Capital Stock

Preferred Stock

The Company declared dividends to Series A preferred stockholders of $3 million and $6 million, or $0.50 and $1.00, respectively, per preferred share during the quarter and six months ended June 30, 2018 and 2017, respectively.

The Company declared dividends to Series B preferred stockholders of $7 million and $13 million, or $0.50 and $1.00 per preferred share, respectively, during the quarter and six months ended June 30, 2018.

The Company declared dividends to Series B preferred stockholders of $7 million and $9 million, or $0.50 and $0.68, respectively, per preferred share during the quarter and six months ended June 30, 2017, respectively.

Common Stock

In February 2018, our Board of Directors reauthorized $100 million under our share repurchase program (the “Repurchase Program”). Such authorization does not have an expiration date and, at present, there is no intention to modify or otherwise rescind such authorization. Shares of our common stock may be purchased in the open market, including through block purchases, through privately negotiated transactions, or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The timing, manner, price and amount of any repurchases will be determined at our discretion and the program may be suspended, terminated or modified at any time for any reason. Among other factors, the Company intends to only consider repurchasing shares of our common stock when the purchase price is less than the last publicly reported book value per common share. In addition, the Company does not intend to repurchase any shares from directors, officers or other affiliates. The program does not obligate the Company to acquire any specific number of shares, and all repurchases will be made in accordance with Rule 10b-18, which sets certain restrictions on the method, timing, price and volume of stock repurchases.

Pursuant to our Repurchase Program, the Company repurchased approximately 883 thousand shares of its common stock at an average price of $16.81 per share for a total of $15 million during the first quarter of 2018. The company did not repurchase any common stock during the quarter ended June 30, 2018.

During the quarter and six months ended June 30, 2018, and 2017, the Company declared dividends to common shareholders of $94 million and $188 million, or $0.50 and $1.00 per share, respectively.

Earnings per share for the quarters and six months ended June 30, 2018 and 2017, respectively, are computed as follows:



	For the Quarter Ended
	June 30, 2018		June 30, 2017
	(dollars in thousands)
Numerator:
Net income available to common shareholders	$	108,708	$	105,617
Effect of dilutive securities:	—		—
Dilutive net income available to common shareholders	$	108,708	$	105,617

Denominator:
Weighted average basic shares	186,994,743		187,779,406
Effect of dilutive securities	427,402		363,145
Weighted average dilutive shares	187,422,145		188,142,551

Net income per average share attributable to common stockholders - Basic	$	0.58	$	0.56
Net income per average share attributable to common stockholders - Diluted	$	0.58	$	0.56



	For the Six Months Ended
	June 30, 2018		June 30, 2017
	(dollars in thousands)
Numerator:
Net income available to common shareholders	$	338,316	$	263,141
Effect of dilutive securities:	—		—
Dilutive net income available to common shareholders	$	338,316	$	263,141

Denominator:
Weighted average basic shares	187,272,469		187,770,626
Effect of dilutive securities	465,974		398,467
Weighted average dilutive shares	187,738,443		188,169,093

Net income per average share attributable to common stockholders - Basic	$	1.81	$	1.40
Net income per average share attributable to common stockholders - Diluted	$	1.80	$	1.40