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Stockholders' Equity | 12 Months Ended
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Dec. 31, 2019
Stockholders' Equity Note [Abstract] |
Stockholders' Equity | Stockholders’ Equity (a) Preferred Stock On April 15, 2013, the Company completed the issuance of 8.0 million shares of its 7.50% Series B Cumulative Redeemable Preferred Stock (“Series B Preferred Stock”) with a par value of $0.01 per share, and a liquidation preference of $25.00 per share plus accrued and unpaid dividends, in an underwritten public offering. The Company’s Series B Preferred Stock is entitled to receive a dividend at a rate of 7.50% per year on the $25.00 liquidation preference before the Company’s common stock is paid any dividends and is senior to the Company’s common stock with respect to distributions upon liquidation, dissolution or winding up. Dividends on the Series B Preferred Stock are payable quarterly in arrears on or about March 31, June 30, September 30 and December 31 of each year. The Series B Preferred Stock is redeemable at $25.00 per share plus accrued and unpaid dividends (whether or not authorized or declared) exclusively at the Company’s option. The Series B Preferred Stock generally does not have any voting rights, subject to an exception in the event the Company fails to pay dividends on such stock for six or more quarterly periods (whether or not consecutive). Under such circumstances, the Series B Preferred Stock will be entitled to vote to elect two additional directors to the Company’s Board of Directors (the “Board”), until all unpaid dividends have been paid or declared and set apart for payment. In addition, certain material and adverse changes to the terms of the Series B Preferred Stock cannot be made without the affirmative vote of holders of at least 66 2/3% of the outstanding shares of Series B Preferred Stock. The following table presents cash dividends declared by the Company on its Series B Preferred Stock from January 1, 2017 through December 31, 2019:
Year |  | Declaration Date |  | Record Date |  | Payment Date |  | Dividend Per Share
2019 |  | November 15, 2019 |  | December 2, 2019 |  | December 31, 2019 |  | $0.46875
|  | August 9, 2019 |  | August 30, 2019 |  | September 30, 2019 |  | 0.46875
|  | May 20, 2019 |  | June 3, 2019 |  | June 28, 2019 |  | 0.46875
|  | February 15, 2019 |  | March 4, 2019 |  | March 29, 2019 |  | 0.46875
2018 |  | November 26, 2018 |  | December 7, 2018 |  | December 28, 2018 |  | $0.46875
|  | August 20, 2018 |  | September 7, 2018 |  | September 28, 2018 |  | 0.46875
|  | May 17, 2018 |  | June 4, 2018 |  | June 29, 2018 |  | 0.46875
|  | February 20, 2018 |  | March 2, 2018 |  | March 30, 2018 |  | 0.46875
2017 |  | November 17, 2017 |  | December 1, 2017 |  | December 29, 2017 |  | $0.46875
|  | August 10, 2017 |  | September 1, 2017 |  | September 29, 2017 |  | 0.46875
|  | May 16, 2017 |  | June 2, 2017 |  | June 30, 2017 |  | 0.46875
|  | February 17, 2017 |  | March 6, 2017 |  | March 31, 2017 |  | 0.46875
(b) Dividends on Common Stock The following table presents cash dividends declared by the Company on its common stock from January 1, 2017 through December 31, 2019:
Year |  | Declaration Date |  | Record Date |  | Payment Date |  | Dividend Per Share |
2019 |  | December 12, 2019 |  | December 30, 2019 |  | January 31, 2020 |  | $0.20 | (1)
|  | September 12, 2019 |  | September 30, 2019 |  | October 31, 2019 |  | 0.20 |
|  | June 12, 2019 |  | July 1, 2019 |  | July 31, 2019 |  | 0.20 |
|  | March 6, 2019 |  | March 29, 2019 |  | April 30, 2019 |  | 0.20 |
2018 |  | December 12, 2018 |  | December 28, 2018 |  | January 31, 2019 |  | $0.20 |
|  | September 13, 2018 |  | October 1, 2018 |  | October 31, 2018 |  | 0.20 |
|  | June 7, 2018 |  | June 29, 2018 |  | July 31, 2018 |  | 0.20 |
|  | March 7, 2018 |  | March 29, 2018 |  | April 30, 2018 |  | 0.20 |
2017 |  | December 13, 2017 |  | December 28, 2017 |  | January 31, 2018 |  | $0.20 |
|  | September 14, 2017 |  | September 28, 2017 |  | October 31, 2017 |  | 0.20 |
|  | June 12, 2017 |  | June 29, 2017 |  | July 28, 2017 |  | 0.20 |
|  | March 8, 2017 |  | March 29, 2017 |  | April 28, 2017 |  | 0.20 |
(1) At December 31, 2019, the Company had accrued dividends and dividend equivalents payable of $90.7 million related to the common stock dividend declared on December 12, 2019. In general, the Company’s common stock dividends have been characterized as ordinary income to its stockholders for income tax purposes. However, a portion of the Company’s common stock dividends may, from time to time, be characterized as capital gains or return of capital. For the years ended December 31, 2019, 2018 and 2017, the portions of the Company’s common stock dividends that were deemed to be capital gains were $0.1672, $0.1290 and $0.0831 per share of common stock, respectively. (c) Public Offering of Common Stock The Company did not issue any common stock through public offerings during the year ended December 31, 2019. The table below presents information with respect to shares of the Company’s common stock issued through public offerings during the year ended December 31, 2018.
