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STOCKHOLDERS' EQUITY
 3 Months Ended
Mar. 31, 2021
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 $1,000 per share liquidation preference. The following table presents our total outstanding preferred stock as of the dates indicated:
March 31, 2021December 31, 2020
($ in thousands)Shares OutstandingLiquidation PreferenceCarrying ValueShares OutstandingLiquidation PreferenceCarrying Value
Series D
7.375% non-cumulative perpetual
— $— $— 93,270 $93,270 $89,922 
Series E
7.00% non-cumulative perpetual
98,702 98,702 94,956 98,702 98,702 94,956 
Total98,702 $98,702 $94,956 191,972 $191,972 $184,878 


During certain periods, we have repurchased Series D Depositary Shares and Series E Depositary Shares, each representing a 1/40th interest in a share of Series D Preferred Stock and Series E Preferred Stock. When the consideration paid to repurchase shares exceeds the repurchased shares' carrying value, the difference reduces net income allocated to common shareholders. When the consideration paid to repurchase shares is less than the repurchased shares' carrying value, the difference increases net income allocated to common shareholders. The following table summarizes repurchases of these depositary shares for the periods indicated:
Three Months Ended
March 31,
($ in thousands)20212020
Series D Preferred Stock:
Depositary shares repurchased3,730,767 81,304 
Preferred Stock retired (shares)93,269 2,033 
Consideration paid$93,269 $1,458 
Carrying value89,922 1,959 
Impact of preferred stock redemption$3,347 $(501)
Series E Preferred Stock:
Depositary shares repurchased— 7,400 
Preferred Stock retired (shares)— 185 
Consideration paid$— $153 
Carrying value— 178 
Impact of preferred stock redemption$— $(25)

During the three months ended March 31, 2021, we repurchased all of our outstanding Series D Depositary Shares, resulting in an impact of preferred stock redemption of $3.3 million in the accompanying consolidated statements of operations.

Change in Accumulated Other Comprehensive (Loss) Income ("AOCI")
Our AOCI includes unrealized gain (loss) on securities available-for-sale. Changes to AOCI are presented net of the tax effect as a component of stockholders' equity. Reclassifications from AOCI occur when a security is sold, called or matures and 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)20212020
Unrealized gain (loss) on securities available-for-sale
Balance at beginning of period$7,746 $(11,900)
Unrealized loss arising during the period(3,638)(59,885)
Tax effect of current period changes1,077 17,637 
Total changes, net of taxes(2,561)(42,248)
Balance at end of period$5,185 $(54,148)