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Equity | 12 Months Ended
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Dec. 31, 2013
Equity [Abstract] |
Equity | Equity The Company's charter provides for the issuance of up to 200.0 million shares of Common Stock, par value $0.001 per share and 30.0 million shares of preferred stock. As of December 31, 2013, 144.3 million common shares were issued and 83.7 million common shares were outstanding. Preferred Stock—The Company had the following series of Cumulative Redeemable Preferred Stock outstanding:
For the Year Ended December 31, 2013
|  |  |  |  |  | Cumulative Preferential Cash Dividends(1)(2)
Series |  | Shares Issued and Outstanding (in thousands) |  | Par Value |  | Liquidation Preference |  | Rate per Annum |  | Equivalent to Fixed Annual Rate (per share)
D |  | 4,000 |  |  | $ | 0.001 |  |  | $25.00 |  | 8.000 | % |  | $ | 2.00 |
E |  | 5,600 |  |  | $ | 0.001 |  |  | $25.00 |  | 7.875 | % |  | $ | 1.97 |
F |  | 4,000 |  |  | $ | 0.001 |  |  | $25.00 |  | 7.8 | % |  | $ | 1.95 |
G |  | 3,200 |  |  | $ | 0.001 |  |  | $25.00 |  | 7.65 | % |  | $ | 1.91 |
I |  | 5,000 |  |  | $ | 0.001 |  |  | $25.00 |  | 7.50 | % |  | $ | 1.88 |
J |  | 4,000 |  |  | $ | 0.001 |  |  | $50.00 |  | 4.50 | % |  | $ | 2.25 |
|  | 25,800 |  |  |  |  |  |  |  |  |  |  |  |
For the Year Ended December 31, 2012
|  |  |  |  |  | Cumulative Preferential Cash Dividends(1)(2)
Series |  | Shares Issued and Outstanding (in thousands) |  | Par Value |  | Liquidation Preference |  | Rate per Annum |  | Equivalent to Fixed Annual Rate (per share)
D |  | 4,000 |  |  | $ | 0.001 |  |  | $25.00 |  | 8.000 | % |  | $ | 2.00 |
E |  | 5,600 |  |  | $ | 0.001 |  |  | $25.00 |  | 7.875 | % |  | $ | 1.97 |
F |  | 4,000 |  |  | $ | 0.001 |  |  | $25.00 |  | 7.8 | % |  | $ | 1.95 |
G |  | 3,200 |  |  | $ | 0.001 |  |  | $25.00 |  | 7.65 | % |  | $ | 1.91 |
I |  | 5,000 |  |  | $ | 0.001 |  |  | $25.00 |  | 7.50 | % |  | $ | 1.88 |
|  | 21,800 |  |  |  |  |  |  |  |  |  |  |  |
Explanatory Notes: _______________________________________________________________________________
(1) | Holders of shares of the Series D, E, F, G, I and J preferred stock are entitled to receive dividends, when and as declared by the Board of Directors, out of funds legally available for the payment of dividends. Dividends are cumulative from the date of original issue and are payable quarterly in arrears on or before the 15th day of each March, June, September and December or, if not a business day, the next succeeding business day. Any dividend payable on the preferred stock for any partial dividend period will be computed on the basis of a 360-day year consisting of twelve 30-day months. Dividends will be payable to holders of record as of the close of business on the first day of the calendar month in which the applicable dividend payment date falls or on another date designated by the Board of Directors of the Company for the payment of dividends that is not more than 30 nor less than 10 days prior to the dividend payment date.
(2) | The Company declared and paid dividends of $8.0 million, $11.0 million, $7.8 million, $6.1 million and $9.4 million on its Series D, E, F, G and I preferred stock, respectively, during each of the years ended December 31, 2013 and 2012. The Company also declared and paid dividends of $6.7 million on its Series J preferred stock during the year ended December 31, 2013. All of the dividends qualified as return of capital for tax reporting purposes. There are no dividend arrearages on any of the preferred shares currently outstanding.
