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Equity (Tables)
12 Months Ended
Dec. 31, 2019
Equity [Abstract]  
Schedule of Stock by Class
The following table presents the Series A Preferred Stock, the Series C Preferred Stock, and the Series D Preferred Stock (collectively referred to as the "Outstanding Preferred Stock") as of December 31, 2019:

Table 9.1
NameIssuance DateShares Issued
Annual Dividend Rate(3)
Liquidation Value
Redemption Date(4)
Series AJanuary 17, 20132,400,0005.875 %$25.00  Any Time
Series C(1)
June 20, 20143,000,0006.000 %$25.00  July 18, 2024
Series D(2)
May 13, 20194,000,0005.700 %$25.00  July 17, 2024
(1)The Series C Preferred Stock pays an annual dividend rate of 6.000% from the date of issuance to and including the quarterly payment date occurring on July 17, 2024, and thereafter, at a floating rate equal to three-month LIBOR plus 3.26%.
(2)Farmer Mac has the option to redeem the preferred stock on any quarterly dividend payment date on and after July 17, 2024.
(3)Dividends on all series of Outstanding Preferred Stock are non-cumulative, which means that if Farmer Mac's board of directors has not declared a dividend before the applicable dividend payment date for any dividend period, such dividend will not be paid or cumulate, and Farmer Mac will have no obligation to pay dividends for such dividend period, whether or not dividends on any series of Outstanding Preferred Stock are declared for any future dividend period.
(4)Farmer Mac has the right but not the obligation to redeem.
Schedule of Stock Options, SAR, and Non-Vested Restricted Stock
The following tables summarize stock options, SARs, and non-vested restricted stock activity for the years ended December 31, 2019, 2018, and 2017:

Table 9.2
  For the Years Ended December 31,
 201920182017
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 year124,960  $38.38  163,272  $32.95  367,535  $30.18  
Granted24,582  82.76  10,122  86.15  24,657  60.84  
Exercised(40,851) 35.61  (48,434) 30.06  (111,278) 31.47  
Canceled(9,855) 79.45  —  —  (117,642) 31.55  
Outstanding, end of year98,836  46.47  124,960  38.38  163,272  32.95  
Exercisable at end of year72,696  34.07  95,675  31.41  93,085  28.57  
 For the Years Ended December 31,
 201920182017
 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 year80,153  $60.98  95,015  $44.39  138,497  $34.63  
Granted41,735  80.51  32,070  84.03  45,828  59.79  
Canceled(17,054) 74.97  (1,098) 86.15  (28,815) 42.15  
Vested and issued(42,237) 52.65  (45,834) 42.12  (60,495) 34.77  
Outstanding, end of year62,597  75.81  80,153  60.98  95,015  44.39  
Schedule of SARs and Non-Vested Restricted Stock Outstanding The following tables summarize information regarding SARs and non-vested restricted stock outstanding as of December 31, 2019:
Table 9.3
SARs:
 Outstanding ExercisableVested or Expected to Vest
Range of
Exercise Prices
SARsWeighted-
Average Remaining Contractual Life
SARsWeighted-
Average Remaining Contractual Life
SARsWeighted-
Average Remaining Contractual Life
$10.00 - $24.9914,000  1.6 years14,000  1.6 years14,000  1.6 years
25.00 - 39.9951,449  4.7 years51,449  4.7 years51,449  4.7 years
40.00 - 54.99—  0.0 years—  0.0 years—  0.0 years
55.00 - 69.996,619  7.3 years3,873  7.3 years6,619  7.3 years
70.00 - 84.9919,422  9.3 years—  0.0 years19,422  9.3 years
85.00 - 99.997,346  8.3 years3,374  8.3 years7,346  8.3 years
98,836  72,696  98,836  
Non-vested Restricted Stock:
 Outstanding Expected to Vest   
  Weighted-
Average
Grant-Date
Fair Value
 Non-vested Restricted Stock Weighted-Average Remaining Contractual
Life
  Non-vested Restricted StockWeighted-Average Remaining Contractual
Life
   
$35.00 - $49.99—  0.0 years—  0.0 years
50.00 - 64.9913,535  0.3 years13,535  0.3 years
65.00 - 79.9915,851  1.9 years15,851  1.9 years
80.00 - 94.9933,211  1.4 years33,211  1.4 years
62,597  62,597  
Assumptions for Estimating Fair Value of Stock Options and SARs
The fair values of stock options and SARs were estimated using the Black-Scholes option pricing model based on the following assumptions:

Table 9.4
 For the Year Ended December 31,
 201920182017
Risk-free interest rate2.5%  2.7%  2.3%  
Expected years until exercise6 years6 years6 years
Expected stock volatility33.8%  33.0%  34.8%  
Dividend yield3.4%  2.7%  2.4%