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v3.19.3.a.u2

Equity (Tables) | 12 Months Ended
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Dec. 31, 2019
Equity [Abstract] |
Schedule of Stock by Class | The following table presents the Series A Preferred Stock, the Series C Preferred Stock, and the Series D Preferred Stock (collectively referred to as the "Outstanding Preferred Stock") as of December 31, 2019: Table 9.1
Name |  | Issuance Date |  | Shares Issued |  | Annual Dividend Rate(3) |  | Liquidation Value |  | Redemption Date(4)
Series A |  | January 17, 2013 |  | 2,400,000 |  | 5.875 | % |  | $ | 25.00 |  |  | Any Time
Series C(1) |  | June 20, 2014 |  | 3,000,000 |  | 6.000 | % |  | $ | 25.00 |  |  | July 18, 2024
Series D(2) |  | May 13, 2019 |  | 4,000,000 |  | 5.700 | % |  | $ | 25.00 |  |  | July 17, 2024
(1)The Series C Preferred Stock pays an annual dividend rate of 6.000% from the date of issuance to and including the quarterly payment date occurring on July 17, 2024, and thereafter, at a floating rate equal to three-month LIBOR plus 3.26%. (2)Farmer Mac has the option to redeem the preferred stock on any quarterly dividend payment date on and after July 17, 2024. (3)Dividends on all series of Outstanding Preferred Stock are non-cumulative, which means that if Farmer Mac's board of directors has not declared a dividend before the applicable dividend payment date for any dividend period, such dividend will not be paid or cumulate, and Farmer Mac will have no obligation to pay dividends for such dividend period, whether or not dividends on any series of Outstanding Preferred Stock are declared for any future dividend period. (4)Farmer Mac has the right but not the obligation to redeem.
Schedule of Stock Options, SAR, and Non-Vested Restricted Stock | The following tables summarize stock options, SARs, and non-vested restricted stock activity for the years ended December 31, 2019, 2018, and 2017: Table 9.2
| For the Years Ended December 31, |  |  |  |  |  |  |  |  |  |
| 2019 |  |  |  | 2018 |  |  |  | 2017 |  |
| Stock Options and SARs |  | Weighted- Average Exercise Price |  | Stock Options and SARs |  | Weighted- Average Exercise Price |  | Stock Options and SARs |  | Weighted- Average Exercise Price
Outstanding, beginning of year | 124,960 |  |  | $ | 38.38 |  |  | 163,272 |  |  | $ | 32.95 |  |  | 367,535 |  |  | $ | 30.18 |
Granted | 24,582 |  |  | 82.76 |  |  | 10,122 |  |  | 86.15 |  |  | 24,657 |  |  | 60.84 |
Exercised | (40,851) |  |  | 35.61 |  |  | (48,434) |  |  | 30.06 |  |  | (111,278) |  |  | 31.47 |
Canceled | (9,855) |  |  | 79.45 |  |  | — |  |  | — |  |  | (117,642) |  |  | 31.55 |
Outstanding, end of year | 98,836 |  |  | 46.47 |  |  | 124,960 |  |  | 38.38 |  |  | 163,272 |  |  | 32.95 |
Exercisable at end of year | 72,696 |  |  | 34.07 |  |  | 95,675 |  |  | 31.41 |  |  | 93,085 |  |  | 28.57 |
| For the Years Ended December 31, |  |  |  |  |  |  |  |  |  |
| 2019 |  |  |  | 2018 |  |  |  | 2017 |  |
| Non-vested Restricted Stock |  | Weighted- Average Grant Date Fair Value |  | Non-vested Restricted Stock |  | Weighted- Average Grant Date Fair Value |  | Non-vested Restricted Stock |  | Weighted- Average Grant Date Fair Value
