for the years ended december 31 , 2017 , 2016 , and 2015 , approximately 17 % , 17 % , and 23 % , respectively , of our net timber sales revenue was derived from the mahrt timber agreements . the percentage of our annual net timber sales revenue derived from westrock in 2017 remained consistent with 2016 and decreased from 2015 as a result of our acquisitions and expansion of our customer base over the years . see note 7 – commitments and contingencies of our accompanying consolidated financial statements for additional information regarding the material terms of the mahrt timber agreements . in connection with the carolinas midlands iii transaction that closed in june 2016 , we assumed the carolinas supply agreement which requires us to harvest and sell agreed-upon pulpwood volumes to ip , and ip is required to purchase such volume at defined market prices . during the year ended december 31 , 2017 , we sold approximately 171,000 tons under the carolinas supply agreement , which exceeded the 150,000 tons requirement . for the year ended december 31 , 2017 , approximately 6 % of our net timber sales revenue was derived from the carolinas supply agreement . general economic conditions and timber market factors impacting our business our operating results are influenced by a variety of factors , including timber prices ; the demand for pulp and paper products , lumber , panel , and other wood-related products ; the supply of timber ; and competition . timber prices can experience significant variations and have been historically volatile . the demand for timber and wood products is 34 affected primarily by the level of new residential construction activity , repair and remodeling activity , the supply of manufactured timber products including imports , and , to a lesser extent , other commercial and industrial uses . the demand for timber also is affected by the demand for wood chips in the pulp and paper markets and for hardwood in the furniture and other hardwood industries . the u.s. economy as well as the housing market continued to improve in 2017. according to the u.s. bureau of economic analysis , the real gross domestic product increased by 2.3 % in 2017 , up from an increase of 1.5 % in 2016. the u.s. census bureau and the u.s. department of housing and urban development estimated that 1.2 million housing units were started in 2017 , a 2.5 % increase compared to 2016 and the highest since 2007. we believe that the housing market will continue to show modest and gradual improvement in 2018 , but that in 2018 , the surplus log inventory in the market will likely not allow for significant improvement in sawtimber pricing . we expect our 2018 harvest volumes to be down slightly from 2017 as we tactically defer some harvests to maximize returns for our stockholders , waiting for more favorable market conditions anticipated in 2019 and 2020. recently announced capital improvements and expansions of mills in our regions should provide significant favorable market impacts to achieve greater value for our products in coming years when we anticipate taking advantage of increased demand , especially for recovering softwood timber . in the meantime , we anticipate our pulpwood and sawtimber prices will remain steady or improve modestly during 2018. we expect to continue to build on market and business diversity and leverage our relationships in key markets to garner additional quota and delivery opportunities . liquidity and capital resources overview cash flows generated from our operations are primarily used to fund recurring expenditures and distributions to our stockholders . the amount of distributions to common stockholders is determined by our board of directors and is dependent upon a number of factors , including funds deemed available for distribution based principally on our current and future projected operating cash flows , less capital requirements necessary to maintain our existing timberland portfolio . in determining the amount of distributions to common stockholders , we also consider our financial condition , our expectations of future sources of liquidity , current and future economic conditions , market demand for timber and timberlands , and tax considerations , including the annual distribution requirements necessary to maintain our status as a reit under the code . in determining how to allocate cash resources in the future , we will initially consider the source of the cash . we anticipate using a portion of cash generated from operations , after payments of periodic operating expenses and interest expense , to fund certain capital expenditures required for our timberlands . any remaining cash generated from operations may be used to partially fund timberland acquisitions and pay distributions to stockholders . therefore , to the extent that cash flows from operations are lower , timberland acquisitions and stockholder distributions are anticipated to be lower as well . capital expenditures , including new timberland acquisitions , are generally funded with cash from operations or existing debt