Shareholders' Equity

9 Months Ended

Sep. 30, 2016

Equity [Abstract]

Shareholders' Equity

6. Shareholders’ Equity

On May 3, 2016, our Board of Directors declared a 10% stock dividend, payable on June 15, 2016, to shareholders of record at the close of business on June 1, 2016. As a result of the stock dividend, 2,735,542 additional shares were issued. Cash was paid in lieu of fractional shares of our common shares. All references to share and per share amounts in this document and related disclosures have been adjusted to reflect the stock dividend for all periods presented.

On August 2, 2016, our Board of Directors declared a quarterly cash dividend in the amount of $0.22 on each share of common stock outstanding. On August 29, 2016, we paid $6.7 million to our shareholders of record on August 15, 2016.

On August 4, 2015, our Board of directors declared a quarterly cash dividend in the amount of $0.18 on each share of common stock outstanding. On September 15, 2015, we paid $5.6 million to our shareholders of record on September 1, 2015.

On May 3, 2016, our Board of Directors authorized the repurchase of up to $150.0 million of our common shares (“2016 Repurchase Authorization”). The 2016 Repurchase Authorization supersedes all the previous Repurchase Authorizations. As of September 30, 2016, availability under the 2016 Repurchase Authorization for future repurchases of our common shares was $132.0 million.   

For the nine months ended September 30, 2016, we repurchased a total of 815,196 common shares for $45.3 million. A summary of activity from January 1, 2016 through September 30, 2016 follows.

A summary of common shares repurchased for the nine months ended September 30, 2016 is shown below:

Repurchase Type	Date Trading Plan Initiated	2016 Purchase Period	Number of Shares Repurchased		Average Price of Shares Repurchased		Total Cost (in millions)		Repurchase Authorization Year
10b5-1 Trading Plan	12/16/2015	01/04/2016-02/11/2016		266,538	$	55.59	$	14.8	2013
10b5-1 Trading Plan	03/16/2016	03/16/2016-05/02/2016		162,893	$	55.62		9.1	2013
10b5-1 Trading Plan	06/16/2016	06/24/2016-06/28/2016		14,774	$	49.78		0.7	2016
10b5-1 Trading Plan	09/15/2016	09/19/2016-09/28/2016		11,147	$	55.38		0.6	2016
Open Market	N/A	01/01/2016-05/02/2016		64,464	$	54.14		3.5	2013
Open Market	N/A	05/03/2016-09/30/2016		295,380	$	56.38		16.6	2016
Total				815,196	$	55.66	$	45.3