STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2018

Equity [Abstract]

STOCKHOLDERS' EQUITY

NOTE 10 — STOCKHOLDERS’ EQUITY

In January 2019, Capstead’s Board of Directors increased its common stock repurchase program authorization to $125 million, leaving a remaining repurchase program authorization of approximately $37 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.  Shares repurchased under this program, repurchase price and capital deployed, both presented including program costs were as follows for the indicated periods:

Year Ended December 31,	Shares		Net Repurchase Price		Total Capital Deployed
2018		10,653,000	$	7.94	$	84,594,000
2017		397,000		8.71		3,460,000

No shares were repurchased during 2016. During 2018, 2017 and 2016, additions to common equity capital related to equity-based awards to directors and employees totaled $1.7 million, $1.1 million and $1.4 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 can issue additional shares of Series E preferred stock through an at-the-market continuous offering program. The Company issued no Series E preferred stock in 2018. During 2017 and 2016 the Company issued 2.1 million and 78,000 shares, respectively, for approximately $51.9 million and $1.9 million (an average price, after expenses, of $24.77 and $24.23).