Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity (Notes)

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Stockholders' Equity (Notes)
 6 Months Ended
Jun. 30, 2012
Stockholders' Equity Attributable to Parent [Abstract]  
Stockholders' Equity
Stockholders' Equity
Distributions to stockholders
The following table presents cash dividends declared by the Company on its common stock from October 28, 2009 through June 30, 2012:
Declaration Date
 
Record Date
 
Payment Date
 
Cash Dividend Per Share
June 12, 2012
 
June 22, 2012
 
July 20, 2012
 
$
0.40

March 14, 2012
 
March 26, 2012
 
April 20, 2012
 
$
0.40

December 14, 2011
 
December 27, 2011
 
January 20, 2012
 
$
0.40

September 14, 2011
 
September 26, 2011
 
October 20, 2011
 
$
0.40

June 14, 2011
 
June 24, 2011
 
July 20, 2011
 
$
0.40

March 2, 2011
 
March 14, 2011
 
April 14, 2011
 
$
0.40

December 8, 2010
 
December 17, 2010
 
January 20, 2011
 
$
0.40

September 13, 2010
 
September 30, 2010
 
October 21, 2010
 
$
0.39

June 14, 2010
 
June 30, 2010
 
July 22, 2010
 
$
0.33

March 12, 2010
 
March 31, 2010
 
April 23, 2010
 
$
0.36

December 21, 2009
 
December 31, 2009
 
January 26, 2010
 
$
0.26



Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income (loss) at June 30, 2012 and December 31, 2011 was as follows:
(in thousands)
June 30,
2012
 
December 31,
2011
Available-for-sale securities, at fair value
 
 
 
Unrealized gains
$
292,608

 
$
120,745

Unrealized losses
(89,810
)
 
(179,461
)
Accumulated other comprehensive income (loss)
$
202,798

 
$
(58,716
)


Public offerings
On January 17, 2012, the Company completed a public offering of 34,000,000 shares of its common stock and issued an additional 5,100,000 shares of common stock pursuant to the underwriters' over-allotments at a price of $9.17 per share, for gross proceeds of approximately $358.5 million. On February 24, 2012, the Company completed a public offering of 30,000,000 shares of its common stock and issued an additional 4,500,000 shares of common stock pursuant to the underwriter's over-allotments at a price of $9.90 per share, for gross proceeds of approximately $341.6 million. Net proceeds to the Company from the two offerings were approximately $691.9 million, net of issuance costs of approximately $8.2 million.
Dividend Reinvestment and Direct Stock Purchase Plan
The Company sponsors a dividend reinvestment and direct stock purchase plan through which stockholders may purchase additional shares of the Company's common stock by reinvesting some or all of the cash dividends received on shares of the Company's common stock. Stockholders may also make optional cash purchases of shares of the Company's common stock subject to certain limitation detailed in the plan prospectus. An aggregate of 7.5 million shares of our common stock have been reserved for issuance under the plan. As of June 30, 2012, 54,999 shares have been issued under the plan for total proceeds of $0.5 million.
Share Repurchase Program
On October 5, 2011, the Company's Board of Directors authorized a Share Repurchase Program, which allows the Company to repurchase up to 10,000,000 shares of its common stock. The shares are expected to be repurchased from time to time through privately negotiated transactions or open market transactions, pursuant to a trading plan in accordance with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended, or by any combination of such methods. The manner, price, number and timing of share repurchases will be subject to a variety of factors, including market conditions and applicable U.S. Securities and Exchange Commission rules. The Company did not repurchase any of its common stock during the fiscal year ended December 31, 2011 or the three and six months ended June 30, 2012.
At-the-Market Offering
On May 25, 2012, the Company entered into an Equity Distribution Agreement under which the Company may sell up to an aggregate of 20,000,000 shares of its common stock from time to time in any method permitted by law deemed to be an “at the market” offering as defined in Rule 415 under the Securities Act of 1933, as amended. During the three months ended June 30, 2012, the company sold 7.6 million shares of common stock for total accumulated net proceeds of approximately $77.6 million. As of June 30, 2012, 5.4 million shares were issued under the plan for total proceeds of $55.4 million. The remaining 2.2 million shares were issued in early July 2012 and the $22.2 million of receivable from issuance of common stock included in stockholders' equity on the condensed consolidated balance sheet as of June 30, 2012 was subsequently received.