Share Issue Date |  | Shares Issued |  | Gross Proceeds Per Share |  | Gross Proceeds |
(In Thousands, Except Per Share Amounts) |  |  |  |  |  |  |
August 7, 2018 |  | 50,875 |  | (1 | ) | $ | 7.78 |  |  | $ | 395,807 |  | (1)
(1) | Includes approximately 875,000 shares issued on September 5, 2018 pursuant to the exercise of the underwriters’ option to purchase additional shares. The Company incurred approximately $6.4 million of underwriting discounts and related expenses in connection with this equity offering.
(d) Discount Waiver, Direct Stock Purchase and Dividend Reinvestment Plan (“DRSPP”) On October 15, 2019, the Company filed a shelf registration statement on Form S-3 with the SEC under the Securities Act of 1933, as amended (the “1933 Act”), for the purpose of registering additional common stock for sale through its DRSPP. Pursuant to Rule 462(e) under the 1933 Act, this shelf registration statement became effective automatically upon filing with the SEC and, when combined with the unused portion of the Company’s previous DRSPP shelf registration statements, registered an aggregate of 9.0 million shares of common stock. The Company’s DRSPP is designed to provide existing stockholders and new investors with a convenient and economical way to purchase shares of common stock through the automatic reinvestment of dividends and/or optional cash investments. At December 31, 2019, approximately 8.9 million shares of common stock remained available for issuance pursuant to the DRSPP shelf registration statement. During the years ended December 31, 2019, 2018 and 2017, the Company issued 322,888, 379,903 and 2,293,192 shares of common stock through the DRSPP, raising net proceeds of approximately $2.4 million, $2.8 million and $18.5 million, respectively. From the inception of the DRSPP in September 2003 through December 31, 2019, the Company issued 34,378,768 shares pursuant to the DRSPP, raising net proceeds of $286.6 million. (e) At-the-Market Offering Program On August 16, 2019 the Company entered into a distribution agreement under the terms of which the Company may offer and sell shares of its common stock having an aggregate gross sales price of up to $400.0 million (the “ATM Shares”), from time to time, through various sales agents, pursuant to an at-the-market equity offering program (the “ATM Program”). Sales of the ATM Shares, if any, may be made in negotiated transactions or by transactions that are deemed to be “at-the-market” offerings, as defined in Rule 415 under the 1933 Act, including sales made directly on the New York Stock Exchange (“NYSE”) or sales made to or through a market maker other than an exchange. The sales agents are entitled to compensation of up to two percent of the gross sales price per share for any shares of common stock sold under the distribution agreement. During the year ended December 31, 2019, the Company sold 1,357,526 shares of common stock through the ATM Program at a weighted average price of $7.40, raising proceeds of approximately $9.9 million, net of fees and commissions paid to sales agents of approximately $100,000. At December 31, 2019, approximately $390.0 million remained outstanding for future offerings under this program. (f) Stock Repurchase Program As previously disclosed, in August 2005, the Company’s Board authorized a stock repurchase program (the “Repurchase Program”) to repurchase up to 4.0 million shares of its outstanding common stock. The Board reaffirmed such authorization in May 2010. In December 2013, the Board increased the number of shares authorized under the Repurchase Program to an aggregate of 10.0 million. Such authorization does not have an expiration date and, at present, there is no intention to modify or otherwise rescind such authorization. Subject to applicable securities laws, repurchases of common stock under the Repurchase Program are made at times and in amounts as the Company deems appropriate (including, in our