SEPARATION OF SERVICE CHARGE

9 Months Ended

Sep. 30, 2016

SEPARATION OF SERVICE CHARGE [Abstract]

SEPARATION OF SERVICE CHARGE

NOTE 3 ¾ SEPARATION OF SERVICE CHARGE

Effective July 14, 2016, Mr. Andrew F. Jacobs resigned as a director of Capstead and from his positions as President and Chief Executive Officer (“CEO”).  Pursuant to an agreement entered into with Mr. Jacobs, he is entitled to payments aggregating $2.3 million in addition to continuing to participate in the Company’s short- and long-term incentive compensation and employee benefit programs through year-end.  Currently estimated costs associated with Mr. Jacobs’ resignation, net of equity award cost accrual reversals, are recorded in Separation of service charge for the quarter ended September 30, 2016.  Currently estimated amounts payable to Mr. Jacobs totaling $2.8 million are included in Accounts payable and accrued expenses.