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Securities Financing Including Redeemable Preferred Stocks | 9 Months Ended
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Sep. 30, 2018
Equity [Abstract] |
Securities Financing Including Redeemable Preferred Stocks | Note 10. Securities Financing Including Redeemable Preferred Stocks Series E Redeemable Preferred In connection with the issuance and sale of the Senior Secured Notes (the “Financing Transaction”) as discussed in Note 6, we entered into a letter agreement with the holder of our Series E Redeemable Preferred. The letter agreement extended the date upon which the holder of the Series E Redeemable Preferred has the right to elect to redeem the Series E Redeemable Preferred shares from August 2, 2019 to October 25, 2023. The letter agreement also provides for the amendment of certain other terms relating to the Series E Redeemable Preferred, including an increase in the per annum dividend rate payable in respect of the Series E Redeemable Preferred (a) by 0.50% on the third anniversary of the Financing Transaction, (b) by an additional 0.50% on the fourth anniversary of the Financing Transaction and (c) by an additional 1.0% on the fifth anniversary of the Financing Transaction. The transaction associated with the letter agreement was determined to be a non-substantial modification. As a result, and as shown in the table below, a fee paid to the holder was deferred (reduction to the Series E Redeemable Preferred balance) and will be periodically accreted using the interest method through October 25, 2023, the earliest possible redemption date by the holder. In addition, the letter agreement included a contingent redemption feature, which was bifurcated from the Series E Redeemable Preferred based on the estimated fair value during the second quarter of 2018. This redemption feature is included in the embedded derivative, which is marked to fair value on a quarterly basis as presented in Note 8. As of September 30, 2018, the Series E Redeemable Preferred has a 14% annual dividend rate and a participating right in dividends and liquidating distributions equal to 303,646 shares of common stock. Dividends accrue semi-annually in arrears and are compounded. Series F Redeemable Preferred As of September 30, 2018, the Series F Redeemable Preferred has voting rights (the “Series F Voting Rights”) to vote as a single class on all matters which the common stock have the right to vote and is entitled to a number of votes equal to 456,225 shares of our common stock. Note 10. Securities Financing Including Redeemable Preferred Stock s (continued) Changes in our Series E and Series F Redeemable Preferred are as follows:
|  | Series E Redeemable Preferred |
|  | Shares |  |  | Amount |
|  | (Dollars In Thousands) |
Balance at December 31, 2017 |  |  | 139,768 |  |  | $ | 174,959 |
Fees associated with letter agreement |  |  | — |  |  |  | (2,776 | )
Bifurcation of embedded derivative |  |  | — |  |  |  | (229 | )
Accretion relating to liquidation preference on preferred stock |  |  | — |  |  |  | 1,889 |
Accretion for discount and issuance costs on preferred stock |  |  | — |  |  |  | 993 |
Accumulated dividends |  |  | — |  |  |  | 19,748 |
Balance at September 30, 2018 |  |  | 139,768 |  |  | $ | 194,584 |

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- Definition Securities financing including redeemable preferred stocks. + References No definition available. + Details
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