Equity and Dividends

12 Months Ended

Dec. 31, 2015

Equity and Dividends [Abstract]

Equity and Dividends

24.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

During March 2015, 1,900,000 common shares were repurchased at a weighted average share price of $24.98 per common share. The repurchased shares were cancelled on March 26, 2015.

Dividends

Declared and paid

The Company declared and paid the following dividends during the years ended December 31, 2015, 2014 and 2013:

	Declaration date	Dividend per share		Record date		Total dividends	Payment date
Year ended December 31, 2015:
Fourth quarter 2014	January 12, 2015	$	0.1400	February 13, 2015	$	15,089	March 6, 2015
First quarter 2015	May 7, 2015		0.1400	May 29, 2015		14,955	June 19, 2015
Second quarter 2015	August 6, 2015		0.1600	September 4, 2015		17,147	September 25, 2015
Third quarter 2015	November 5, 2015		0.1600	November 27, 2015		17,149	December 18, 2015
Year ended December 31, 2014:
Fourth quarter 2013	January 20, 2014	$	0.1300	February 14, 2014	$	13,915	March 7, 2014
First quarter 2014	May 2, 2014		0.1300	May 23, 2014		13,942	June 13, 2014
Second quarter 2014	August 5, 2014		0.1400	August 22, 2014		15,028	September 12, 2014
Third quarter 2014	November 4, 2014		0.1400	November 21, 2014		15,044	December 12, 2014
Year ended December 31, 2013:
Fourth quarter 2012	January 21, 2013	$	0.1225	February 15, 2013	$	13,065	March 8, 2013
First quarter 2013	April 26, 2013		0.1225	May 17, 2013		13,068	June 7, 2013
Second quarter 2013	August 1, 2013		0.1300	August 23, 2013		13,887	September 13, 2013
Third quarter 2013	November 1, 2013		0.1300	November 22, 2013		13,898	December 13, 2013

24.  Equity and dividends (continued)

Declared and undistributed

In addition to the above dividends, since the end of the year the Directors have recommended the payment of a final dividend of $0.16 cents per common share, accumulating to a total dividend of $17,154,000. The aggregate amount of the proposed final dividend is expected to be paid out of retained earnings on March 4, 2016to stockholders of record on February 12, 2016. This dividend payable has not been recognized as a liability in the financial statements. The payment of this dividend will not have any tax consequence for the Company.