Equity and Dividends

9 Months Ended

Sep. 30, 2018

Equity and Dividends

17. 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 nine months ended September 30, 2018 and 2017:



	Declaration date	Dividend per share		Record date		Total dividends	Payment date
Nine months ended September 30, 2018:
Fourth quarter 2017	January 26, 2018	$	0.1700	February 16, 2018	$	18,246	March 9, 2018
First quarter 2018	May 9, 2018		0.1700	May 30, 2018		18,342	June 20, 2018
Second quarter 2018	August 7, 2018		0.1800	August 29, 2018		19,528	September 19, 2018

Nine months ended September 30, 2017:
Fourth quarter 2016	January 23, 2017	$	0.1700	February 10, 2017	$	18,160	March 3, 2017
First quarter 2017	May 4, 2017		0.1700	May 23, 2017		18,188	June 13, 2017
Second quarter 2017	August 4, 2017		0.1700	August 25, 2017		18,210	September 15, 2017

Declared and undistributed

Subsequent to September 30, 2018, the Company’s Board of Directors declared a quarterly dividend of $0.18 cents per common share, payable on December 18, 2018 to stockholders of record on November 27, 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.

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 losses of $1,072,000 and $6,256,000 for the three and nine months ended September 30, 2018 (2017: net gains of $5,838,000 and $17,322,000).