Equity and dividends

6 Months Ended

Jun. 30, 2020

Equity and dividends

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.

Share repurchase

There were no share repurchases made during the three months ended June 30, 2020 (three months ended June 30, 2019: 1,223,674 common shares repurchased for $42,012,000). There were 1,525,312 common shares repurchased for $53,170,000 during the six months ended June 30, 2020 (six months ended June 30, 2019: 1,223,674 common shares repurchased for $42,012,000).

Dividends

Declared and paid

The Company declared and paid the following dividends during the six months ended June 30, 2020 and 2019:

		Dividend			Total
	Declaration date	per share		Record date	dividends		Payment date
Six months ended June 30, 2020:
Fourth quarter 2019	January 24, 2020	$	0.2000	February 14, 2020	$	21,905	March 6, 2020
First quarter 2020	May 6, 2020		0.2000	May 27, 2020		21,681	June 17, 2020
Six months ended June 30, 2019:
Fourth quarter 2018	January 25, 2019	$	0.1800	February 15, 2019	$	19,568	March 8, 2019
First quarter of 2019	May 8, 2019		0.1800	May 29, 2019		19,592	June 19, 2019

Declared and undistributed

Subsequent to June 30, 2020, the Company’s Board of Directors declared a quarterly dividend of $0.22 cents per common share, payable on September 16, 2020 to stockholders of record on August 26, 2020. 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 a net gain of $5,158,000 and net loss of $2,334,000 for the three and six months ended June 30, 2020 (2019: net gain of $2,508,000 and $1,653,000).