In March 2013, the Company completed a public offering of $200.0 million of its 4.5% Series J Cumulative Convertible Perpetual Preferred Stock, having a liquidation preference of $50.00 per share. Each share of the Series J Preferred Stock is convertible at the holder's option at any time, initially into 3.9087 shares of the Company's common stock (equal to an initial conversion price of approximately $12.79 per share), subject to specified adjustments. The Company may not redeem the Series J Preferred Stock prior to March 15, 2018. On or after March 15, 2018, the Company may, at its option, redeem the Series J Preferred Stock, in whole or in part, at any time and from time to time, for cash at a redemption price equal to 100% of the liquidation preference of $50.00 per share, plus accrued and unpaid dividends, if any, to the redemption date. The Series D, E, F, G and I Cumulative Redeemable Preferred Stock are redeemable without premium at the option of the Company at their respective liquidation preferences. High Performance Unit Program In May 2002, the Company's shareholders approved the iStar Financial High Performance Unit ("HPU") Program. The program entitled employee participants ("HPU Holders") to receive distributions if the total rate of return on the Company's Common Stock (share price appreciation plus dividends) exceeded certain performance thresholds over a specified valuation period. The Company established seven HPU plans that had valuation periods ending between 2002 and 2008 and the Company has not established any new HPU plans since 2005. HPU Holders purchased interests in the High Performance Common Stock for an aggregate initial purchase price of $9.8 million. The remaining four plans that had valuation periods which ended in 2005, 2006, 2007 and 2008, did not meet their required performance thresholds, none of the plans were funded and the Company redeemed the participants' units. The 2002, 2003 and 2004 plans all exceeded their performance thresholds and are entitled to receive distributions equivalent to the amount of dividends payable on 819,254 shares, 987,149 shares and 1,031,875 shares, respectively, of the Company's Common Stock as and when such dividends are paid on the Company's Common Stock. Each of these three plans has 5,000 shares of High Performance Common Stock associated with it, which is recorded as a separate class of stock within shareholders' equity on the Company's Consolidated Balance Sheets. High Performance Common Stock carries 0.25 votes per share. Net income allocable to common shareholders is reduced by the HPU holders' share of earnings. Dividends—In order to maintain its election to qualify as a REIT, the Company must currently distribute, at a minimum, an amount equal to 90% of its taxable income, excluding net capital gains, and must distribute 100% of its taxable income (including net capital gains) to avoid paying corporate federal income taxes. The Company has recorded net operating losses and may record net operating losses in the future, which may reduce its taxable income in future periods and lower or eliminate entirely the Company's obligation to pay dividends for such periods in order to maintain its REIT qualification. As of December 31, 2012, the Company had $634.2 million of net operating loss carryforwards at the corporate REIT level that can generally be used to offset both ordinary and capital taxable income in future years and will expire through 2032 if unused. The amount net of operating loss carryforwards as of December 31, 2013 will be subject to finalization of the 2013 tax returns. Because taxable income differs from cash flow from operations due to non-cash revenues and expenses (such as depreciation and certain asset impairments), in certain circumstances, the Company may generate operating cash flow in excess of its dividends or, alternatively, may need to make dividend payments in excess of operating cash flows. The Company's 2013 and 2012 Secured Credit Facilities permit the Company to distribute 100% of its REIT taxable income on an annual basis, for so long as the Company maintains its qualification as a REIT. The 2013 and 2012 Secured Credit Facilities restrict the Company from paying any common dividends if it ceases to qualify as a REIT. The Company did not declare or pay any Common Stock dividends for the years ended December 31, 2013 and 2012. Stock Repurchase Programs—On May 15, 2012, the Company's Board of Directors approved a stock repurchase program that authorized the repurchase of up to $20.0 million of its Common Stock from time to time in open market and privately negotiated purchases, including pursuant to one or more trading plans. In September 2013, the Company's Board of Directors approved an increase in the repurchase limit to $50.0 million from the $16.0 million that remained from the previously approved program. During the year ended December 31, 2013, the Company repurchased 1.7 million shares of its outstanding Common Stock for approximately $21.0 million, at an average cost of $12.35 per share. During the year ended December 31, 2012, the Company repurchased 0.8 million shares of its outstanding Common Stock for approximately $4.6 million, at an average cost of $5.69 per share. As of December 31, 2013, the Company had remaining authorization to repurchase up to $29.0 million of Common Stock out of the $50.0 million authorized by its Board in 2013. Accumulated Other Comprehensive Income (Loss)—"Accumulated other comprehensive income (loss)" reflected in the Company's shareholders' equity is comprised of the following ($ in thousands):
| As of December 31,
| 2013 |  | 2012
Unrealized gains (losses) on available-for-sale securities | $ | (294 | ) |  | $ | 867 |
Unrealized gains on cash flow hedges | 662 |  |  | 607 |
Unrealized losses on cumulative translation adjustment | (4,644 | ) |  | (2,659 | )
Accumulated other comprehensive income (loss) | $ | (4,276 | ) |  | $ | (1,185 | )

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