NOTE 10 — STOCKHOLDERS’ EQUITY

On November 1, 2017, Capstead’s Board of Directors authorized the reinstatement of its previously unused $100 million common stock repurchase program. In 2017 the Company repurchased 397,000 shares in the open market for approximately $3.5 million (an average repurchase price, after expenses, of $8.71). An additional 2.3 million shares were repurchased subsequent to year-end through the date of this filing for $20.1 million (an average repurchase price, after expenses, of $8.63), leaving a remaining repurchase program authorization of approximately $77 million. Repurchases made pursuant to the program are made in the open market in accordance with and as permitted by securities laws and other legal requirements. The timing, manner, price and amount of any future repurchases will be determined by the Company in its discretion and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors including alternative capital investment opportunities. In addition, the Company may enter into Rule 10b5-1 plans under which repurchases can be made. The authorization does not obligate the Company to acquire any particular amount of common stock and repurchases under the program and the program itself may be suspended or discontinued at the Company’s discretion without prior notice.

During 2017, 2016 and 2015, additions to common equity capital related to equity-based awards to directors and employees totaled $1.1 million, $1.4 million and $1.7 million, respectively. See NOTE 11 for further information pertaining to long-term equity-based awards.

In 2013 Capstead completed a public offering of 6.8 million shares ($170.0 million face amount) of its 7.50% Series E Cumulative Redeemable Preferred Stock, liquidation preference of $25.00 per share. Shares of the Series E preferred stock are redeemable at the Company’s option for $25.00 per share, plus any accumulated and unpaid dividends.

Capstead began issuing additional shares of Series E preferred stock through an at-the-market continuous offering program. Shares of Series E preferred stock issued under this program, issue prices and proceeds, both presented net of underwriting fees and other costs, were as follows for the indicated periods:

Year Ended December 31,	Shares		Net Issue Price		Net Proceeds
2017		2,095,000	$	24.77	$	51,887,000
2016		78,000		24.23		1,887,000
2015		538,000		24.61		13,236,000