XML 28 R16.htm IDEA: XBRL DOCUMENT v3.23.3
Common Stock and Related Matters
9 Months Ended
Sep. 30, 2023
Class of Stock Disclosures [Abstract]  
Common Stock and Related Matters

 

Common Share Repurchase Program

 

In October 2020, our Board of Directors approved a share repurchase program (the “2020 Share Repurchase Program”) for the repurchase of up to $500.0 million of our outstanding common stock. In May 2023, our Board of Directors approved a new share repurchase program (the “2023 Share Repurchase Program”) for the repurchase of up to $1.0 billion of our outstanding common stock. During the second quarter of 2023, we exhausted the 2020 Share Repurchase Program. As of September 30, 2023, there was $810.7 million remaining under the 2023 Share Repurchase Program. We may discontinue the 2023 Share Repurchase Program at any time and are not obligated to repurchase any specific dollar amount or number of shares thereunder.

 

For the three and nine months ended September 30, 2023, we repurchased 1,583,317 shares and 4,395,519 shares of our common stock at a weighted average per share price of $83.38 and $75.77 for a total net cost of $132.0 million and $333.1 million, respectively. For the three and nine months ended September 30, 2022, we repurchased 1,156,832 shares and 3,016,556 shares of our common stock at a weighted average per share price of $63.06 and $65.23 for a total net cost of $72.9 million and $196.8 million, respectively.

 

Common Stock Dividends

 

In April 2023, we declared an increase to our common dividend to $0.50 per common share or $2.00 per common share annualized effective for the first quarter of 2023.

 

The following table details the dividends declared and/or paid by us to common shareholders for the nine months ended September 30, 2023:

Three Months Ended

 

Date Paid or
To Be Paid

 

Total Common
Dividends Declared

 

 

Amount of Common
Dividends Paid or
To Be Paid

 

 

Dividends on
Share-Based Awards

 

 

Dividends Declared per Share of Common Stock

 

(In millions, except per share amounts)

 

September 30, 2023

 

November 15, 2023

$

 

113.0

 

$

 

111.5

 

$

 

1.5

 

$

 

0.50000

 

June 30, 2023

 

August 15, 2023

 

 

113.6

 

 

 

111.8

 

 

 

1.8

 

 

 

0.50000

 

March 31, 2023

 

May 15, 2023

 

 

114.7

 

 

 

113.0

 

 

 

1.7

 

 

 

0.50000

 

December 31, 2022

 

February 15, 2023

 

 

80.5

 

 

 

79.3

 

 

 

1.2

 

 

 

0.35000