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Stockholders' Equity
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9 Months Ended |
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Sep. 30, 2013
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| Equity [Abstract] | |
| Stockholders' Equity | Stockholders’ Equity The equity structure in the condensed consolidated financial statements following the reverse merger reflects the equity structure of the Surviving Corporation. As a result, the Company's common shares outstanding have been adjusted retroactively for all prior periods presented computed on the basis of the number of shares outstanding multiplied by the exchange ratio of 1.9048 established in the Merger Agreement. As updated by an amendment and restatement of the charter of Cole II at the effective time of the Merger, and as of September 30, 2013, the total number of shares of all classes of capital stock which the Surviving Corporation will have the authority to issue is 490 million, consisting of 470 million shares of common stock, par value $0.01 per share and 20 million shares of preferred stock, par value of $0.01 per share. As of December 31, 2012 and prior to the effective time of the Merger, the total number of shares of all classes of capital stock which the Company had the authority to issue was 120 million, consisting of 100 million shares of common stock, par value $0.01 per share and 20 million shares of preferred stock, par value of $0.01 per share. During the six months ended June 30, 2013, the Company declared cash dividends equivalent to $0.625 per share (or $0.3281 adjusted for the 1.9048 merger exchange ratio) on its common stock. During the three months ended September 30, 2013, the Company declared pre- and post-merger pro-rata daily cash dividends equivalent to $0.0034 (or $0.001783 adjusted for the 1.9048 merger exchange ratio) per share and $0.001783 per share, respectively. On September 25, 2013, portions of awards of restricted common stock granted to certain of the Company’s officers and other employees vested. The vesting of these shares, granted in connection with the Company’s initial public offering one year ago and pursuant to the Company’s 2012 Incentive Award Plan (the "Plan"), resulted in federal and state income tax liabilities for the recipients. As permitted by the terms of the Plan and the award grants, certain executive officers elected to surrender 0.2 million shares valued at $1.9 million solely to pay some or all of the associated minimum statutory tax withholdings. The surrendered shares are held as treasury stock and included in stockholders' equity. |