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Equity - Equity (Tables)
12 Months Ended
Dec. 31, 2018
Equity [Abstract]  
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]
The following tables summarize information regarding SARs and non-vested restricted stock outstanding as of December 31, 2018:

Table 9.2

 
 
Outstanding
 
Exercisable
 
Vested or Expected to Vest
Range of
Exercise Prices
 
SARs
 
Weighted-
Average Remaining Contractual Life
 
SARs
 
Weighted-
Average Remaining Contractual Life
 
SARs
 
Weighted-
Average Remaining Contractual Life
$10.00 - $24.99
 
16,000

 
2.6 years
 
16,000

 
2.6 years
 
16,000

 
2.6 years
25.00 - 39.99
 
86,462

 
6.1 years
 
76,629

 
5.9 years
 
86,462

 
6.1 years
40.00 - 54.99
 

 
0.0 years
 

 
0.0 years
 

 
0.0 years
55.00 - 69.99
 
12,376

 
8.3 years
 
3,046

 
8.3 years
 
12,376

 
8.3 years
70.00 - 84.99
 

 
0.0 years
 

 
0.0 years
 

 
0.0 years
85.00 - 99.99
 
10,122

 
9.3 years
 

 
0.0 years
 
10,122

 
9.3 years
 
 
124,960

 
 
 
95,675

 
 
 
124,960

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding
 
Expected to Vest
 
 

 
  
  Weighted-
Average
Grant-Date
Fair Value
 
 Non-vested Restricted Stock
 
Weighted-Average Remaining Contractual
Life
 
 Non-vested Restricted Stock
 
Weighted-Average Remaining Contractual
Life
 
 

 
  
$35.00 - $49.99
 
27,505

 
0.3 years
 
27,505

 
0.3 years
 
 
 
 
50.00 - 64.99
 
21,848

 
1.3 years
 
21,848

 
1.3 years
 
 
 
 
65.00 - 79.99
 
3,578

 
2.2 years
 
3,578

 
2.2 years
 
 
 
 
80.00 - 94.99
 
27,222

 
1.6 years
 
27,222

 
1.6 years
 
 
 
 
 
 
80,153

 
 
 
80,153

 
 
 
 
 
 
Share-based Compensation, Stock Options, Activity [Table Text Block]
The following tables summarize stock options, SARs, and non-vested restricted stock activity for the years ended December 31, 2018, 2017, and 2016:

Table 9.1

  
For the Year Ended December 31,
 
2018
 
2017
 
2016
 
Stock
Options
and
SARs
 
Weighted-
Average
Exercise
Price
 
Stock
Options
and
SARs
 
Weighted-
Average
Exercise
Price
 
Stock
Options
and
SARs
 
Weighted-
Average
Exercise
Price
Outstanding, beginning of year
163,272

 
$
32.95

 
367,535

 
$
30.18

 
747,573

 
$
26.68

Granted
10,122

 
86.15

 
24,657

 
60.84

 
51,975

 
35.75

Exercised
(48,434
)
 
30.06

 
(111,278
)
 
31.47

 
(431,346
)
 
24.77

Canceled

 

 
(117,642
)
 
31.55

 
(667
)
 
35.60

Outstanding, end of year
124,960

 
38.38

 
163,272

 
32.95

 
367,535

 
30.18

Exercisable at end of year
95,675

 
31.41

 
93,085

 
28.57

 
208,274

 
27.41

 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31,
 
2018
 
2017
 
2016
 
Non-vested
Restricted
Stock
 
Weighted-
Average
Grant Date
Fair Value
 
Non-vested
Restricted
Stock
 
Weighted-
Average
Grant Date
Fair Value
 
Non-vested
Restricted
Stock
 
Weighted-
Average
Grant Date
Fair Value
Outstanding, beginning of year
95,015

 
$
44.39

 
138,497

 
$
34.63

 
132,651

 
$
32.12

Granted
32,070

 
84.03

 
45,828

 
59.79

 
76,617

 
36.33

Canceled
(1,098
)
 
86.15

 
(28,815
)
 
42.15

 
(1,360
)
 
35.75

Vested and issued
(45,834
)
 
42.12

 
(60,495
)
 
34.77

 
(69,411
)
 
31.69

Outstanding, end of year
80,153

 
60.98

 
95,015

 
44.39

 
138,497

 
34.63

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

As of December 31, 2018 and 2017, the intrinsic value of options, SARs, and non-vested restricted stock outstanding, exercisable, and vested or expected to vest was $7.9 million and $14.8 million, respectively.  During 2018, 2017, and 2016, the total intrinsic value of options and SARs exercised was $3.0 million, $3.8 million, and $7.6 million, respectively.  As of December 31, 2018, there was $2.6 million of total unrecognized compensation cost related to non-vested SARs and restricted stock awards.  This cost is expected to be recognized over a weighted-average period of 1.7 years.

The weighted-average grant date fair values of options, SARs, and restricted stock awards granted in 2018, 2017, and 2016 were $69.38, $44.93, and $25.11 per share, respectively.  Under the fair value-based method of accounting for stock-based compensation cost, Farmer Mac recognized compensation expense of $2.5 million, $2.7 million, and $3.3 million during 2018, 2017, and 2016, respectively.  

The fair values of stock options and SARs were estimated using the Black-Scholes option pricing model based on the following assumptions:

Table 9.3

 
For the Year Ended December 31,
 
2018
 
2017
 
2016
Risk-free interest rate
2.7%
 
2.3%
 
1.5%
Expected years until exercise
6 years
 
6 years
 
5 years
Expected stock volatility
33.0%
 
34.8%
 
34.7%
Dividend yield
2.7%
 
2.4%
 
2.9%

The risk-free interest rates used in the model were based on the U.S. Treasury yield curve in effect at the grant date.  Farmer Mac used historical data to estimate the timing of option exercises and stock option cancellation rates used in the model.  Expected volatilities were based on historical volatility of Farmer Mac's Class C non-voting common stock.  The dividend yields were based on the expected dividends as a percentage of the value of Farmer Mac's Class C non-voting common stock on the grant date.

Because restricted stock awards will be issued upon vesting regardless of the stock price, expected stock volatility is not considered in determining grant date fair value.  Restricted stock awards also accrue dividends which are paid at vesting.  The weighted-average grant date fair value of the restricted stock awarded in 2018, 2017, and 2016 was $84.03, $59.79, and $36.33 per share, respectively, which is based on the closing price of the stock on the date granted.