Outstanding, beginning of year | 80,153 |  |  | $ | 60.98 |  |  | 95,015 |  |  | $ | 44.39 |  |  | 138,497 |  |  | $ | 34.63 |
Granted | 41,735 |  |  | 80.51 |  |  | 32,070 |  |  | 84.03 |  |  | 45,828 |  |  | 59.79 |
Canceled | (17,054) |  |  | 74.97 |  |  | (1,098) |  |  | 86.15 |  |  | (28,815) |  |  | 42.15 |
Vested and issued | (42,237) |  |  | 52.65 |  |  | (45,834) |  |  | 42.12 |  |  | (60,495) |  |  | 34.77 |
Outstanding, end of year | 62,597 |  |  | 75.81 |  |  | 80,153 |  |  | 60.98 |  |  | 95,015 |  |  | 44.39 |
Schedule of SARs and Non-Vested Restricted Stock Outstanding | The following tables summarize information regarding SARs and non-vested restricted stock outstanding as of December 31, 2019: Table 9.3
SARs: |  |  |  |  |  |  |  |  |  |  |  |
|  | Outstanding |  |  |  | Exercisable |  |  |  | Vested or Expected to Vest |  |
Range of Exercise Prices |  | SARs |  | Weighted- Average Remaining Contractual Life |  | SARs |  | Weighted- Average Remaining Contractual Life |  | SARs |  | Weighted- Average Remaining Contractual Life
$10.00 - $24.99 |  | 14,000 |  |  | 1.6 years |  | 14,000 |  |  | 1.6 years |  | 14,000 |  |  | 1.6 years
25.00 - 39.99 |  | 51,449 |  |  | 4.7 years |  | 51,449 |  |  | 4.7 years |  | 51,449 |  |  | 4.7 years
40.00 - 54.99 |  | — |  |  | 0.0 years |  | — |  |  | 0.0 years |  | — |  |  | 0.0 years
55.00 - 69.99 |  | 6,619 |  |  | 7.3 years |  | 3,873 |  |  | 7.3 years |  | 6,619 |  |  | 7.3 years
70.00 - 84.99 |  | 19,422 |  |  | 9.3 years |  | — |  |  | 0.0 years |  | 19,422 |  |  | 9.3 years
85.00 - 99.99 |  | 7,346 |  |  | 8.3 years |  | 3,374 |  |  | 8.3 years |  | 7,346 |  |  | 8.3 years
|  | 98,836 |  |  |  |  | 72,696 |  |  |  |  | 98,836 |  |  |
Non-vested Restricted Stock: |  |  |  |  |  |  |  |  |  |  |  |
|  | Outstanding |  |  |  | Expected to Vest |  |  |  |  |  |
Weighted- Average Grant-Date Fair Value |  | Non-vested Restricted Stock |  | Weighted-Average Remaining Contractual Life |  | Non-vested Restricted Stock |  | Weighted-Average Remaining Contractual Life |  |  |  |
$35.00 - $49.99 |  | — |  |  | 0.0 years |  | — |  |  | 0.0 years |  |  |  |
50.00 - 64.99 |  | 13,535 |  |  | 0.3 years |  | 13,535 |  |  | 0.3 years |  |  |  |
65.00 - 79.99 |  | 15,851 |  |  | 1.9 years |  | 15,851 |  |  | 1.9 years |  |  |  |
80.00 - 94.99 |  | 33,211 |  |  | 1.4 years |  | 33,211 |  |  | 1.4 years |  |  |  |
|  | 62,597 |  |  |  |  | 62,597 |  |  |  |  |  |  |
Assumptions for Estimating Fair Value of Stock Options and SARs | The fair values of stock options and SARs were estimated using the Black-Scholes option pricing model based on the following assumptions: Table 9.4
| For the Year Ended December 31, |  |  |  |
| 2019 |  | 2018 |  | 2017
Risk-free interest rate | 2.5% |  |  |  | 2.7% |  |  | 2.3% |
Expected years until exercise | 6 years |  | 6 years |  | 6 years
Expected stock volatility | 33.8% |  |  |  | 33.0% |  |  | 34.8% |
Dividend yield | 3.4% |  |  |  | 2.7% |  |  | 2.4% |

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