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STOCKHOLDERS' EQUITY | 3 Months Ended
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Mar. 31, 2020
Equity [Abstract] |
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY Preferred Stock We are authorized to issue 50,000,000 shares of preferred stock with par value of $0.01 per share. Preferred shares outstanding rank senior to common shares both as to dividends and liquidation preference but generally have no voting rights. All of our outstanding shares of preferred stock have a $1,000 per share liquidation preference. The following table presents our total outstanding preferred stock as of the dates indicated:
|  | March 31, 2020 |  | December 31, 2019
($ in thousands) |  | Shares Outstanding |  | Liquidation Preference |  | Carrying Value |  | Shares Outstanding |  | Liquidation Preference |  | Carrying Value
Series D 7.375% non-cumulative perpetual |  | 94,597 |  |  | $ | 94,597 |  |  | $ | 91,202 |  |  | 96,629 |  |  | $ | 96,629 |  |  | $ | 93,162 |
Series E 7.00% non-cumulative perpetual |  | 100,292 |  |  | 100,292 |  |  | 96,485 |  |  | 100,477 |  |  | 100,477 |  |  | 96,663 |
Total |  | 194,889 |  |  | $ | 194,889 |  |  | $ | 187,687 |  |  | 197,106 |  |  | $ | 197,106 |  |  | $ | 189,825 |
During the three months ended March 31, 2020, we repurchased depositary shares (Series D Depositary Shares), each representing a 1/40 th interest in a share of Series D Preferred Stock, liquidation amount of $1,000 per share of Series D Preferred Stock, resulting in the repurchase of 81,304 outstanding Series D Depositary Shares and the related retirement of 2,033 outstanding shares of Series D Preferred Stock. The repurchase price aggregated to $1.5 million. The $501 thousand difference between the consideration paid and the carrying value of the Series D Preferred Stock was reclassified to retained earnings and resulted in an increase to net income allocated to common stockholders. During the three months ended March 31, 2020, we repurchased depositary shares (Series E Depositary Shares), each representing a 1/40 th interest in a share of Series E Preferred Stock, liquidation amount of $1,000 per share of Series E Preferred Stock, resulting in the repurchase of 7,400 outstanding Series E Depositary Shares and the related retirement of 185 outstanding shares of Series E Preferred Stock. The repurchase price aggregated to $153 thousand. The $25 thousand difference between the consideration paid and the carrying value of the Series E Preferred Stock was reclassified to retained earnings and resulted in an increase to net income allocated to common stockholders. Share Repurchase Program On February 10, 2020, we announced that our Board of Directors (the “Board”) authorized the repurchase of up to $45 million of our common stock. The repurchase authorization expires in February 2021. Purchases may be made in open-market transactions, in block transactions on or off an exchange, in privately negotiated transactions or by other means as determined by our management and in accordance with the regulations of the Securities and Exchange Commission. The timing of purchases and the number of shares repurchased under the program will depend on a variety of factors including price, trading volume, corporate and regulatory requirements and market conditions. During the three months ended March 31, 2020, we repurchased 827,584 shares of common stock at a weighted average price of $14.50 per share and aggregating $12.0 million. Given current macroeconomic conditions and the yet-to-be-determined impacts of the COVID-19 crisis, we have suspended common stock repurchases for the immediate future. Change in Accumulated Other Comprehensive (Loss) Income Our AOCI includes unrealized gain (loss) on securities available-for-sale. Changes to AOCI are presented net of tax effect as a component of stockholders' equity. Reclassifications from AOCI are recorded on the consolidated statements of operations either as a gain or loss. The following table presents changes to AOCI for the periods indicated:
|  | Three Months Ended March 31,
($ in thousands) |  | 2020 |  | 2019
Unrealized(loss) gain on securities available-for-sale |  |  |  |
Balance at beginning of period |  | $ | (11,900 | ) |  | $ | (24,117 | )
Unrealized (loss) gain arising during the period |  | (59,885 | ) |  | 8,746 |
Reclassification adjustment from other comprehensive income |  | — |  |  | (208 | )
Tax effect of current period changes |  | 17,637 |  |  | (2,512 | )
Total changes, net of taxes |  | (42,248 | ) |  | 6,026 |
Balance at end of period |  | $ | (54,148 | ) |  | $ | (18,091 | )

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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