Stockholders’ Equity

CSC did not issue any shares of common stock during 2017, 2016, or 2015.

CSC was authorized to issue 9,940,000 shares of preferred stock, $0.01 par value, at December 31, 2017 and 2016. The following is a summary of CSC’s non-cumulative perpetual preferred stock outstanding as of such dates:



									Dividend Rate in Effect at December 31, 2017			Date at Which Dividend Rate Becomes Floating	Floating Annual Rate of Three-month LIBOR plus:
	Shares Issued and Outstanding (In thousands) at December 31,⁽¹⁾		Liquidation Preference Per Share	Carrying Value at December 31,							Earliest Redemption Date
	2017	2016	Liquidation Preference Per Share	2017		2016		Issue Date			Earliest Redemption Date
Fixed-rate:
Series B ⁽²⁾	—	485	1,000	$	—	$	482	06/06/12	—		—	N/A	N/A
Series C	600	600	1,000	585		585		08/03/15	6.000	%	12/01/20	N/A	N/A
Series D	750	750	1,000	728		728		03/07/16	5.950	%	06/01/21	N/A	N/A
Fixed-to-floating-rate:
Series A	400	400	1,000	397		397		01/26/12	7.000	%	02/01/22	02/01/22	4.820	%
Series E	6	6	100,000	591		591		10/31/16	4.625	%	03/01/22	03/01/22	3.315	%
Series F	5	—	100,000	492		—		10/31/17	5.000	%	12/01/27	12/01/27	2.575	%
Total Preferred Stock	1,761	2,241		$	2,793	$	2,783

⁽¹⁾ Represented by depositary shares, except for Series A

⁽²⁾ On December 1, 2017, CSC redeemed all of the outstanding shares of its 6.00% Non-Cumulative Preferred Stock, Series B at their stated redemption value.

Dividends on CSC’s preferred stock are not cumulative and will only be paid on a series of preferred stock for a dividend period if declared by CSC’s Board of Directors. Under the terms of each series of preferred stock, CSC’s ability to pay dividends on, make distributions with respect to, or to repurchase, redeem or acquire its common stock or any preferred stock ranking on parity with or junior to the series of preferred stock, is subject to restrictions in the event that CSC does not declare and either pay or set aside a sum sufficient for payment of dividends on the series of preferred stock for the immediately preceding dividend period.

Dividends on fixed-rate preferred stock are payable quarterly. Dividends on fixed-to-floating-rate preferred stock are payable semiannually while at a fixed rate, and will become payable quarterly after converting to a floating rate.

Redemption Rights

Each series of CSC’s stock may be redeemed at CSC’s option on any dividend payment date on or after the earliest redemption date for that series. All outstanding preferred stock series may also be redeemed following a “capital treatment event,” as described in the terms of each series. Any redemption of CSC’s preferred stock is subject to approval from the Federal Reserve.