Quarterly report pursuant to Section 13 or 15(d)

Equity and Mezzanine Equity (Tables)

v3.19.3
Equity and Mezzanine Equity (Tables)
9 Months Ended
Sep. 30, 2019
Equity [Abstract]  
Schedule of changes in carrying value of Series D Preferred
The changes in the carrying value of the Series D Preferred for the three and nine months ended September 30, 2019 and 2018 is as follows (in thousands, unaudited):

 
Series D Preferred
Balance December 31, 2018
$
76,955

   Accretion of Preferred Stock discount
148

   Undeclared dividends
2,419

Balance March 31, 2019
79,522

   Accretion of Preferred Stock discount
149

   Undeclared dividends
2,419

Balance June 30, 2019
82,090

   Accretion of Preferred Stock discount
148

   Undeclared dividends
2,419

Balance September 30, 2019
$
84,657

 
Series D Preferred
Balance December 31, 2017
$
53,236

   Accretion of Preferred Stock discount
148

   Issuance of Preferred Stock for acquisition of JANAF
21,158

Balance March 31, 2018
74,542

   Accretion of Preferred Stock discount
148

Balance June 30, 2018
74,690

   Accretion of Preferred Stock discount
148

Balance September 30, 2018
$
74,838

Schedule of potentially dilutive shares
As of September 30, 2019, the below shares are able to be converted to Common Stock. The common units, convertible preferred stock and cumulative convertible preferred stock have been excluded from the Company’s diluted earnings per share calculation because their inclusion would be antidilutive.
 
 
September 30, 2019
 
 
Outstanding shares
 
Potential Dilutive Shares
 
 
(unaudited)
Common units
 
235,032

 
235,032

Series B Preferred Stock
 
1,875,748

 
1,172,343

Series D Preferred Stock
 
3,600,636

 
5,307,541

Schedule of summary of preferred stock dividends
The following table summarizes the preferred stock dividends (unaudited, in thousands except for per share amounts):
 
 
Series A Preferred
 
Series B Preferred
 
Series D Preferred
Record Date/Arrears Date
 
Declared
Arrears
Per Share
 
Declared
Arrears
Per Share
 
Declared
Arrears
Per Share
12/31/18
 
$

$
13

$
22.50

 
$

$
1,055

$
0.56

 
$

$
1,969

$
0.55

 
 
 
 
 
 
 
 
 
 
 
 
 
3/31/19
 

13

$
22.50

 

1,055

$
0.56

 

2,419

$
0.67

6/30/19
 

13

$
22.50

 

1,055

$
0.56

 

2,419

$
0.67

9/30/19
 

13

$
22.50

 

1,056

$
0.56

 

2,419

$
0.67

For the nine months ended September 30, 2019
 
$

$
39



 
$

$
3,166



 
$

$
7,257



 
 
 
 
 
 
 
 
 
 
 
 
 
3/31/18
 
$
13

$

$
22.50

 
$
1,055

$

$
0.56

 
$
1,969

$

$
0.55

6/30/18
 
13


$
22.50

 
1,055


$
0.56

 
1,969


$
0.55

9/30/18
 
13


$
22.50

 
1,056


$
0.56

 
1,969


$
0.55

For the nine months ended September 30, 2018
 
$
39

$

 
 
$
3,166

$

 
 
$
5,907

$

 
Schedule of shares issued under 2016 Long-Term Incentive Plan
2016 Long-Term Incentive Plan

On June 15, 2016, the Company's shareholders approved the 2016 Long-Term Incentive Plan (the "2016 Incentive Plan"). The 2016 Incentive Plan allows for issuance of up to 625,000 shares of the Company's Common Stock to employees, directors, officers and consultants for services rendered to the Company.
For the Nine Months ended September 30,
 
Shares Issued
 
Market Value
 
 
(in thousands except for per share amounts, unaudited)
2019
 
181,807

 
$
166

2018
 
168,217

 
894


As of September 30, 2019, there are 132,707 shares available for issuance under the Company’s 2016 Incentive Plan.