity - USD ($)
Total
Capital Stock
Preferred Stock
Additional Paid-in Capital
Accumulated Other Comprehensive Income (Loss)
Retained Earnings
Non-Controlling Interest
Series A Cumulative Redeemable Preferred Stock
Series A Cumulative Redeemable Preferred Stock
Preferred Stock
Series A Cumulative Redeemable Preferred Stock
Additional Paid-in Capital
Beginning balance, (in shares) at Dec. 31, 2015   11,939,697                
Beginning balance at Dec. 31, 2015 $ 444,194,306 $ 11,940 $ 56,250,000 $ 361,581,507 $ 190,797 $ 0 $ 26,160,062      
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net income 30,991,408         29,663,200 1,328,208      
Net change in cash flow hedges (249,219)       (201,993)   (47,226)      
Total Comprehensive Income (Loss) 30,742,189       (201,993) 29,663,200 1,280,982      
Repurchase of stock (in shares)   (90,613)                
Repurchase of stock (2,041,851) $ (91)   (2,041,760)            
Series A preferred stock dividends (4,148,437)         (4,148,437)        
Common stock dividends (35,712,616)     (10,197,853)   (25,514,763)        
Common stock issued under director's compensation plan (in shares)   2,551                
Common stock issued under director's compensation plan 60,000 $ 2   59,998            
Reinvestment of dividends paid to common stockholders (in shares)   34,581                
Reinvestment of dividends paid to common stockholders 815,889 $ 35   815,854            
Ending balance at Dec. 31, 2016 433,909,480 $ 11,886 56,250,000 350,217,746 (11,196) 0 27,441,044      
Ending balance, (in shares) at Dec. 31, 2016   11,886,216                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Net income 34,336,616         32,602,790 1,733,826      
Net change in cash flow hedges 13,813                  
Amortization related to de-designated cash flow hedges 13,813       11,196   2,617      
Total Comprehensive Income (Loss) 34,350,429       11,196 32,602,790 1,736,443      
Issuance of Series A cumulative redeemable preferred stock, 7.375% - redemption value               $ 71,161,531 $ 73,750,000 $ (2,588,469)
Series A preferred stock dividends (8,227,734)     (727,001)   (7,500,733)        
Common stock dividends (35,694,200)     (10,592,143)   (25,102,057)        
Common stock issued under director's compensation plan (in shares)   1,979                
Common stock issued under director's compensation plan 67,500 $ 2   67,498            
Distributions to Non-controlling interest (1,833,650)           (1,833,650)      
Purchase of Non-controlling interest (32,910,032)     (5,566,195)     (27,343,837)      
Reinvestment of dividends paid to common stockholders (in shares)   27,635                
Reinvestment of dividends paid to common stockholders 962,308 $ 28   962,280            
Ending balance at Dec. 31, 2017 $ 461,785,632 $ 11,916 130,000,000 331,773,716 0 0 0      
Ending balance, (in shares) at Dec. 31, 2017 11,915,830 11,915,830                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                    
Cumulative transition adjustment upon the adoption of ASC 606, net of tax $ (2,449,245)     (2,449,245)            
Net income 43,711,876         43,711,876 0      
Net change in cash flow hedges 0                  
Total Comprehensive Income (Loss) 43,711,876                  
Repurchase of stock [1] (4,275,553)   (4,444,325) 158,218   10,554        
Series A preferred stock dividends (9,587,500)         (9,587,500)        
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 at Dec. 31, 2018 [2] $ 455,011,305 $ 11,960 $ 125,555,675 $ 320,295,969 $ 0 $ 9,147,701 $ 0      
Ending balance, (in shares) at Dec. 31, 2018 11,960,225 11,960,225 [2]                
[1] (1) In connection with the repurchases of Series A Preferred Stock during 2018, the deduction to preferred dividends of $10,554 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.