Annual report pursuant to Section 13 and 15(d)

Stockholders' Equity (Tables)

v3.8.0.1
Stockholders' Equity (Tables)
12 Months Ended
Dec. 31, 2017
Equity [Abstract]  
Preferred Stock
The following table presents cash dividends declared by the Company on its preferred stock during the year ended December 31, 2017:
Declaration Date
 
Record Date
 
Payment Date
 
Cash Dividend Per Preferred Share
Series A Preferred Stock:
 
 
 
 
 
 
December 14, 2017
 
January 12, 2018
 
January 29, 2018
 
$
0.50781

September 14, 2017
 
October 12, 2017
 
October 27, 2017
 
$
0.50781

June 15, 2017
 
July 12, 2017
 
July 27, 2017
 
$
0.75043

Series B Preferred Stock:
 
 
 
 
 
 
December 14, 2017
 
January 12, 2018
 
January 29, 2018
 
$
0.47656

September 14, 2017
 
October 12, 2017
 
October 27, 2017
 
$
0.51892

Series C Preferred Stock:
 
 
 
 
 
 
December 14, 2017
 
January 12, 2018
 
January 29, 2018
 
$
0.30208

Dividends Declared
Distributions to Preferred Stockholders
The following table presents cash dividends declared by the Company on its preferred stock during the year ended December 31, 2017:
Declaration Date
 
Record Date
 
Payment Date
 
Cash Dividend Per Preferred Share
Series A Preferred Stock:
 
 
 
 
 
 
December 14, 2017
 
January 12, 2018
 
January 29, 2018
 
$
0.50781

September 14, 2017
 
October 12, 2017
 
October 27, 2017
 
$
0.50781

June 15, 2017
 
July 12, 2017
 
July 27, 2017
 
$
0.75043

Series B Preferred Stock:
 
 
 
 
 
 
December 14, 2017
 
January 12, 2018
 
January 29, 2018
 
$
0.47656

September 14, 2017
 
October 12, 2017
 
October 27, 2017
 
$
0.51892

Series C Preferred Stock:
 
 
 
 
 
 
December 14, 2017
 
January 12, 2018
 
January 29, 2018
 
$
0.30208



Common Stock
Reverse Stock Split
On September 14, 2017, the Company’s board of directors approved a one-for-two reverse stock split of its outstanding shares of common stock. The reverse stock split was effected on November 1, 2017 at 5:01 p.m. Eastern time, following the special dividend of Granite Point common stock. At the effective time, every two issued and outstanding shares of the Company’s common stock were converted into one share of common stock. No fractional shares were issued in connection with the reverse stock split; instead, each stockholder holding fractional shares was entitled to receive, in lieu of such fractional shares, cash in an amount determined on the basis of the volume weighted average price of the Company’s common stock on the NYSE on November 1, 2017. In connection with the reverse stock split, the number of authorized shares of the Company’s common stock was also reduced on a one-for-two basis, from 900 million to 450 million. The par value of each share of common stock remained unchanged. All per share amounts, common shares outstanding and restricted shares for all periods presented have been adjusted on a retroactive basis to reflect the reverse stock split.
As of December 31, 2017, the Company had 174,496,587 shares of common stock outstanding. The following table presents a reconciliation of the common shares outstanding from December 31, 2014 through December 31, 2017:
 
Number of common shares
Common shares outstanding, December 31, 2014
183,197,960

Issuance of common stock
34,913

Issuance of restricted stock (1)
552,680

Repurchase of common stock
(6,832,150
)
Common shares outstanding, December 31, 2015
176,953,403

Issuance of common stock
30,301

Issuance of restricted stock (1)
852,459

Repurchase of common stock
(4,010,000
)
Common shares outstanding, December 31, 2016
173,826,163

Issuance of common stock
26,950

Issuance of restricted stock (1)
643,474

Common shares outstanding, December 31, 2017
174,496,587

____________________
(1)
Represents shares of restricted stock granted under the Second Restated 2009 Equity Incentive Plan, of which 1,284,010 restricted shares remained subject to vesting requirements at December 31, 2017.

Distributions to Common Stockholders
The following table presents cash dividends declared by the Company on its common stock during the years ended December 31, 2017, 2016 and 2015:
Declaration Date
 
Record Date
 
Payment Date
 
Cash Dividend Per Common Share
December 14, 2017
 
December 26, 2017
 
December 29, 2017
 
$
0.47

September 14, 2017
 
September 29, 2017
 
October 27, 2017
 
$
0.52

June 15, 2017
 
June 30, 2017
 
July 27, 2017
 
$
0.52

March 14, 2017
 
March 31, 2017
 
April 27, 2017
 
$
0.50

December 15, 2016
 
December 30, 2016
 
January 27, 2017
 
$
0.48

September 15, 2016
 
September 30, 2016
 
October 20, 2016
 
$
0.46

June 16, 2016
 
June 30, 2016
 
July 20, 2016
 
$
0.46

March 15, 2016
 
March 31, 2016
 
April 21, 2016
 
$
0.46

December 16, 2015
 
December 30, 2015
 
January 20, 2016
 
$
0.52

September 16, 2015
 
September 30, 2015
 
October 22, 2015
 
$
0.52

June 17, 2015
 
June 30, 2015
 
July 21, 2015
 
$
0.52

March 18, 2015
 
March 31, 2015
 
April 21, 2015
 
$
0.52

Schedule of Stock by Class
The following table presents a reconciliation of the common shares outstanding from December 31, 2014 through December 31, 2017:
 
Number of common shares
Common shares outstanding, December 31, 2014
183,197,960

Issuance of common stock
34,913

Issuance of restricted stock (1)
552,680

Repurchase of common stock
(6,832,150
)
Common shares outstanding, December 31, 2015
176,953,403

Issuance of common stock
30,301

Issuance of restricted stock (1)
852,459

Repurchase of common stock
(4,010,000
)
Common shares outstanding, December 31, 2016
173,826,163

Issuance of common stock
26,950

Issuance of restricted stock (1)
643,474

Common shares outstanding, December 31, 2017
174,496,587

____________________
(1)
Represents shares of restricted stock granted under the Second Restated 2009 Equity Incentive Plan, of which 1,284,010 restricted shares remained subject to vesting requirements at December 31, 2017.
Schedule of Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income at December 31, 2017 and December 31, 2016 was as follows:
(in thousands)
December 31,
2017
 
December 31,
2016
Available-for-sale securities
 
 
 
Unrealized gains
$
475,694

 
$
393,555

Unrealized losses
(140,881
)
 
(194,328
)
Accumulated other comprehensive income
$
334,813

 
$
199,227

Reclassification out of Accumulated Other Comprehensive Income
The following table summarizes reclassifications out of accumulated other comprehensive income for the years ended December 31, 2017, 2016:
 
 
Affected Line Item in the Consolidated Statements of Comprehensive Income (Loss)
 
Amount Reclassified out of Accumulated Other Comprehensive Income
 
 
 
 
Year Ended
(in thousands)
 
 
 
December 31,
 
 
 
 
2017
 
2016
 
2015
Other-than-temporary impairments on AFS securities
 
Total other-than-temporary impairment losses
 
$
789

 
$
1,822

 
$
535

Realized gains on sales of certain AFS securities, net of tax
 
(Loss) gain on investment securities
 
5,207

 
(102,852
)
 
(336,230
)
Total
 
 
 
$
5,996

 
$
(101,030
)
 
$
(335,695
)