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CAPITAL STOCK | 3 Months Ended
--- | ---
Mar. 31, 2021
Equity [Abstract] |
CAPITAL STOCK |
14. CAPITAL STOCK
(A) Common Stock The following table provides a summary of the Company’s common shares authorized, and issued and outstanding at March 31, 2021 and December 31, 2020.
| Shares authorized |  | Shares issued and outstanding |
| March 31, 2021 |  | December 31, 2020 |  | March 31, 2021 |  | December 31, 2020 | Par Value
Common stock | 2,936,500,000 |  |  | 2,914,850,000 |  |  | 1,398,502,906 |  |  | 1,398,240,618 |  | $0.01
In June 2019, the Company announced that its board of directors (“Board”) had authorized the repurchase of up to $1.5 billion of its outstanding shares of common stock, which expired on December 31, 2020 (the “Prior Share Repurchase Program”). In December 2020, the Company announced that its Board authorized the repurchase of up to $1.5 billion of its outstanding common shares through December 31, 2021 (the “Current Share Repurchase Program”). The Current Share Repurchase Program replaced the Prior Share Repurchase Program. During the three months ended March 31, 2021 and 2020, no shares were purchased pursuant to these authorizations.
In January 2018, the Company entered into separate Distribution Agency Agreements (as amended and restated on August 6, 2020, collectively, the “Sales Agreements”) with each of Wells Fargo Securities, LLC, BofA Securities, Inc. (formerly known as Merrill Lynch, Pierce, Fenner & Smith, Incorporated), Barclays Capital Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Keefe, Bruyette & Woods, Inc., RBC Capital Markets, LLC and UBS Securities LLC (the “Sales Agents”). The Company may offer and sell shares of its common stock, having an aggregate offering price of up to $1.5 billion from time to time through any of the Sales Agents. No shares were issued under the at-the-market sales program during the three months ended March 31, 2021 and 2020. (B) Preferred Stock The following is a summary of the Company’s cumulative redeemable preferred stock outstanding at March 31, 2021 and December 31, 2020. In the event of a liquidation or dissolution of the Company, the Company’s then outstanding preferred stock takes precedence over the Company’s common stock with respect to payment of dividends and the distribution of assets.
| Shares Authorized |  | Shares Issued And Outstanding |  | Carrying Value | Contractual Rate | Earliest Redemption Date (1) | Date At Which Dividend Rate Becomes Floating | Floating Annual Rate
| March 31, 2021 |  | December 31, 2020 |  | March 31, 2021 |  | December 31, 2020 |  | March 31, 2021 |  | December 31, 2020
Fixed-rate |  | (dollars in thousands)
Series D | — |  |  | 18,400,000 |  |  | — |  |  | — |  |  | — |  |  | — |  | 7.50% | 9/13/2017 | NA | NA
Fixed-to-floating rate
Series F | 28,800,000 |  |  | 28,800,000 |  |  | 28,800,000 |  |  | 28,800,000 |  |  | 696,910 |  |  | 696,910 |  | 6.95% | 9/30/2022 | 9/30/2022 | 3M LIBOR + 4.993%
Series G | 17,000,000 |  |  | 19,550,000 |  |  | 17,000,000 |  |  | 17,000,000 |  |  | 411,335 |  |  | 411,335 |  | 6.50% | 3/31/2023 | 3/31/2023 | 3M LIBOR + 4.172%
Series I | 17,700,000 |  |  | 18,400,000 |  |  | 17,700,000 |  |  | 17,700,000 |  |  | 428,324 |  |  | 428,324 |  | 6.75% | 6/30/2024 | 6/30/2024 | 3M LIBOR + 4.989%
Total | 63,500,000 |  |  | 85,150,000 |  |  | 63,500,000 |  |  | 63,500,000 |  |  | $ | 1,536,569 |  |  | $ | 1,536,569 |  |  |  |  |
(1) Subject to the Company’s right under limited circumstances to redeem preferred stock earlier in order to preserve its qualification as a REIT or under limited circumstances related to a change in control of the Company.
Each series of preferred stock has a par value of $0.01 per share and a liquidation and redemption price of $25.00, plus accrued and unpaid dividends through their redemption date. Through March 31, 2021, the Company had declared and paid all required quarterly dividends on the Company’s preferred stock. The Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, Series G Preferred Stock and Series I Preferred Stock rank senior to the common stock of the Company. (C) Distributions to Stockholders The following table provides a summary of the Company’s dividend distribution activity for the periods presented:
| For the Three Months Ended |  |
| March 31, 2021 |  | March 31, 2020 |  |  |  |
| (dollars in thousands, except per share data) |  |  |  |
Dividends and dividend equivalents declared on common stock and share-based awards | $ | 308,346 |  |  | $ | 357,819 |  |  |  |  |
Distributions declared per common share | $ | 0.22 |  |  | $ | 0.25 |  |  |  |  |
Distributions paid to common stockholders after period end | $ | 307,671 |  |  | $ | 357,606 |  |  |  |  |
Distributions paid per common share after period end | $ | 0.22 |  |  | $ | 0.25 |  |  |  |  |
Date of distributions paid to common stockholders after period end | April 30, 2021 |  | April 30, 2020 |  |  |  |
Dividends declared to series D preferred stockholders | $ | — |  |  | $ | 8,625 |  |  |  |  |
Dividends declared per share of series D preferred stock | $ | — |  |  | $ | 0.469 |  |  |  |  |
Dividends declared to series F preferred stockholders | $ | 12,510 |  |  | $ | 12,510 |  |  |  |  |
Dividends declared per share of series F preferred stock | $ | 0.434 |  |  | $ | 0.434 |  |  |  |  |
Dividends declared to series G preferred stockholders | $ | 6,906 |  |  | $ | 6,906 |  |  |  |  |
Dividends declared per share of series G preferred stock | $ | 0.406 |  |  | $ | 0.406 |  |  |  |  |
Dividends declared to series I preferred stockholders | $ | 7,467 |  |  | $ | 7,468 |  |  |  |  |
Dividends declared per share of series I preferred stock | $ | 0.422 |  |  | $ | 0.422 |  |  |  |  |

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