Common Stock and Related Matters |
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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:
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