availability ; however , proceeds from future debt financings and equity offerings may be used to fund capital expenditures , acquire new timberland properties and pay down existing and future borrowings . shelf registration statement and follow-on offering on june 2 , 2017 , we filed a shelf registration statement on form s-3 with the sec ( the `` shelf registration statement `` ) , which was declared effective by the sec on june 16 , 2017. the shelf registration statement provides us with future flexibility to offer , from time to time and in one or more offerings , up to $ 600 million in an undefined combination of debt securities , common stock , preferred stock , depositary shares , or warrants . the terms of any such future offerings would be established at the time of an offering . story_separator_special_tag our net loss per share for the years ended december 31 , 2016 and 2015 was $ 0.29 and $ 0.21 , respectively . 42 index to consolidated financial statements adjusted ebitda the discussion below is intended to enhance the reader 's understanding of our operating performance and ability to satisfy lender requirements . ebitda is a non-gaap measure of operating performance . ebitda is defined by the sec as earnings before interest , taxes , depreciation and amortization ; however , we have excluded certain other expenses which we believe are not indicative of the ongoing operating results of our timberland portfolio , and we refer to this measure as adjusted ebitda ( see the reconciliation table below ) . as such , our adjusted ebitda may not be comparable to similarly titled measures reported by other companies . due to the significant amount of timber assets subject to depletion and the significant amount of financing subject to interest and amortization expense , management considers adjusted ebitda to be an important measure of our financial performance . by providing this non-gaap financial measure , together with the reconciliation below , we believe we are enhancing investors ' understanding of our business and our ongoing results of operations , as well as assisting investors in evaluating how well we are executing our strategic initiatives . items excluded from adjusted ebitda are significant components in understanding and assessing financial performance . adjusted ebitda is a supplemental measure of operating performance that does not represent and should not be considered in isolation or as an alternative to , or substitute for net income , cash from operations , or other financial statement data presented in our consolidated financial statements as indicators of our operating performance . adjusted ebitda has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of our results as reported under u.s. gaap . some of the limitations are : adjusted ebitda does not reflect our capital expenditures , or our future requirements for capital expenditures ; adjusted ebitda does not reflect changes in , or our interest expense or the cash requirements necessary to service interest or principal payments on , our debt ; and although depletion is a non-cash charge , we will incur expenses to replace the timber being depleted in the future , and adjusted ebitda does not reflect all cash requirements for such expenses . due to these limitations , adjusted ebitda should not be considered as a measure of discretionary cash available to us to invest in the growth of our business . our credit agreement contains a minimum debt service coverage ratio based , in part , on adjusted ebitda since this measure is representative of adjusted income available for interest payments . we further believe that our presentation of this non-gaap financial measurement provides information that is useful to analysts and investors because they are important indicators of the strength of our operations and the performance of our business . for the year ended december 31 , 2017 , adjusted ebitda was $ 42.0 million , a $ 5.2 million increase from the year ended december 31 , 2016 , primarily due to a $ 2.4 million increase in revenue from timberland sales , $ 2.0 million generated by the dawsonville bluffs joint venture and a $ 1.1 million increase in net timber sales . our reconciliation of net loss to adjusted ebitda for the years ended december 31 , 2017 , 2016 , and 2015 follows : 43 index to consolidated financial statements replace_table_token_15_th ( 1 ) includes non-cash basis of timber and timberland assets written-off related to timberland sold , terminations of timberland leases and casualty losses . ( 2 ) for the purpose of the above reconciliation , amortization includes amortization of deferred financing costs , amortization of intangible lease assets , and amortization of mainline road costs , which are included in either interest expense , land rent expense , or other operating expenses in the accompanying consolidated statements of operations . ( 3 ) reflects our share of depletion , amortization , and basis of timberland and mitigation credits sold of the unconsolidated joint venture . ( 4 ) includes certain cash expenses