Capital Stock

3 Months Ended

Mar. 31, 2020

Preferred Stock

The Company declared dividends to Series A preferred stockholders of $3 million, or $0.50 per preferred share during the quarters ended March 31, 2020 and 2019, respectively.

The Company declared dividends to Series B preferred stockholders of $7 million, or $0.50 per preferred share during the quarters ended March 31, 2020 and 2019, respectively.

The Company declared dividends to Series C preferred stockholders of $5 million, or $0.48 per preferred share during the quarters ended March 31, 2020 and 2019.

The Company declared dividends to Series D preferred stockholders of $4 million, or $0.50 per preferred share during the quarter ended March 31, 2020. The Company did not declare dividends to series D preferred stockholders during the quarter ended March 31, 2019 due to long first pay period.

Common Stock

In March 2020, our Board of Directors reauthorized $150 million under our share repurchase program, or 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, or the Exchange Act. 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 1.4 million shares of its common stock at an average price of $15.34 per share for a total of $22 million during the quarter ended March 31, 2020. The Company did not repurchase any of its common stock during the quarter ended March 31, 2019. The approximate dollar value of shares that may yet be purchased under the Repurchase Program is $128 million as of March 31, 2020.

The Company declared dividends to common shareholders of $93 million and $94 million, or $0.50, per share during the quarters ended March 31, 2020 and March 31, 2019, respectively.

Earnings per share for the quarters ended March 31, 2020 and 2019 respectively, are computed as follows:



	For the Quarters Ended
	March 31, 2020			March 31, 2019
	(dollars in thousands)
Numerator:
Net income available to common shareholders	$	(389,193	)	$	100,755
Effect of dilutive securities:	—			—
Dilutive net income available to common shareholders	$	(389,193	)	$	100,755

Denominator:
Weighted average basic shares	187,018,602			187,112,454
Effect of dilutive securities	—			1,087,257
Weighted average dilutive shares	187,018,602			188,199,711

Net income per average share attributable to common stockholders - Basic	$	(2.08	)	$	0.54
Net income per average share attributable to common stockholders - Diluted	$	(2.08	)	$	0.54

For the quarter ended March 31, 2020 potentially dilutive securities of 1.3 million were excluded from the computation of fully diluted EPS because their effect would have been anti-dilutive. Anti-dilutive securities for the quarter ended March 31, 2020 comprised of restricted stock units and performance stock units discussed in Note 12.