Equity and dividends

3 Months Ended

Mar. 31, 2020

Equity and dividends

Equity and dividends

16.    Equity and dividends

Share capital

Preferred stock

Unlimited number of senior preferred shares, without par value, issuable in series.

Unlimited number of junior preferred shares, without par value, issuable in series.

All issued shares are fully paid. No preferred shares have been issued.

Share repurchase

There were 1,525,312 common shares repurchased for $53,170,000 during the three months ended March 30, 2020 (March 30, 2019: no repurchased common shares).

16.    Equity and dividends (continued)

Dividends

Declared and paid

The Company declared and paid the following dividends during the three months ended March 31, 2020 and 2019:

		Dividend			Total
	Declaration date	per share		Record date	dividends		Payment date
Fourth quarter 2019	January 24, 2020	$	0.2000	February 14, 2020	$	21,905	March 6, 2020
Fourth quarter 2018	January 25, 2019	$	0.1800	February 15, 2019	$	19,568	March 8, 2019

Declared and undistributed

Subsequent to March 31, 2020, the Company’s Board of Directors declared a quarterly dividend of $0.20 cents per common share, payable on June 17, 2020 to stockholders of record on May 27, 2020. This dividend payable has not been recognized as a liability in the financial statements. The payment of this dividend will not have any tax consequences for the Company.

Foreign currency translation reserve

Foreign currency translation adjustments include intra-entity foreign currency transactions that are of a long-term investment nature, which generated a net loss of $7,492,000 for the three months ended March 31, 2020 (2019: net loss of $855,000).