that management believes do not directly reflect the core business operations of our timberland portfolio on an on-going basis , including costs required to be expensed by gaap related to acquisitions , transactions , joint ventures or new business initiatives . election as a reit we have elected to be taxed as a reit under the code , and we have operated as such beginning with our taxable year ended december 31 , 2009. to qualify to be taxed as a reit , we must meet certain organizational and operational requirements , including a requirement to distribute at least 90 % of our adjusted taxable income , as defined in the code , to our stockholders , computed without regard to the dividends-paid deduction and by excluding our net capital gain . as a reit , we generally will not be subject to federal income tax on taxable income that we distribute to our stockholders . if we fail to qualify to be taxed as a reit in any taxable year , we will then be subject to federal income taxes on our taxable income at regular corporate rates and will not be permitted to qualify for treatment as a reit for federal income tax purposes for that year and for the four years following the year during which qualification is lost , unless the irs grants us relief under certain statutory provisions . such an event could materially adversely affect our net income and net cash available for distribution to our stockholders . however , we believe that we are organized and operate in such a manner as to qualify for treatment as a reit for federal income tax purposes . inflation our

debt covenants the 2017 amended credit agreement contains , among others , the following financial covenants : limits the ltv ratio to ( i ) 50 % at any time prior to the last day of the fiscal quarter corresponding to the fourth anniversary of the effective date and ( ii ) 45 % at any time thereafter ; requires that we maintain a fccr of not less than 1.05:1 ; and requires maintenance of a minimum liquidity balance of no less than $ 25.0 million at any time ; and limits the aggregated capital expenditures not exceeding 1 % of the value of the timberlands during any fiscal year . we were in compliance with the financial covenants of the 2017 amended credit agreement as of december 31 , 2017 . share repurchase program on august 7 , 2015 , our board of directors approved a share repurchase program for up to $ 30.0 million of our common stock at management 's discretion . the program has no set duration and the board may discontinue or suspend the program at any time . during the year ended december 31 , 2017 , we repurchased 97,469 shares of our common stock at an average price of $ 10.60 per share for a total of approximately $ 1.0 million . all common stock purchases under the stock repurchase program were made in open-market transactions and were funded with cash on-hand . as of december 31 , 2017 , we had 43.4 million shares of common stock outstanding and may repurchase up to an additional $ 19.8 million under the program . we can borrow up to $ 30.0 million under the 2017 multi-draw term facility , compared to $ 25.0 million under the previous credit facility , to repurchase our common stock . management believes that opportunistic repurchases of our common stock are a prudent use of capital resources .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```debt covenants the 2017 amended credit agreement contains , among others , the following financial covenants : limits the ltv ratio to ( i ) 50 % at any time prior to the last day of the fiscal quarter corresponding to the fourth anniversary of the effective date and ( ii ) 45 % at any time thereafter ; requires that we maintain a fccr of not less than 1.05:1 ; and requires maintenance of a minimum liquidity balance of no less than $ 25.0 million at any time ; and limits the aggregated capital expenditures not exceeding 1 % of the value of the timberlands during any fiscal year . we were in compliance with the financial covenants of the 2017 amended credit agreement as of december 31 , 2017 . share repurchase program on august 7 , 2015 , our board of directors approved a share repurchase program for up to $ 30.0 million of our common stock at management 's discretion . the program has no set duration and the board may discontinue or suspend the program at any time . during the year ended december 31 , 2017 , we repurchased 97,469 shares of our common stock at an average price of $ 10.60 per share for a total of approximately $ 1.0 million . all common stock purchases under the stock repurchase program were made in open-market transactions and were funded with cash on-hand . as of december 31 , 2017 , we had 43.4 million shares of common stock outstanding and may repurchase up to an additional $ 19.8 million under the program . we can borrow up to $ 30.0 million under the 2017 multi-draw term facility , compared to $ 25.0 million under the previous credit facility , to repurchase our common stock . management believes that opportunistic repurchases of our common stock are a prudent use of capital resources .
