Subsequent Event

6 Months Ended

Jun. 30, 2016

Subsequent Events [Abstract]

Subsequent Event

Note 19. Subsequent Event

Dividends

On July 6, 2016, we paid a cash dividend of $0.15 per common share to common shareholders of record on May 16, 2016. On such date, Partnership also made a distribution in respect of each Partnership exchangeable unit in the amount of $0.15 per Partnership exchangeable unit to holders of record on May 16, 2016. On July 5, 2016, we paid a cash dividend of $0.98 per Preferred Share, for a total dividend of $67.5 million, to the holder of the Preferred Shares. The dividend on the Preferred Shares included the amount due for the second calendar quarter of 2016.

On August 3, 2016, our board of directors declared a cash dividend of $0.16 per common share, which will be paid on October 4, 2016, to common shareholders of record on September 6, 2016. Partnership will also make a distribution in respect of each Partnership exchangeable unit in the amount of $0.16 per Partnership exchangeable unit, and the record date and payment date for distributions on Partnership exchangeable units are the same as the record date and payment date set forth above. On August 2, 2016, our board of directors declared a cash dividend of $0.98 per Preferred Share, for a total dividend of $67.5 million which will be paid to the holder of the Preferred Shares on October 3, 2016. The dividend on the Preferred Shares includes the amount due for the third calendar quarter of 2016.

Share Repurchase Authorization

On August 2, 2016, our board of directors approved a share repurchase authorization wherein RBI may purchase up to $300 million of our common shares over the next 5 years. Repurchases under the Company’s new authorization will be made in the open market or through privately negotiated transactions.