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Stockholders' Equity | 12 Months Ended
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Dec. 31, 2019
Stockholders' Equity [Abstract] |
Stockholders' Equity | NOTE 23 – 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 preferr ed stock have ceased and terminated, except the right to receive the number of whole shares of common stock issuable upon conversion of the Series C preferred stock and any required cash-in-lieu of fractional shares. At both December 31, 2019 and 2018, preferred and common stock pai d-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 c osts of issuance. As of both December 31, 2019 and 2018, accumulated issuance costs charged 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 December 31, 2019 and 2018, the Bank’s legal surplus amounted to $95.8 million and $90.2 million, respectively. The amou nt 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 years ended December 31, 2019, 2018 and 2017, Oriental did not repurchase any shares under the progr am. At December 31, 2019 the number of shares that may yet be purchased under the $70 million program is estimated at 327,440, and was calculated by dividing the remaining balance of $7.7 million by $23.61 (closing price of Oriental's common stock at December 31, 2019). The activity in connection with common shares held in treasury by Oriental for the years ended December 31, 2019, 2018 and 2017 is set forth below:
|  | Year Ended December 31,
|  | 2019 |  | 2018 |  | 2017
|  |  |  | Dollar |  |  |  | Dollar |  |  |  | Dollar
|  | Shares |  | Amount |  | Shares |  | Amount |  | Shares |  | Amount
|  | (In thousands, except shares data)
Beginning of year | $ | 8,591,310 |  | $ | 103,633 |  | 8,678,427 |  | $ | 104,502 |  | 8,711,025 |  | $ | 104,860
Common shares used upon lapse of restricted stock units and options |  | (105,032) |  |  | (1,294) |  | (87,117) |  |  | (869) |  | (32,598) |  |  | (358)
End of year | $ | 8,486,278 |  | $ | 102,339 |  | 8,591,310 |  | $ | 103,633 |  | 8,678,427 |  | $ | 104,502

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- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + 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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