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 Suspicious Activity Report : for the years ended december 31 , 2017 , 2016 , and 2015 , approximately 17 % , 17 % , and 23 % , respectively , of our net timber sales revenue was derived from the mahrt timber agreements . the percentage of our annual net timber sales revenue derived from westrock in 2017 remained consistent with 2016 and decreased from 2015 as a result of our acquisitions and expansion of our customer base over the years . see note 7 – commitments and contingencies of our accompanying consolidated financial statements for additional information regarding the material terms of the mahrt timber agreements . in connection with the carolinas midlands iii transaction that closed in june 2016 , we assumed the carolinas supply agreement which requires us to harvest and sell agreed-upon pulpwood volumes to ip , and ip is required to purchase such volume at defined market prices . during the year ended december 31 , 2017 , we sold approximately 171,000 tons under the carolinas supply agreement , which exceeded the 150,000 tons requirement . for the year ended december 31 , 2017 , approximately 6 % of our net timber sales revenue was derived from the carolinas supply agreement . general economic conditions and timber market factors impacting our business our operating results are influenced by a variety of factors , including timber prices ; the demand for pulp and paper products , lumber , panel , and other wood-related products ; the supply of timber ; and competition . timber prices can experience significant variations and have been historically volatile . the demand for timber and wood products is 34 affected primarily by the level of new residential construction activity , repair and remodeling activity , the supply of manufactured timber products including imports , and , to a lesser extent , other commercial and industrial uses . the demand for timber also is affected by the demand for wood chips in the pulp and paper markets and for hardwood in the furniture and other hardwood industries . the u.s. economy as well as the housing market continued to improve in 2017. according to the u.s. bureau of economic analysis , the real gross domestic product increased by 2.3 % in 2017 , up from an increase of 1.5 % in 2016. the u.s. census bureau and the u.s. department of housing and urban development estimated that 1.2 million housing units were started in 2017 , a 2.5 % increase compared to 2016 and the highest since 2007. we believe that the housing market will continue to show modest and gradual improvement in 2018 , but that in 2018 , the surplus log inventory in the market will likely not allow for significant improvement in sawtimber pricing . we expect our 2018 harvest volumes to be down slightly from 2017 as we tactically defer some harvests to maximize returns for our stockholders , waiting for more favorable market conditions anticipated in 2019 and 2020. recently announced capital improvements and expansions of mills in our regions should provide significant favorable market impacts to achieve greater value for our products in coming years when we anticipate taking advantage of increased demand , especially for recovering softwood timber . in the meantime , we anticipate our pulpwood and sawtimber prices will remain steady or improve modestly during 2018. we expect to continue to build on market and business diversity and leverage our relationships in key markets to garner additional quota and delivery opportunities . liquidity and capital resources overview cash flows generated from our operations are primarily used to fund recurring expenditures and distributions to our stockholders . the amount of distributions to common stockholders is determined by our board of directors and is dependent upon a number of factors , including funds deemed available for distribution based principally on our current and future projected operating cash flows , less capital requirements necessary to maintain our existing timberland portfolio . in determining the amount of distributions to common stockholders , we also consider our financial condition , our expectations of future sources of liquidity , current and future economic conditions , market demand for timber and timberlands , and tax considerations , including the annual distribution requirements necessary to maintain our status as a reit under the code . in determining how to allocate cash resources in the future , we will initially consider the source of the cash . we anticipate using a portion of cash generated from operations , after payments of periodic operating expenses and interest expense , to fund certain capital expenditures required for our timberlands . any remaining cash generated from operations may be used to partially fund timberland acquisitions and pay distributions to stockholders . therefore , to the extent that cash flows from operations are lower , timberland acquisitions and stockholder distributions are anticipated to be lower as well . capital expenditures , including new timberland acquisitions , are generally funded with cash from operations or existing debt availability ; however , proceeds from future debt financings and equity offerings may be used to fund capital expenditures , acquire new timberland properties and pay down existing and future borrowings . shelf registration statement and follow-on offering on june 2 , 2017 , we filed a shelf registration statement on form s-3 with the sec ( the `` shelf registration statement `` ) , which was declared effective by the sec on june 16 , 2017. the shelf registration statement provides us with future flexibility to offer , from time to time and in one or more offerings , up to $ 600 million in an undefined combination of debt securities , common stock , preferred stock , depositary shares , or warrants . the terms of any such future offerings would be established at the time of an offering . story_separator_special_tag our net loss per share for the years ended december 31 , 2016 and 2015 was $ 0.29 and $ 0.21 , respectively . 