12.    Redeemable 5% Cumulative Preferred Stock



As of December 31, 2017, the Company had outstanding 15,000 shares of 5% Cumulative Preferred Stock with a stated value of $1,000 per share.  During December 2013, the Company made a $5.0 million loan to the holders of the 5% Cumulative Preferred Stock. The loan was secured by 5,000 shares of the 5% Cumulative Preferred Stock, had a term of five years, accrued interest at a rate of 5% per annum, and provided for payments of interest only on a quarterly basis during the term of the loan, with all outstanding amounts being due and payable at maturity in December 2018.



On March 31, 2018, the Company and the holders of the 5% Cumulative Preferred Stock entered into a Preferred Stock Redemption Agreement under which the Company redeemed 5,000 shares of the 5% Cumulative Preferred Stock in exchange for the cancellation of the $5.0 million loan to the holders of the 5% Cumulative Preferred Stock.



As of March 31, 2018, the Company had outstanding 10,000 shares of 5% Cumulative Preferred Stock.