EQUITY STRUCTURE AND ACCOUNTS (Tables)
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12 Months Ended |
Dec. 31, 2019 |
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| Equity [Abstract] |
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| Common stock repurchase activity |
The following table is a summary of the Company’s repurchase activity of its Class A common stock during the years ended December 31, 2019, 2018 and 2017 ($ in thousands):
| | | | | | | | | | | Shares | | Amount(1) | | | | | | Authorizations remaining as of December 31, 2018 | | | | $ | 41,769 |
| Additional authorizations | | | | — |
| Repurchases paid | | 40,065 |
| | (637 | ) | Repurchases unsettled | | | | — |
| Authorizations remaining as of December 31, 2019 | | | | $ | 41,132 |
|
| | (1) | Amount excludes commissions paid associated with share repurchases. |
| | | | | | | | | | | Shares | | Amount(1) | | | | | | Authorizations remaining as of December 31, 2017 | | | | $ | 41,769 |
| Additional authorizations | | | | — |
| Repurchases paid | | — |
| | — |
| Repurchases unsettled | | | | — |
| Authorizations remaining as of December 31, 2018 | | | | $ | 41,769 |
|
| | (1) | Amount excludes commissions paid associated with share repurchases. |
| | | | | | | | | | | Shares | | Amount(1) | | | | | | Authorizations remaining as of December 31, 2016 | | | | $ | 44,353 |
| Additional authorizations | | | | — |
| Repurchases paid | | 189,897 |
| | (2,584 | ) | Repurchases unsettled | | | | — |
| Authorizations remaining as of December 31, 2017 | | | | $ | 41,769 |
|
| | (1) | Amount excludes commissions paid associated with share repurchases. |
|
| Schedule of dividends declared and paid |
The following table presents dividends declared (on a per share basis) of Class A common stock for the years ended December 31, 2019, 2018 and 2017:
| | | | | | Declaration Date | | Dividend per Share | | | | February 27, 2019 | | $ | 0.340 |
| May 30, 2019 | | 0.340 |
| August 22, 2019 | | 0.340 |
| November 26, 2019 | | 0.340 |
| Total | | $ | 1.360 |
| | | | February 27, 2018 | | $ | 0.315 |
| May 30, 2018 | | 0.325 |
| September 5, 2018 | | 0.325 |
| November 1, 2018(1) | | 0.570 |
| Total | | $ | 1.535 |
| | | | March 1, 2017 | | $ | 0.300 |
| June 1, 2017 | | 0.300 |
| September 1, 2017 | | 0.300 |
| November 7, 2017 | | 0.315 |
| Total | | $ | 1.215 |
|
| | (1) | On October 30, 2018, the Company’s board of directors approved the fourth quarter 2018 dividend of $0.570 per share of the Company’s Class A common stock in order to meet its annual REIT taxable income distribution requirement. The dividend was paid as a combination of cash and Class A common stock, subject to shareholder elections. |
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| Schedule of accumulated other comprehensive Income |
The following table presents changes in accumulated other comprehensive income related to the cumulative difference between the fair market value and the amortized cost basis of securities classified as available for sale for the years ended December 31, 2019, 2018 and 2017 ($ in thousands): | | | | | | | | | | | | | | | | Accumulated Other Comprehensive Income (Loss) | | Accumulated Other Comprehensive Income (Loss) of Noncontrolling Interests | | Total Accumulated Other Comprehensive Income (Loss) | | | | | | | | December 31, 2018 | | $ | (4,649 | ) | | $ | (588 | ) | | $ | (5,237 | ) | Other comprehensive income (loss) | | 8,785 |
| | 1,145 |
| | 9,930 |
| Exchange of noncontrolling interest for common stock | | 65 |
| | (65 | ) | | — |
| Rebalancing of ownership percentage between Company and Operating Partnership | | 17 |
| | (17 | ) | | — |
| December 31, 2019 | | $ | 4,218 |
| | $ | 475 |
| | $ | 4,693 |
|
| | | | | | | | | | | | | | | | Accumulated Other Comprehensive Income (Loss) | | Accumulated Other Comprehensive Income (Loss) of Noncontrolling Interests | | Total Accumulated Other Comprehensive Income (Loss) | | | | | | | | December 31, 2017 | | $ | (212 | ) | | $ | 116 |
| | $ | (96 | ) | Other comprehensive income (loss) | | (4,211 | ) | | (930 | ) | | (5,141 | ) | Exchange of noncontrolling interest for common stock | | (167 | ) | | 167 |
| | — |
| Rebalancing of ownership percentage between Company and Operating Partnership | | (59 | ) | | 59 |
| | — |
| December 31, 2018 | | $ | (4,649 | ) | | $ | (588 | ) | | $ | (5,237 | ) |
| | | | | | | | | | | | | | | | Accumulated Other Comprehensive Income (Loss) | | Accumulated Other Comprehensive Income (Loss) of Noncontrolling Interests | | Total Accumulated Other Comprehensive Income (Loss) | | | | | | | | December 31. 2016 | | $ | 1,365 |
| | $ | 759 |
| | $ | 2,124 |
| Other comprehensive income (loss) | | (2,915 | ) | | 695 |
| | (2,220 | ) | Exchange of noncontrolling interest for common stock | | 1,696 |
| | (1,696 | ) | | — |
| Rebalancing of ownership percentage between Company and Operating Partnership | | (358 | ) | | 358 |
| | — |
| December 31, 2017 | | $ | (212 | ) | | $ | 116 |
| | $ | (96 | ) |
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