42 index to consolidated financial statements adjusted ebitda the discussion below is intended to enhance the reader 's understanding of our operating performance and ability to satisfy lender requirements . ebitda is a non-gaap measure of operating performance . ebitda is defined by the sec as earnings before interest , taxes , depreciation and amortization ; however , we have excluded certain other expenses which we believe are not indicative of the ongoing operating results of our timberland portfolio , and we refer to this measure as adjusted ebitda ( see the reconciliation table below ) . as such , our adjusted ebitda may not be comparable to similarly titled measures reported by other companies . due to the significant amount of timber assets subject to depletion and the significant amount of financing subject to interest and amortization expense , management considers adjusted ebitda to be an important measure of our financial performance . by providing this non-gaap financial measure , together with the reconciliation below , we believe we are enhancing investors ' understanding of our business and our ongoing results of operations , as well as assisting investors in evaluating how well we are executing our strategic initiatives . items excluded from adjusted ebitda are significant components in understanding and assessing financial performance . adjusted ebitda is a supplemental measure of operating performance that does not represent and should not be considered in isolation or as an alternative to , or substitute for net income , cash from operations , or other financial statement data presented in our consolidated financial statements as indicators of our operating performance . adjusted ebitda has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of our results as reported under u.s. gaap . some of the limitations are : adjusted ebitda does not reflect our capital expenditures , or our future requirements for capital expenditures ; adjusted ebitda does not reflect changes in , or our interest expense or the cash requirements necessary to service interest or principal payments on , our debt ; and although depletion is a non-cash charge , we will incur expenses to replace the timber being depleted in the future , and adjusted ebitda does not reflect all cash requirements for such expenses . due to these limitations , adjusted ebitda should not be considered as a measure of discretionary cash available to us to invest in the growth of our business . our credit agreement contains a minimum debt service coverage ratio based , in part , on adjusted ebitda since this measure is representative of adjusted income available for interest payments . we further believe that our presentation of this non-gaap financial measurement provides information that is useful to analysts and investors because they are important indicators of the strength of our operations and the performance of our business . for the year ended december 31 , 2017 , adjusted ebitda was $ 42.0 million , a $ 5.2 million increase from the year ended december 31 , 2016 , primarily due to a $ 2.4 million increase in revenue from timberland sales , $ 2.0 million generated by the dawsonville bluffs joint venture and a $ 1.1 million increase in net timber sales . our reconciliation of net loss to adjusted ebitda for the years ended december 31 , 2017 , 2016 , and 2015 follows : 43 index to consolidated financial statements replace_table_token_15_th ( 1 ) includes non-cash basis of timber and timberland assets written-off related to timberland sold , terminations of timberland leases and casualty losses . ( 2 ) for the purpose of the above reconciliation , amortization includes amortization of deferred financing costs , amortization of intangible lease assets , and amortization of mainline road costs , which are included in either interest expense , land rent expense , or other operating expenses in the accompanying consolidated statements of operations . ( 3 ) reflects our share of depletion , amortization , and basis of timberland and mitigation credits sold of the unconsolidated joint venture . ( 4 ) includes certain cash expenses that management believes do not directly reflect the core business operations of our timberland portfolio on an on-going basis , including costs required to be expensed by gaap related to acquisitions , transactions , joint ventures or new business initiatives . election as a reit we have elected to be taxed as a reit under the code , and we have operated as such beginning with our taxable year ended december 31 , 2009. to qualify to be taxed as a reit , we must meet certain organizational and operational requirements , including a requirement to distribute at least 90 % of our adjusted taxable income , as defined in the code , to our stockholders , computed without regard to the dividends-paid deduction and by excluding our net capital gain . as a reit , we generally will not be subject to federal income tax on taxable income that we distribute to our stockholders . if we fail to qualify to be taxed as a reit in any taxable year , we will then be subject to federal income taxes on our taxable income at regular corporate rates and will not be permitted to qualify for treatment as a reit for federal income tax purposes for that year and for the four years following the year during which qualification is lost , unless the irs grants us relief under certain statutory provisions . such an event could materially adversely affect our net income and net cash available for distribution to our stockholders . however , we believe that we are organized and operate in such a manner as to qualify for treatment as a reit for federal income tax purposes . inflation our

