Equity

Preferred Stock Preferred stock was as follows:



	At December 31,
(In thousands)	2018		2017
Series C non-cumulative perpetual preferred stock	$	169,302	$	169,302
Series B non-cumulative perpetual preferred stock	—		96,519
Total preferred stock	$	169,302	$	265,821

At December 31, 2018 and 2017, TCF had 7,000,000 depositary shares outstanding, each representing a 1/1000^th ownership interest in a share of the 5.70% Series C non-cumulative perpetual preferred stock of TCF Financial Corporation, par value $0.01 per share, with a liquidation preference of $25,000 per share (equivalent to $25 per depositary share) (the "Series C Preferred Stock"). Dividends are payable on the Series C Preferred Stock if, as and when declared by TCF's Board of Directors on a non-cumulative basis on March 1, June 1, September 1 and December 1 of each year, which commenced on December 1, 2017. The Series C Preferred Stock may be redeemed at TCF's option in whole or in part on December 1, 2022 or on any dividend payment date thereafter. The Series C Preferred Stock was issued on September 14, 2017 for an aggregate public offering price of $175.0 million. Net proceeds of the offering to TCF, after deducting deferred stock issuance costs of $5.7 million, were $169.3 million.

On March 1, 2018, TCF redeemed all 4,000,000 of the outstanding shares of the 6.45% Series B non-cumulative perpetual preferred stock of TCF Financial Corporation, par value $0.01 per share, with a liquidation preference of $25 per share (the "Series B Preferred Stock") for $100.0 million. Deferred stock issuance costs of $3.5 million originally recorded as a reduction to preferred stock upon the issuance of the Series B Preferred Stock were reclassified to retained earnings and resulted in a one-time, non-cash reduction to net income available to common stockholders utilized in the computation of earnings per common share and diluted earnings per common share for 2018. Dividends were payable on the Series B Preferred Stock if, as and when declared by TCF's Board of Directors on a non-cumulative basis on March 1, June 1, September 1 and December 1 of each year.

On October 16, 2017, TCF redeemed the 6,900,000 depositary shares, each representing a 1/1000^th ownership interest in a share of the 7.50% Series A non-cumulative perpetual preferred stock of TCF Financial Corporation, par value $0.01 per share, with a liquidation preference of $25,000 per share (equivalent to $25 per depositary share) (the "Series A Preferred Stock") for $172.5 million using the net proceeds from the offering of its Series C depositary shares and additional cash on hand. Deferred stock issuance costs of $5.8 million originally recorded as a reduction to preferred stock upon the issuance of the Series A Preferred Stock were reclassified to retained earnings and resulted in a one-time, non-cash reduction to net income available to common stockholders utilized in the computation of earnings per common share and diluted earnings per common share for 2017. Dividends were payable on the Series A Preferred Stock if, as and when declared by TCF's Board of Directors on a non-cumulative basis on March 1, June 1, September 1 and December 1 of each year.

Restricted Retained Earnings Retained earnings at TCF Bank at December 31, 2018 included approximately $134.4 million for which no provision for federal income taxes has been made. This amount represents earnings legally appropriated to thrift bad debt reserves and deducted for federal income tax purposes in prior years and is generally not available for payment of cash dividends or other distributions to stockholders. Future payments or distributions of these appropriated earnings could create a tax liability for TCF based on the amount of the distributions and the tax rates in effect at that time.

Treasury Stock and Other Treasury stock and other were as follows:



	At December 31,
(In thousands)	2018		2017
Treasury stock, at cost	$	222,816	$	10,265
Shares held in trust for deferred compensation plans, at cost	29,366		30,532
Total	$	252,182	$	40,797

TCF repurchased $212.9 million and $9.2 million of its common stock in 2018 and 2017, respectively, pursuant to its share repurchase program. These shares were recorded as treasury stock. No repurchases of common stock were made in 2016. At December 31, 2018, TCF had the authority to repurchase an additional $78.1 million in aggregate value of shares pursuant to its share repurchase program.

TCF reissued 16,000 shares of treasury stock at a cost of $378 thousand in 2018 related to grants of restricted stock awards. There were no reissuances of treasury stock in 2017 or 2016.

The cost of TCF common stock held in trust for TCF's deferred compensation plans, including the Senior Officer, Winthrop and Directors Deferred Compensation Plans, TCF Employees Deferred Stock Compensation Plan and the TCF 401K Supplemental Plan, is reported in a manner similar to treasury stock (that is, changes in fair value are not recognized) with a corresponding deferred compensation obligation reflected in additional paid-in capital. Upon resignation, death, disability or termination of a deferred compensation plan participant or based on other contractual requirements, the shares held in trust are distributed to the respective plan's participant or beneficiary, as applicable. See Note 17. Stock Compensation and Note 18. Employee Benefit Plans for further information on deferred compensation plans.

Non-controlling Interest in Subsidiaries TCF has a joint venture with The Toro Company ("Toro") called Red Iron Acceptance, LLC ("Red Iron"). Red Iron provides U.S. distributors and dealers and select Canadian distributors of the Toro^® and Exmark^® branded products with sources of financing. TCF and Toro maintain a 55% and 45% ownership interest, respectively, in Red Iron. As TCF has a controlling financial interest in Red Iron, its financial results are consolidated in TCF's financial statements. Toro's interest is reported as a non-controlling interest within equity.

Warrants During 2018, 3,194,787 warrants were exercised at an exercise price of $16.93 and 5,201 warrants expired on November 14, 2018. The exercise of the warrants resulted in the issuance of 1,088,918 common shares. No warrants were exercised in 2017 and 2016.