Equity and Dividends

9 Months Ended

Sep. 30, 2016

Equity and Dividends [Abstract]

Equity and Dividends

21.  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 (March 2015: 1,900,000) were repurchased at a weighted average (“WA”) share price of $25.16 (2015: $24.98) per common share. The repurchased shares were cancelled on March 15, 2016 (2015: March 26, 2015). There were no share repurchases during the three months ended September 30, 2016 and 2015.

The Company declared and paid the following dividends during the three and nine months ended September 30, 2016 and 2015:

	Declaration date	Dividend per share		Record date		Total dividends	Payment date
Nine months ended September 30, 2016:
Fourth quarter 2015	January 15, 2016	$	0.1600	February 12, 2016	$	17,154	March 4, 2016
First quarter 2016	May 9, 2016		0.1600	May 24, 2016		17,022	June 14, 2016
Second quarter 2016	August 5, 2016		0.1700	September 2, 2016		18,127	September 23, 2016
Nine months ended September 30, 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

Declared and undistributed

Subsequent to September 30, 2016, the Company’s Board of Directors declared a quarterly dividend of $0.17cents per common share, payable on December 19, 2016 to stockholders of record on November 28, 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 include intra-entity foreign currency transactions that are of a long-term investment nature, which generated net gains of $958,000 and $9,569,000 for the three and nine months ended September 30, 2016, respectively (2015: net losses of $4,609,000 and$16,136,000).