STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2016

Equity [Abstract]

STOCKHOLDERS' EQUITY

NOTE 11 — STOCKHOLDERS’ EQUITY

On January 27, 2016 Capstead’s board of directors authorized the repurchase of up to $100 million in common stock when such repurchases are deemed appropriate relative to portfolio reinvestment options and liquidity needs.  No shares were repurchased pursuant to this program as of February 24, 2017.  Any repurchases made pursuant to the program will be made in the open market from time to time in accordance with and as permitted by securities laws and other legal requirements.  The timing, manner, price and amount of any repurchases will be determined by the Company in its discretion and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors.  In addition, the Company may enter into Rule 10b5-1 plans under which repurchases can be made. The authorization does not obligate the Company to acquire any particular amount of common stock and repurchases under the program and the program itself may be suspended or discontinued at the Company’s discretion without prior notice.  

During 2016, 2015 and 2014, additions to common equity capital related to equity-based awards to directors and employees totaled $1.4 million, $1.7 million and $1.9 million, respectively.  See NOTE 12 for further information pertaining to long-term equity-based awards.

In May 2013 Capstead completed a public offering of 6.8 million shares ($170.0 million face amount) of its 7.50% Series E Cumulative Redeemable Preferred Stock, liquidation preference of $25.00 per share.  Shares of the Series E preferred stock are redeemable at the Company’s option for $25.00 per share, plus any accumulated and unpaid dividends, on or after May 13, 2018.  Proceeds of the offering after underwriting fees and other costs totaled $164.3 million.  Together with $42.7 million of cash on hand, these proceeds were used to fund the June 2013 redemption of the Company’s then-outstanding convertible preferred stock.

In late 2013 Capstead began issuing additional shares of Series E preferred stock through an at-the-market continuous offering program.  Shares of Series E preferred stock issued under this program, issue prices and proceeds, both presented net of underwriting fees and other costs, were as follows for the indicated periods:

Year Ended December 31,	Shares		Net Issue Price		Net Proceeds
2016		78,000	$	24.23	$	1,887,000
2015		538,000		24.61		13,236,000
2014		757,000		24.01		18,180,000