Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity (Notes)

v3.5.0.2
Stockholders' Equity (Notes)
 6 Months Ended
Jun. 30, 2016
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 during the three months ended June 30, 2016, and the four immediately preceding quarters:
Declaration Date
 
Record Date
 
Payment Date
 
Cash Dividend Per Share
June 16, 2016
 
June 30, 2016
 
July 20, 2016
 
$
0.23

March 15, 2016
 
March 31, 2016
 
April 21, 2016
 
$
0.23

December 16, 2015
 
December 30, 2015
 
January 20, 2016
 
$
0.26

September 16, 2015
 
September 30, 2015
 
October 22, 2015
 
$
0.26

June 17, 2015
 
June 30, 2015
 
July 21, 2015
 
$
0.26



Accumulated Other Comprehensive Income
Accumulated other comprehensive income at June 30, 2016 and December 31, 2015 was as follows:
(in thousands)
June 30,
2016
 
December 31,
2015
Available-for-sale securities
 
 
 
Unrealized gains
$
533,482

 
$
405,177

Unrealized losses
(13,785
)
 
(46,116
)
Accumulated other comprehensive income
$
519,697

 
$
359,061



Reclassifications out of Accumulated Other Comprehensive Income
The following table summarizes reclassifications out of accumulated other comprehensive income for the three and six months ended June 30, 2016 and 2015:
 
 
Affected Line Item in the Condensed Consolidated Statements of Comprehensive Income
 
Amount Reclassified out of Accumulated Other Comprehensive Income
(in thousands)
 
 
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
 
 
 
2016
 
2015
 
2016
 
2015
Other-than-temporary impairments on AFS securities
 
Total other-than-temporary impairment losses
 
$
90

 
$
170

 
$
807

 
$
297

Realized gains on sales of certain AFS securities, net of tax
 
Gain on investment securities
 
(5,130
)
 
(75,135
)
 
(24,256
)
 
(175,071
)
Total
 
 
 
$
(5,040
)
 
$
(74,965
)
 
$
(23,449
)
 
$
(174,774
)


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 limitations detailed in the plan prospectus. An aggregate of 7.5 million shares of the Company’s common stock were originally reserved for issuance under the plan. As of June 30, 2016, 312,435 shares have been issued under the plan for total proceeds of approximately $3.2 million, of which 14,495 and 29,143 shares were issued for total proceeds of $0.1 million and $0.2 million during the three and six months ended June 30, 2016, respectively. During the three and six months ended June 30, 2015, 16,772 and 36,184 shares were issued for total proceeds of $0.2 million and $0.4 million, respectively.
Share Repurchase Program
As of December 31, 2015, the Company’s share repurchase program allowed the Company to repurchase up to 25,000,000 shares of its common stock. During the six months ended June 30, 2016, the Company’s board of directors authorized an increase of 50,000,000 shares, for up to a total of 75,000,000 shares authorized under the program. Shares may 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 the Exchange Act, or by any combination of such methods. The manner, price, number and timing of share repurchases are subject to a variety of factors, including market conditions and applicable SEC rules. The share repurchase program does not require the purchase of any minimum number of shares, and purchases may be commenced or suspended at any time without prior notice. The share repurchase program does not have an expiration date. As of June 30, 2016, a total of 24,135,000 shares had been repurchased by the Company under the program for an aggregate cost of $200.4 million; of these, 8,020,000 shares were repurchased for a total cost of $61.3 million during the six months ended June 30, 2016, respectively. No shares were repurchased during the three months ended June 30, 2016, or the three and six months ended June 30, 2015.
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, or the Securities Act. On May 22, 2015, the Company entered into an amendment to the equity distribution agreement providing that any subsequent offers or sales of the Company’s common stock under the equity distribution agreement shall be made pursuant to a new prospectus supplement, which was filed on the same date. As of June 30, 2016, 7,585,869 shares of common stock have been sold under the equity distribution agreement for total accumulated net proceeds of approximately $77.6 million; however, no shares were sold during the three and six months ended June 30, 2016 and 2015.