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Stockholders' Equity | 3 Months Ended
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Mar. 31, 2016
Stockholders' Equity [Abstract] |
Stockholders' equity | NOTE 16 – STOCKHOLDERS’ EQUITY Additional Paid-in Capital Additional paid-in capital represents contributed capital in excess of par value of common and preferred stock net of the costs of issuance. As of March 31, 2016 and December 31, 2015 accumulated issuance costs charged against additional paid-in capital amounted to $1 3.6 million and $1 0.1 million for preferred and common stock, respectively. Legal Surplus The Puerto Rico Banking Act requires that a minimum of 10% of the Bank’s net income for the year be transferred to a reserve fund until such fund (legal surplus) equals the total paid-in capital on common and preferred stock. At March 31, 2016 and December 31, 2015, the Bank’s legal surplus amounted to $7 1.9 million and $70.4 million, respectively. The amount transferred to the legal surplus account is not available for the payment of divi dends to shareholders. Treasury Stock Under the Company’s current stock repurchase program it is authorized to purchase in the open market u p to $70 million of i ts outstanding shares of common stock, of which approximately $7.7 million of authority remains. The shares of common stock repurchased are to be held by the Company as treasury shares. There were no repurchases during the quarters ended March 31, 2016 or 2015. The number of shares that may yet be purchased under the $70 million program is estimated at 1,105,988 and was calculated by dividing the remaining balance of $7.7 million by $6.99 (closing price of the Company common stock at March 31, 2016). The Company did not purchase any shares of its common stock during the quarter ended March 31, 2016 o r 2015. The activity in connection with common shares held in treasury by the Company for the quarters ended March 31, 2016 and 2015 is set forth below:
| Quarter Ended March 31,
| 2016 |  | 2015 |
|  |  | Dollar |  |  |  | Dollar |
| Shares |  | Amount |  | Shares |  | Amount |
| (In thousands, except shares data)
Beginning of period | 8,757,960 |  | $ | 105,379 |  | 8,012,254 |  | $ | 97,070 |
Common shares used upon lapse of restricted stock units | (45,810) |  |  | (505) |  | (51,078) |  |  | (575) |
End of period | 8,712,150 |  | $ | 104,874 |  | 7,961,176 |  | $ | 96,495 |

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- Definition The entire disclosure for accounts comprising shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income, and compensation-related costs for equity-based compensation. Includes, but is not limited to, disclosure of policies, compensation plan details, equity-based arrangements to obtain goods and services, deferred compensation arrangements, and employee stock purchase plan details. + References No definition available. + Details
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