Stockholders' equity

3 Months Ended

Mar. 31, 2019

Stockholders' Equity Note

Stockholders' Equity

Note 18 – Stockholders’ equity

As of March 31, 2019, stockholder’s equity totaled $5.4 billion. During the quarterended March 31,2019, the Corporation declared cash dividends of $0.30(2018 - $0.25) per common share outstanding amounting to $29.0 million (2018 - $25.5 million).The quarterly dividend declared to shareholders of record as of the close of business on March 8, 2019, was paid on April 1, 2019.

On February 28, 2019, the Corporation entered into a $250 million accelerated share repurchase (“ASR”) transaction with respect to its common stock, which was accounted for as a treasury stock transaction. As a result of the receipt of the initial shares, the Corporation recognized in shareholders’ equity approximately $200 million in treasury stock and $50 million as a reduction in capital surplus. The Corporation expects to further adjust its treasury stock and capital surplus accounts to reflect the delivery or receipt of cash or shares upon the termination of the ASR agreement, which will depend on the average price of the Corporation’s shares during the term of the ASR.