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Shareholders' Equity | 12 Months Ended
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Dec. 31, 2023
Equity [Abstract] |
Shareholders' Equity | Shareholders’ Equity The Company authorized for issuance up to 500,000,000 shares of Class A common stock, $0.01 par value at December 31, 2023 and December 31, 2022. As of December 31, 2023 and December 31, 2022, the Company had 111,027,252 and 110,892,097 Class A common shares issued and outstanding, respectively. The Company authorized for issuance up to 10,000,000 shares of Class B common stock, $0.01 par value at December 31, 2023 and December 31, 2022. The Company did not have any shares of Class B non-voting common stock, $0.01 par value, issued or outstanding as of December 31, 2023 or December 31, 2022. During the year ended December 31, 2022, the Company repurchased 3,420,874 shares of its Class A common stock under its previously announced stock repurchase program at an average purchase price of $43.85 per share. Such repurchases completed the repurchase of the entire $150.0 million authorized under the Company’s stock repurchase program. The Company completed the share repurchase program in April 2022. The Company authorized for issuance up to 50,000,000 shares of preferred stock, $0.01 par value, at December 31, 2023 and December 31, 2022. As of December 31, 2023 and December 31, 2022, the Company had 10.0 million shares of 6.15% Fixed-to-Floating Non-Cumulative Perpetual Preferred Stock, Series A (the “Series A Preferred Stock”), $0.01 par value, issued and outstanding with an aggregate liquidation preference of $250.0 million ($25.00 per share), 300,000 shares of 4.65% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B (the “Series B Preferred Stock”), $0.01 par value, issued and outstanding with an aggregate liquidation preference of $300.0 million ($1,000 per share) and 300,000 shares of 4.125% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series C (the “Series C Preferred Stock”), $0.01 par value, issued and outstanding with an aggregate liquidation preference of $300.0 million ($1,000 per share). The following table summarizes the Company’s preferred stock issued and outstanding as of December 31, 2023 and 2022 (in thousands, except for share amounts and percentages):
| Shares Issued and Outstanding as of December 31, 2023 and 2022 |  |  |  | Liquidation Preference as of December 31, 2023 and 2022(2) |  | Issue Date |  | Dividend Rate in Effect at December 31, 2023 and 2022(3) |  | Next dividend rate reset date |  | Dividend rate after reset date
Series A | 10,000,000 |  |  |  |  | $ | 250,000 |  |  | March 5, 2019 |  | 6.150 | % |  | March 15, 2024 |  | 3M Term SOFR(1) plus 3.65%
Series B | 300,000 |  |  |  |  | 300,000 |  |  | March 2, 2021 |  | 4.650 | % |  | June 15, 2026 |  | 5 Yr U.S. Treasury plus 4.076%
Series C | 300,000 |  |  |  |  | 300,000 |  |  | October 13, 2021 |  | 4.125 | % |  | December 15, 2026 |  | 5 Yr U.S. Treasury plus 3.149%
Total | 10,600,000 |  |  |  |  | $ | 850,000 |  |  |  |  |  |  |  |  |
(1) 3M Term SOFR includes a credit spread adjustment of 0.10%.
(2) The Series A Preferred Stock has a redemption price of $25.00 per share, plus any declared and unpaid dividends to, but excluding, the redemption date without accumulation of any undeclared dividends. The Series B Preferred Stock and Series C Preferred Stock each have a redemption price of $1,000.00 per share, plus any declared and unpaid dividends to, but excluding, the redemption date without accumulation of any undeclared dividends.
(3) Dividends on preferred stock are discretionary and non-cumulative. When declared, dividends on the Series A Preferred Stock are reset quarterly and payable quarterly in arrears and dividends on the Series B Preferred Stock and Series C Preferred Stock are reset every five years and payable quarterly in arrears.

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