Equity - Equity (Tables)

12 Months Ended

Dec. 31, 2016

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

The following tables summarize stock options, SARs, and non-vested restricted stock activity for the years ended December 31, 2016, 2015, and 2014:

Table 9.1



	For the Year Ended December 31,
	2016				2015				2014
	Stock Options and SARs		Weighted- Average Exercise Price		Stock Options and SARs		Weighted- Average Exercise Price		Stock Options and SARs		Weighted- Average Exercise Price
Outstanding, beginning of year	747,573		$	26.68	718,143		$	25.12	664,245		$	23.78
Granted	51,975		35.75		119,110		32.25		87,600		34.92
Exercised	(431,346	)	24.77		(86,680	)	21.32		(23,035	)	20.83
Canceled	(667	)	35.60		(3,000	)	30.05		(10,667	)	31.16
Outstanding, end of year	367,535		30.18		747,573		26.68		718,143		25.12
Exercisable at end of year	208,274		27.41		543,698		24.34		548,180		23.12

	For the Year Ended December 31,
	2016				2015				2014
	Non-vested Restricted Stock		Weighted- Average Grant Date Fair Value		Non-vested Restricted Stock		Weighted- Average Grant Date Fair Value		Non-vested Restricted Stock		Weighted- Average Grant Date Fair Value
Outstanding, beginning of year	132,651		$	32.12	103,772		$	31.24	98,285		$	27.66
Granted	76,617		36.33		76,616		32.14		57,590		33.88
Canceled	(1,360	)	35.75		—		—		(8,360	)	21.72
Vested and issued	(69,411	)	31.69		(47,737	)	30.25		(43,743	)	28.48
Outstanding, end of year	138,497		34.63		132,651		32.12		103,772		31.24

Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]

The following tables summarize information regarding stock options, SARs, and non-vested restricted stock outstanding as of December 31, 2016:

Table 9.2



	Outstanding		Exercisable		Vested or Expected to Vest
Range of Exercise Prices	Stock Options and SARs	Weighted- Average Remaining Contractual Life	Stock Options and SARs	Weighted- Average Remaining Contractual Life	Stock Options and SARs	Weighted- Average Remaining Contractual Life
$5.00 - $9.99	4,000	1.7 years	4,000	1.7 years	4,000	1.7 years
10.00 - 14.99	10,000	3.7 years	10,000	3.7 years	10,000	3.7 years
15.00 - 19.99	27,000	4.4 years	27,000	4.4 years	27,000	4.4 years
20.00 - 24.99	27,000	5.2 years	27,000	5.2 years	27,000	5.2 years
25.00 - 29.99	23,509	2.6 years	19,509	1.4 years	23,309	2.5 years
30.00 - 34.99	189,713	7.3 years	103,767	6.6 years	184,893	7.3 years
35.00 - 39.99	86,313	8.4 years	16,998	7.0 years	85,619	8.4 years
	367,535		208,274		361,821

	Outstanding		Expected to Vest
Weighted- Average Grant-Date Fair Value	Non-vested Restricted Stock	Weighted-Average Remaining Contractual Life	Non-vested Restricted Stock	Weighted-Average Remaining Contractual Life
$25.00 - $29.99	6,778	1.1 years	6,439	1.1 years
30.00 - 34.99	18,140	0.2 years	17,233	0.2 years
35.00 - 39.99	110,204	1.5 years	106,481	1.5 years
40.00 - 44.99	3,375	1.6 years	3,162	1.6 years
	138,497		133,315

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

The weighted average exercise price of the 361,821 options and SARs vested or expected to vest as of December 31, 2016 was $30.14.

As of December 31, 2016 and 2015, the intrinsic value of options, SARs, and non-vested restricted stock outstanding, exercisable, and vested or expected to vest was $17.4 million and $8.1 million, respectively. During 2016, 2015, and 2014, the total intrinsic value of options and SARs exercised was $7.6 million, $0.9 million, and $0.3 million, respectively. As of December 31, 2016, there was $3.2 million of total unrecognized compensation cost related to non-vested stock options, SARs, and restricted stock awards. This cost is expected to be recognized over a weighted-average period of 1.7 years.

The weighted-average grant date fair values of options, SARs, and restricted stock awards granted in 2016, 2015, and 2014 were $25.11, $17.97, and $21.11 per share, respectively. Under the fair value-based method of accounting for stock-based compensation cost, Farmer Mac recognized compensation expense of $3.3 million, $3.3 million, and $2.9 million during 2016, 2015, and 2014, respectively.

The fair values of stock options and SARs were estimated using the Black-Scholes option pricing model based on the following assumptions:

Table 9.3



	For the Year Ended December 31,
	2016	2015	2014
Risk-free interest rate	1.5%	1.2%	1.5%
Expected years until exercise	5 years	4 years	4 years
Expected stock volatility	34.7%	38.0%	49.7%
Dividend yield	2.9%	2.0%	1.6%

The risk-free interest rates used in the model were based on the U.S. Treasury yield curve in effect at the grant date. Farmer Mac used historical data to estimate the timing of option exercises and stock option cancellation rates used in the model. Expected volatilities were based on historical volatility of Farmer Mac's Class C non-voting common stock. The dividend yields were based on the expected dividends as a percentage of the value of Farmer Mac's Class C non-voting common stock on the grant date.

Because restricted stock awards will be issued upon vesting regardless of the stock price, expected stock volatility is not considered in determining grant date fair value. Restricted stock awards also accrue dividends which are paid at vesting. The weighted-average grant date fair value of the restricted stock awarded in 2016, 2015, and 2014 was $36.33, $32.14, and $33.88 per share, respectively, which is based on the closing price of the stock on the date granted.