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

Name	Issuance Date	Shares Issued	Annual Dividend Rate(3)		Liquidation Value		Redemption Date(4)
Series A	January 17, 2013	2,400,000	5.875	%	$	25.00	Any Time
Series C(1)	June 20, 2014	3,000,000	6.000	%	$	25.00	July 18, 2024
Series D(2)	May 13, 2019	4,000,000	5.700	%	$	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,
	2019			2018			2017
	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	124,960	$	38.38	163,272	$	32.95	367,535	$	30.18
Granted	24,582	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 year	98,836	46.47		124,960	38.38		163,272	32.95
Exercisable at end of year	72,696	34.07		95,675	31.41		93,085	28.57
	For the Years Ended December 31,
	2019			2018			2017
	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	80,153	$	60.98	95,015	$	44.39	138,497	$	34.63
Granted	41,735	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 year	62,597	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		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	14,000	1.6 years	14,000	1.6 years	14,000	1.6 years
25.00 - 39.99	51,449	4.7 years	51,449	4.7 years	51,449	4.7 years
40.00 - 54.99	—	0.0 years	—	0.0 years	—	0.0 years
55.00 - 69.99	6,619	7.3 years	3,873	7.3 years	6,619	7.3 years
70.00 - 84.99	19,422	9.3 years	—	0.0 years	19,422	9.3 years
85.00 - 99.99	7,346	8.3 years	3,374	8.3 years	7,346	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 Stock	Weighted-Average Remaining Contractual Life
$35.00 - $49.99	—	0.0 years	—	0.0 years
50.00 - 64.99	13,535	0.3 years	13,535	0.3 years
65.00 - 79.99	15,851	1.9 years	15,851	1.9 years
80.00 - 94.99	33,211	1.4 years	33,211	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,
	2019	2018	2017
Risk-free interest rate	2.5%	2.7%	2.3%
Expected years until exercise	6 years	6 years	6 years
Expected stock volatility	33.8%	33.0%	34.8%
Dividend yield	3.4%	2.7%	2.4%