discretion, through the use of one or more plans adopted under Rule 10b5-1 promulgated under the Securities Exchange Act of 1934, as amended (the “1934 Act”)) using available cash resources. Shares of common stock repurchased by the Company under the Repurchase Program are cancelled and, until reissued by the Company, are deemed to be authorized but unissued shares of the Company’s common stock. The Repurchase Program may be suspended or discontinued by the Company at any time and without prior notice. The Company did no t repurchase any shares of its common stock during the three years ended December 31, 2019. At December 31, 2019, 6,616,355 shares remained authorized for repurchase under the Repurchase Program. (g) Accumulated Other Comprehensive Income/(Loss) The following table presents changes in the balances of each component of the Company’s AOCI for the years ended December 31, 2019, 2018 and 2017:
|  | For the Year Ended December 31,
|  | 2019 |  | 2018 |  | 2017
(In Thousands) |  | Net Unrealized Gain/(Loss) on AFS Securities |  | Net Gain/(Loss) on Swaps |  | Total AOCI |  | Net Unrealized Gain/(Loss) on AFS Securities |  | Net Gain/(Loss) on Swaps |  | Total AOCI |  | Net Unrealized Gain/(Loss) on AFS Securities |  | Net Gain/(Loss) on Swaps |  | Total AOCI
Balance at beginning of period |  | $ | 417,167 |  |  | $ | 3,121 |  |  | $ | 420,288 |  |  | $ | 620,648 |  |  | $ | (11,424 | ) |  | $ | 609,224 |  |  | $ | 620,403 |  |  | $ | (46,721 | ) |  | $ | 573,682 |
OCI before reclassifications |  | 20,335 |  |  | (23,342 | ) |  | (3,007 | ) |  | (150,642 | ) |  | 14,545 |  |  | (136,097 | ) |  | 39,984 |  |  | 35,297 |  |  | 75,281 |
Amounts reclassified from AOCI (1) |  | (44,780 | ) |  | (2,454 | ) |  | (47,234 | ) |  | (52,839 | ) |  | — |  |  | (52,839 | ) |  | (39,739 | ) |  | — |  |  | (39,739 | )
Net OCI during period (2) |  | (24,445 | ) |  | (25,796 | ) |  | (50,241 | ) |  | (203,481 | ) |  | 14,545 |  |  | (188,936 | ) |  | 245 |  |  | 35,297 |  |  | 35,542 |
Balance at end of period |  | $ | 392,722 |  |  | $ | (22,675 | ) |  | $ | 370,047 |  |  | $ | 417,167 |  |  | $ | 3,121 |  |  | $ | 420,288 |  |  | $ | 620,648 |  |  | $ | (11,424 | ) |  | $ | 609,224 |
(1) See separate table below for details about these reclassifications. (2) For further information regarding changes in OCI, see the Company’s consolidated statements of comprehensive income/(loss). The following table presents information about the significant amounts reclassified out of the Company’s AOCI for the years ended December 31, 2019, 2018, and 2017:
|  | For the Year Ended December 31, |  |
|  | 2019 |  | 2018 |  | 2017 |  |
Details about AOCI Components |  | Amounts Reclassified from AOCI |  | Affected Line Item in the Statement Where Net Income is Presented
(In Thousands) |  |  |  |  |  |  |  |
AFS Securities: |  |  |  |  |  |  |  |
Realized gain on sale of securities |  | $ | (44,600 | ) |  | $ | (51,580 | ) |  | $ | (38,707 | ) |  | Net realized gain on sales of residential mortgage securities
OTTI recognized in earnings |  | (180 | ) |  | (1,259 | ) |  | (1,032 | ) |  | Other, net
Total AFS Securities |  | $ | (44,780 | ) |  | $ | (52,839 | ) |  | $ | (39,739 | ) |  |
Swaps designated as cash flow hedges: |  |  |  |  |  |  |  |
Amortization of de-designated hedging instruments |  | (2,454 | ) |  | — |  |  | — |  |  | Other, net
Total Swaps designated as cash flow hedges |  | $ | (2,454 | ) |  | $ | — |  |  | $ | — |  |  |
Total reclassifications for period |  | $ | (47,234 | ) |  | $ | (52,839 | ) |  | $ | (39,739 | ) |  |
On securities for which OTTI had been recognized in prior periods, the Company did no t have any unrealized losses recorded in OCI at December 31, 2019 and had $224,000 of unrealized losses recorded in AOCI at December 31, 2018.

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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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