Equity and Dividends

3 Months Ended

Mar. 31, 2018

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.

Dividends

Declared and paid

The Company declared and paid the following dividends during the three months ended March 31, 2018 and 2017:



	Declaration date	Dividend per share		Record date		Total dividends	Payment date
Fourth quarter 2017	January 26, 2018	$	0.1700	February 16, 2018	$	18,246	March 9, 2018
Fourth quarter 2016	January 23, 2017	$	0.1700	February 10, 2017	$	18,160	March 3, 2017

Declared and undistributed

Subsequent to March 31, 2018, the Company’s Board of Directors declared a quarterly dividend of $0.17 cents per common share, payable on June 20, 2018 to stockholders of record on May 30, 2018. 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.

16. Equity and dividends (continued)

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 $2,138,000 for the three months ended March 31, 2018 (2017: net gains of $3,667,000).