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Stockholders' Equity | 3 Months Ended
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Mar. 31, 2019
Stockholders' Equity [Abstract] |
Stockholders' Equity | NOTE 14 – STOCKHOLDERS’ EQUITY Preferred Stock and Common Stock On October 22, 2018, Oriental completed the conversion of all of its 84,000 shares of Series C preferred stock into common stock. Each share of Series C preferred stock was converted into 86.4225 shares of common stock. Upon conversion, the Series C preferred stock is no longer outstanding and all rights with respect to the Series C preferred stock have ceased and terminated, except the right to receive the number of whole shares of common stock i ssuable upon conversion of the Series C preferred stock and any required cash-in-lieu of fractional shares. At both March 31, 2019 and December 31, 2018, preferred and common stock paid-in capital amounted $92.0 million and $59.9 million, respectively. 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 both March 31, 2019 and December 31, 2018, accumulated issuance costs c harged against additional paid-in capital amounted to $13.6 million and $10.1 million for common and preferred 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, 2019 and December 31, 2018, the Bank’s legal surplus amounted to $92.6 million and $90.2 million, respectively. The amount transferred to the legal surplus account is not available for the payment of dividends to shareholders. Treasury Stock Under Oriental’s current stock repurchase program, it is authorized to purchase in the open market up to $7.7 million of its outstanding shares of common stock. The shares of common stock repurchased are to be held by Oriental as treasury shares. During the quarters ended March 31, 2019 and 2018, Oriental did not re purchase any shares under the progr am. At March 31, 2019 the number of shares that may yet be purchased under the $70 million program is estimated at 390,644 and was calculated by dividing the remaining balance of $7.7 million by $19.79 (closing price of Oriental's common stock at March 31, 2019). The activity in connection with common shares held in treasury by Oriental for the quarter s ended March 31, 2019 an d 2018 is set forth below:
| Quarter Ended March 31,
| 2019 |  | 2018
|  |  | Dollar |  |  |  | Dollar
| Shares |  | Amount |  | Shares |  | Amount
| (In thousands, except shares data)
Beginning of period | 8,591,310 |  | $ | 103,633 |  | 8,678,427 |  | $ | 104,502
Common shares used upon lapse of restricted stock units and options | (34,507) |  |  | (437) |  | (20,900) |  |  | (360)
End of period | 8,556,803 |  | $ | 103,196 |  | 8,657,527 |  | $ | 104,142

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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 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 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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