Stockholders' Equity (Tables)
|
9 Months Ended |
Sep. 30, 2018 |
|---|
| Equity [Abstract] |
|
| Preferred Stock |
The following table presents cash dividends declared by the Company on its preferred stock since their issuances:
|
|
|
|
|
|
|
|
|
|
Declaration Date |
|
Record Date |
|
Payment Date |
|
Cash Dividend Per Preferred Share |
Series A Preferred Stock: |
|
|
|
|
|
|
September 20, 2018 |
|
October 12, 2018 |
|
October 29, 2018 |
|
$ |
0.507810 |
|
June 19, 2018 |
|
July 12, 2018 |
|
July 27, 2018 |
|
$ |
0.507810 |
|
March 20, 2018 |
|
April 12, 2018 |
|
April 27, 2018 |
|
$ |
0.507810 |
|
December 14, 2017 |
|
January 12, 2018 |
|
January 29, 2018 |
|
$ |
0.507810 |
|
September 14, 2017 |
|
October 12, 2017 |
|
October 27, 2017 |
|
$ |
0.507810 |
|
June 15, 2017 |
|
July 12, 2017 |
|
July 27, 2017 |
|
$ |
0.750430 |
|
Series B Preferred Stock: |
|
|
|
|
|
|
September 20, 2018 |
|
October 12, 2018 |
|
October 29, 2018 |
|
$ |
0.476560 |
|
June 19, 2018 |
|
July 12, 2018 |
|
July 27, 2018 |
|
$ |
0.476560 |
|
March 20, 2018 |
|
April 12, 2018 |
|
April 27, 2018 |
|
$ |
0.476560 |
|
December 14, 2017 |
|
January 12, 2018 |
|
January 29, 2018 |
|
$ |
0.476560 |
|
September 14, 2017 |
|
October 12, 2017 |
|
October 27, 2017 |
|
$ |
0.518920 |
|
Series C Preferred Stock: |
|
|
|
|
|
|
September 20, 2018 |
|
October 12, 2018 |
|
October 29, 2018 |
|
$ |
0.453130 |
|
June 19, 2018 |
|
July 12, 2018 |
|
July 27, 2018 |
|
$ |
0.453130 |
|
March 20, 2018 |
|
April 12, 2018 |
|
April 27, 2018 |
|
$ |
0.453130 |
|
December 14, 2017 |
|
January 12, 2018 |
|
January 29, 2018 |
|
$ |
0.302080 |
|
Series D Preferred Stock: |
|
|
|
|
|
|
September 20, 2018 |
|
October 1, 2018 |
|
October 15, 2018 |
|
$ |
0.484375 |
|
Series E Preferred Stock: |
|
|
|
|
|
|
September 20, 2018 |
|
October 1, 2018 |
|
October 15, 2018 |
|
$ |
0.468750 |
|
|
| Schedule of Stock by Class |
The following table presents a reconciliation of the common shares outstanding for the nine months ended September 30, 2018 and 2017:
|
|
|
|
|
Number of common shares |
Common shares outstanding, December 31, 2016 |
173,826,163 |
|
Issuance of common stock |
19,688 |
|
Issuance of restricted stock (1)
|
643,505 |
|
Common shares outstanding, September 30, 2017 |
174,489,356 |
|
|
|
Common shares outstanding, December 31, 2017 |
174,496,587 |
|
Issuance of common stock |
72,608,932 |
|
Issuance of restricted stock (1)
|
972,651 |
|
Common shares outstanding, September 30, 2018 |
248,078,170 |
|
____________________
(1)
Represents shares of restricted stock granted under the Second Restated 2009 Equity Incentive Plan, net of forfeitures, of which 1,593,701 restricted shares remained subject to vesting requirements at September 30, 2018.
|
| Dividends Declared |
The following table presents cash dividends declared by the Company on its common stock from December 31, 2016 through September 30, 2018:
|
|
|
|
|
|
|
|
|
|
Declaration Date |
|
Record Date |
|
Payment Date |
|
Cash Dividend Per Common Share |
September 20, 2018 |
|
October 1, 2018 |
|
October 29, 2018 |
|
$ |
0.311630 |
|
July 13, 2018 |
|
July 25, 2018 |
|
July 30, 2018 |
|
$ |
0.158370 |
|
June 19, 2018 |
|
June 29, 2018 |
|
July 27, 2018 |
|
$ |
0.470000 |
|
March 20, 2018 |
|
April 2, 2018 |
|
April 27, 2018 |
|
$ |
0.470000 |
|
December 14, 2017 |
|
December 26, 2017 |
|
December 29, 2017 |
|
$ |
0.470000 |
|
September 14, 2017 |
|
September 29, 2017 |
|
October 27, 2017 |
|
$ |
0.520000 |
|
June 15, 2017 |
|
June 30, 2017 |
|
July 27, 2017 |
|
$ |
0.520000 |
|
March 14, 2017 |
|
March 31, 2017 |
|
April 27, 2017 |
|
$ |
0.500000 |
|
|
| Schedule of Accumulated Other Comprehensive Income (Loss) |
Accumulated other comprehensive (loss) income at September 30, 2018 and December 31, 2017 was as follows:
|
|
|
|
|
|
|
|
|
(in thousands) |
September 30,
2018 |
|
December 31,
2017 |
Available-for-sale securities |
|
|
|
Unrealized gains |
$ |
522,365 |
|
|
$ |
475,694 |
|
Unrealized losses |
(677,094 |
) |
|
(140,881 |
) |
Accumulated other comprehensive (loss) income |
$ |
(154,729 |
) |
|
$ |
334,813 |
|
|
| Reclassification out of Accumulated Other Comprehensive Income |
The following table summarizes reclassifications out of accumulated other comprehensive income for the three and nine months ended September 30, 2018 and 2017:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affected Line Item in the Condensed Consolidated Statements of Comprehensive (Loss) Income |
|
Amount Reclassified out of Accumulated Other Comprehensive (Loss) Income |
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
(in thousands) |
|
|
|
September 30, |
|
September 30, |
|
|
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Other-than-temporary impairments on AFS securities |
|
Total other-than-temporary impairment losses |
|
$ |
95 |
|
|
$ |
— |
|
|
$ |
363 |
|
|
$ |
429 |
|
Realized losses (gains) on sales of certain AFS securities, net of tax |
|
(Loss) gain on investment securities |
|
30,368 |
|
|
4,220 |
|
|
52,654 |
|
|
7,386 |
|
Total |
|
|
|
$ |
30,463 |
|
|
$ |
4,220 |
|
|
$ |
53,017 |
|
|
$ |
7,815 |
|
|