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Stockholders' Equity | 9 Months Ended
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Sep. 30, 2016
Stockholders' Equity [Abstract] |
Stockholders' equity | NOTE 15 – 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 September 30, 2016 and December 31, 2015 accumulated issuance costs charged against additional paid-in capital amounted to $13.6 million and $10.1 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 September 30, 2016 and December 31, 2015, the Bank’s legal surplus amounted to $74.8 million and $70.4 million, respectively. The amount transferred to the legal surplus account is not available for the payment of dividends to shareholders. Treasury Stock Under the Company’s current stock repurchase program it is authorized to purchase in the open market up to $70 million of its 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 nine-month period ended September 30, 2016. During the nine-month period ended September 30, 2015, the Company purchased 803,985 s hares under this program for a total of $8.9 million at an average price of $11.10 per share. The number of shares that may yet be purchased under the $70 million program is estimated at 764,674 and was calculated by dividing the remaining balance of $7.7 million by $10.11 (closing price of the Company common stock at September 30, 2016). The Company did not purchase any shares of its common stock during the nine-month period ended September 30, 2016 and 2015, other than through its publicly announced stock purchase program. The activity in connection with common shares held in treasury by the Company for the nine-month periods ended September 30, 2016 and 2015 is set forth below:
| Nine-Month Period Ended September 30,
| 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) |  | (58,279) |  |  | (641) |
Common shares repurchased as part of the stock repurchase program | - |  |  | - |  | 803,985 |  |  | 8,950 |
End of period | 8,712,150 |  | $ | 104,874 |  | 8,757,960 |  | $ | 105,379 |

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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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