Equity and Dividends

3 Months Ended

Mar. 31, 2016

Equity and Dividends [Abstract]

Equity and Dividends

20.  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 2016, 1,460,000 common shares (2015: 1,900,000) were repurchased at a weighted average share price of $25.16 (2015: $24.98) per common share. The repurchased shares were cancelled on March 15, 2016 (2015: March 26, 2015).

Dividends

Declared and paid

The Company declared and paid the following dividends during the three months ended March 31, 2016 and 2015:

	Declaration date	Dividend per share		Record date		Total dividends	Payment date
Fourth quarter 2015	January 15, 2016	$	0.1600	February 12, 2016	$	17,154	March 4, 2016
Fourth quarter 2014	January 12, 2015	$	0.1400	February 13, 2015	$	15,089	March 6, 2015

Declared and undistributed

Subsequent to March 31, 2016, the Company’s Board of Directors declared a quarterly dividend of $0.16 cents per common share, payable on June 14, 2016 to stockholders of record on May 24, 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.

Foreign currency translation reserve

Foreign currency translation adjustments for the three months ended March 31, 2016 include intra-entity foreign currency transactions that are of a long-term investment nature which generated gains of $8,882,000 (2015: losses of $14,453,000)