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Common Stock and Related Matters
3 Months Ended
Mar. 31, 2024
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. During the second quarter of 2023, we exhausted the 2020 Share Repurchase Program.

 

In May 2023, our Board of Directors approved a share repurchase program (the “2023 Share Repurchase Program”) for the repurchase of up to $1.0 billion of our outstanding common stock. For the three months ended March 31, 2024, we repurchased 1,186,444 shares of our common stock at a weighted average per share price of $104.26 for a total net cost of $123.7 million. For the three months ended March 31, 2023, we repurchased 724,140 shares of our common stock at a weighted average per share price of $71.82 for a total net cost of $52.0 million.

 

As of March 31, 2024, there was $646.4 million remaining under the 2023 Share Repurchase Program. We are not obligated to repurchase any specific dollar amount or number of shares under the 2023 Share Repurchase Program and may discontinue the program at any time.

 

Common Stock Dividends

 

In April 2024, we declared an increase to our common dividend to $0.75 per common share, or $3.00 per common share annualized effective for the first quarter of 2024.

 

The following table details the dividends declared and/or paid by us to common shareholders for the three months ended March 31, 2024:

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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2024

 

May 15, 2024

 

$

168.1

 

 

$

166.3

 

 

$

1.8

 

 

$

0.75000

 

December 31, 2023

 

February 15, 2024

 

 

112.8

 

 

 

111.6

 

 

 

1.2

 

 

 

0.50000