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EQUITY STRUCTURE AND ACCOUNTS
 3 Months Ended
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