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Shareholders' Equity
6 Months Ended
Jun. 30, 2021
Equity [Abstract]  
Shareholders' Equity

NOTE 23 – Shareholders’ Equity

Share Repurchase Program

We have an ongoing authorization from the Board of Directors to repurchase our common stock in the open market or in negotiated transactions. At June 30, 2021, the maximum number of shares that may yet be purchased under this plan was 12.6 million. The repurchase program has no expiration date.  These purchases may be made on the open market or in privately negotiated transactions, depending upon market conditions and other factors. Repurchased shares may be used to meet obligations under our company’s employee benefit plans and for general corporate purposes. During the three months ended June 30, 2021, we repurchased $29.0 million, or 0.4 million shares using existing Board authorizations at an average price of $65.85 per share to meet obligations under our company’s employee benefit plans and for general corporate purposes. During the six months ended June 30, 2021, we repurchased $41.7 million, or 0.6 million shares using existing Board authorizations at an average price of $64.60 per share to meet obligations

under our company’s employee benefit plans and for general corporate purposes. Share repurchases during the three months ended June 30, 2020 were immaterial. During the six months ended June 30, 2020, we repurchased $56.5 million, or 1.7 million shares using existing Board authorizations at an average price of $33.08 per share to meet obligations under our company’s employee benefit plans and for general corporate purposes.

Issuance of Common Stock

During the six months ended June 30, 2021, we issued 2.4 million shares, which were primarily reissued from treasury. Share issuances were primarily a result of the vesting and conversion transactions under our incentive stock award plans.

Issuance of Preferred Stock

On May 19, 2020, the Company issued $225.0 million of 6.125% Non-Cumulative Perpetual Preferred Stock, Series C, $1.00 par value, with a liquidation preference of $25,000 per share (equivalent to $25 liquidation preference per depositary share), which included the sale of $25.0 million of Series C Preferred, pursuant to the over-allotment option.

When, as, and if declared by the board of directors of the Company, dividends will be payable at an annual rate of 6.125%, payable quarterly, in arrears. The Company may redeem the Series C preferred stock at its option, subject to regulatory approval, on or after June 15, 2025.

On February 21, 2019, the Company issued $150.0 million of 6.25% Non-Cumulative Perpetual Preferred Stock, Series B, $1.00 par value, with a liquidation preference of $25,000 per share (equivalent to $25 liquidation preference per depositary share). In March 2019, the Company completed a public offering of an additional $10.0 million of Series B Preferred, pursuant to the over-allotment option.

When, as, and if declared by the board of directors of the Company, dividends will be payable at an annual rate of 6.25%, payable quarterly, in arrears. The Company may redeem the Series B preferred stock at its option, subject to regulatory approval, on or after March 15, 2024.