Subsequent Events
 3 Months Ended
Mar. 31, 2018
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events
Share Repurchase Programs
In April 2018, the Company fully utilized the remaining $63.9 million authorized under the existing share repurchase program, having purchased 8.1 million shares of its common stock at a weighted average price of $7.93 per share.
On April 30, 2018, the Company's Board of Directors approved a new stock repurchase program, which authorizes the Company to repurchase up to 250 million of its common stock. These purchases can be made in the open market or through private transactions from time to time over the 18-month time period following authorization, depending on prevailing market conditions and applicable legal and regulatory requirements.
Spin-Off of SMTA
On May 1, 2018, the Company's Board of Directors formally declared the distribution in connection with the Company's previously announced Spin-Off of SMTA, subject to certain conditions, and set May 18, 2018, as the record date for the distribution. The Company's stockholders at the close of business on the record date will be entitled to receive shares of SMTA common stock in the Spin-Off, which the Company expects to occur on May 31, 2018, the distribution date.  Each SRC stockholder will receive one share of SMTA common stock for every 10 shares of SRC common stock held on the record date. 
Prepayment on Master Trust 2013
On April 30, 2018, the Company notified the trustee of Master Trust 2013 of Spirit's intent to redeem the Series 2013-1 Class A notes on May 21, 2018, at which time the principal payment, along with any unpaid interest, will be settled. The principal balance outstanding of the Series 2013-1 Class A notes was $123.8 million as of March 31, 2018. There is no make-whole payment associated with the redemption of these notes.