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EQUITY STRUCTURE AND ACCOUNTS | 3 Months Ended
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Mar. 31, 2020
Equity [Abstract] |
EQUITY STRUCTURE AND ACCOUNTS | 10. EQUITY STRUCTURE AND ACCOUNTS Exchange for Class A Common Stock Pursuant to the Third Amended and Restated LLLP Agreement of LCFH, the Continuing LCFH Limited Partners may from time to time, subject to certain conditions, receive one share of the Company’s Class A common stock in exchange for (i) one share of the Company’s Class B common stock, (ii) one Series REIT LP Unit and (iii) either one Series TRS LP Unit or one TRS Share, subject to equitable adjustments for stock splits, stock dividends and reclassifications. During the three months ended March 31, 2020, no Series REIT LP Units and no Series TRS LP Units were collectively exchanged for shares of Class A common stock and no shares of Class B common stock were canceled. We received no other consideration in connection with these exchanges. During the three months ended March 31, 2019, 101,000 Series REIT LP Units and 101,000 Series TRS LP Units were collectively exchanged for 101,000 shares of Class A common stock; and 101,000 shares of Class B common stock were canceled. We received no other consideration in connection with these exchanges. Stock Repurchases On October 30, 2014, the board of directors authorized the Company to repurchase up to $50.0 million of the Company’s Class A common stock from time to time without further approval. Stock repurchases by the Company are generally made for cash in open market transactions at prevailing market prices but may also be made in privately negotiated transactions or otherwise. The timing and amount of purchases are determined based upon prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. As of March 31, 2020, the Company has a remaining amount available for repurchase of $39.9 million, which represents 7.8% in the aggregate of its outstanding Class A common stock, based on the closing price of $4.74 per share on such date. The following table is a summary of the Company’s repurchase activity of its Class A common stock during the three months ended March 31, 2020 and 2019 ($ in thousands):
|  | Shares |  | Amount(1)
Authorizations remaining as of December 31, 2019 |  |  |  | $ | 41,132 |
Additional authorizations |  |  |  | — |
Repurchases paid |  | 146,153 |  |  | (1,201 | )
Repurchases unsettled |  |  |  | — |
Authorizations remaining as of March 31, 2020 |  |  |  | $ | 39,931 |
(1) | Amount excludes commissions paid associated with share repurchases.
|  | Shares |  | Amount(1)
Authorizations remaining as of December 31, 2018 |  |  |  | $ | 41,769 |
Additional authorizations |  |  |  | — |
Repurchases paid |  | — |  |  | — |
Repurchases unsettled |  |  |  | — |
Authorizations remaining as of March 31, 2019 |  |  |  | $ | 41,769 |
(1) | Amount excludes commissions paid associated with share repurchases.
Dividends The following table presents dividends declared (on a per share basis) of Class A common stock for the three months ended March 31, 2020 and 2019:
Declaration Date |  | Dividend per Share
February 27, 2020 |  | $ | 0.340 |
|  | $ | 0.340 |
February 27, 2019 |  | $ | 0.340 |
Total |  | $ | 0.340 |
Changes in Accumulated Other Comprehensive Income The following table presents changes in accumulated other comprehensive income related to the cumulative difference between the fair market value and the amortized cost basis of securities classified as available for sale for the three months ended March 31, 2020 and 2019 ($ in thousands):
|  | Accumulated Other Comprehensive Income (Loss) |  | Accumulated Other Comprehensive Income (Loss) of Noncontrolling Interests |  | Total Accumulated Other Comprehensive Income (Loss)
December 31, 2019 |  | $ | 4,218 |  |  | $ | 477 |  |  | $ | 4,695 |
Other comprehensive income (loss) |  | (70,142 | ) |  | (7,865 | ) |  | (78,007 | )
Exchange of noncontrolling interest for common stock |  | — |  |  | — |  |  | — |
Rebalancing of ownership percentage between Company and Operating Partnership |  | 4 |  |  | (4 | ) |  | — |
March 31, 2020 |  | $ | (65,920 | ) |  | $ | (7,392 | ) |  | $ | (73,312 | )
|  | Accumulated Other Comprehensive Income (Loss) |  | Accumulated Other Comprehensive Income (Loss) of Noncontrolling Interests |  | Total Accumulated Other Comprehensive Income (Loss)
December 31, 2018 |  | $ | (4,649 | ) |  | $ | (588 | ) |  | $ | (5,237 | )
Other comprehensive income (loss) |  | 11,731 |  |  | 1,462 |  |  | 13,193 |
Exchange of noncontrolling interest for common stock |  | (5 | ) |  | 5 |  |  | — |
Rebalancing of ownership percentage between Company and Operating Partnership |  | 3 |  |  | (3 | ) |  | — |
March 31, 2019 |  | $ | 7,080 |  |  | $ | 876 |  |  | $ | 7,956 |

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + 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 + Details
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