Stockholders' Equity

12 Months Ended

Dec. 31, 2016

Stockholders' Equity Disclosure [Abstract]

Stockholders' Equity

NOTE 18. STOCKHOLDERS' EQUITY

Common Stock Repurchased

The Company's common stock repurchased consisted of: (1) restricted stock surrendered as treasury shares and (2) stock purchased under the Company's Stock Repurchase Program and retired.

Treasury Shares

As a Delaware corporation, the Company records treasury shares for shares surrendered to the Company resulting from statutory payroll tax obligations arising from the vesting of restricted stock. During the years ended December 31, 2016, 2015, and 2014, the Company purchased 141,358 treasury shares at a weighted average price of $37.59 per share, 180,822 treasury shares at a weighted average price of $46.46 per share, and 493,890 treasury shares at a weighted average price of $45.16 per share.

Stock Repurchase Program

On October 17, 2016, PacWest’s Board of Directors authorized the Stock Repurchase Program, pursuant to which the Company may, from time to time, purchase shares of its common stock for an aggregate purchase price not to exceed $400 million. The common stock repurchases may be effected through open market purchases or in privately negotiated transactions, and may utilize any derivative or similar instrument to effect share repurchase transactions (including without limitation, accelerated share repurchase contracts, equity forward transactions, equity option transactions, equity swap transactions, cap transactions, collar transactions, floor transactions or other similar transactions or any combination of the foregoing transactions). The Stock Repurchase Program expires on December 31, 2017. The amount and exact timing of any repurchases will depend upon market conditions and other factors. The Stock Repurchase Program may be suspended or discontinued at any time. All shares repurchased under the Stock Repurchase Program were retired upon settlement. During the year ended December 31, 2016, the Company purchased 652,835 shares for $27.9 million at a weighted average price of $42.78 per share. At December 31, 2016, the remaining amount that could be used to repurchase shares under the Stock Repurchase Program was $372.1 million.

Dividend Reinvestment

We paid dividends on deferred shares until April 2015. The shares were deferred under a CapitalSource plan which was terminated, but due to 409A restrictions the shares remained deferred for a period of one year after termination.  Dividends paid on deferred shares were used to purchase our common stock.  During the year ended December 31, 2015, we paid dividends of approximately $58,000 on deferred shares, which was used to purchase an additional 1,300 shares of our common stock. During the year ended December 31, 2014, we paid approximately $115,000 on deferred shares, which was used to purchase an additional 2,583 shares of our common stock.