Equity

3 Months Ended

Mar. 31, 2012

Equity [Abstract]

Equity

8. Equity:

Equity Offering

On March 26, 2012, the Company completed a public offering of 1,755,000 shares of Class A common stock, at a public offering price of $23.90 per share, for net proceeds of $40,164, after deducting underwriting discounts and commissions and expenses.  The Company also granted the underwriters a 30-day option to purchase up to 263,250 additional shares of Class A common stock to cover over-allotments, if any.  See Note 10 to these consolidated financial statements for information relating to the underwriters' full exercise of the over-allotment option on April 18, 2012.

Dividends

Pursuant to the Company's variable dividend policy, the Board of Directors evaluates dividends on a quarterly basis and, in its sole discretion, approves the payment of dividends. The Company's dividend payments, if any, may vary significantly from quarter to quarter. The Board of Directors has approved and the Company has declared the following dividends to date in 2012:

Quarter Ended	Dividend Amount		Declaration Date		Record Date		Pay Date
March 31	$	0.875		March 16		March 26		April 30

The Board of Directors approved and the Company declared and paid the following dividends for 2011:

Quarter Ended	Dividend Amount		Declaration Date		Record Date		Pay Date
December 31	$	0.875		December 21		December 31		January 31, 2012
September 30		0.875		September 19		September 30		October 31
June 30		0.875		June 23		July 5		July 29
March 31		0.750		March 24		April 4		April 29

  Long-Term Incentive Plan

On April 13, 2011, the Board of Directors adopted the Arlington Asset Investment Corp. 2011 Long-Term Incentive Plan (2011 Plan). The 2011 Plan was approved by the Company's shareholders and became effective on June 2, 2011. Under the 2011 Plan, shares of Class A common stock of the Company may be issued to employees, directors, consultants and advisors of the Company and its affiliates. As of March 31, 2012 and December 31, 2011, 532,434 and 530,519 shares, respectively, remained available for issuance under the 2011 Plan.

Restricted Stock

The following tables present the activities and balances related to restricted stock for the dates and periods indicated:

	Three Months Ended March 31,
	2012		2011
Shares granted		-		14,000
Weight-average share price	$	-	$	27.66
Compensation expense recognized during the period	$	54	$	368

	March 31, 2012		December 31, 2011
Restricted Class A shares outstanding, unvested		10,543		15,206
Unrecognized compensation cost related to unvested shares	$	146	$	200
Weighted-average vesting period remaining	1.71 years		2.02 years

  Share Repurchases

From time to time, the Company repurchases shares of its Class A common stock under a share repurchase program authorized by the Board of Directors in July 2010 (Repurchase Program), pursuant to which the Company is authorized to repurchase up to 500,000 shares of its Class A common stock.

Repurchases under the Repurchase Program may be made from time to time on the open market and in private transactions at management's discretion in accordance with applicable federal securities laws. The timing of repurchases and the exact number of shares of Class A common stock to be repurchased will depend upon market conditions and other factors. The Repurchase Program is funded using the Company's cash on hand and cash generated from operations. The Repurchase Program has no expiration date and may be suspended or terminated at any time without prior notice.

The following table summarizes the Company's share repurchase activities for the periods indicated:

	Three Months Ended March 31,
	2012		2011
Shares repurchased		-		8,910
Total cost	$	-	$	229
Average price	$	-	$	25.70

As of March 31, 2012 and December 31, 2011, 247,275 shares of Class A common stock remained available for repurchases under the Repurchase Program.