Stockholders' equity	3 Months Ended
Mar. 31, 2020
Stockholders' Equity Note
Stockholders' Equity	Note 18 – Stockholders’ equity As of March 31, 2020, stockholder’s equity totaled $5.7 billion. During the quarter months ended March 31, 2020, the Corporation declared cash dividends of $0.40 (2019 - $0.30) per common share outstanding amounting to $35.5 million (2019 - $29.0 million). The quarterly dividend declared to shareholders of record as of the close of business on February 28, 2020 was paid on April 1, 2020. During the quarter ended March 31, 2019, the Corporation entered into a $250 million accelerated share repurchase transaction (“ASR”) and, in connection therewith, received an initial delivery of 3,500,000 shares of common stock (the “Initial Shares”), 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 of capital surplus. The Corporation completed this transaction during the fourth quarter of 2019 and received 1,165,607 additional shares of common stock. The final number of shares delivered at settlement was based on the average daily volume weighted average price (“VWAP”) of its common stock, net of a discount, during the term of the ASR of $53.58. On January 30, 2020, the Corporation entered into a $500 million “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 7,055,919 shares, the Corporation recognized in shareholder’s equity approximately $400 million in treasury stock and $100 million as a reduction in capital surplus. The ASR provided that the final number of shares delivered at settlement would be based on the average daily volume weighted average price (“VWAP”) of the Corporation’s common stock, net of a discount, during the term of the ASR. As a result of the recent decrease in the trading price of the Corporation’s common stock during the COVID-19 pandemic, on March 19, 2020, the dealer counterparty to the ASR exercised its right to terminate the ASR as a result of the trading price of the Corporation’s common stock falling below a specified level. The agreement executed in connection with such termination (the “Termination Agreement”) provides for the acceleration of the final settlement of the ASR, which was originally expected to occur during the fourth quarter of 2020. Under the settlement resulting from the Termination Agreement, the Corporation will receive a further number of shares of common stock, equivalent to approximately $167 million. As of March 31, 2020, the Corporation had received 642,400 additional shares after the early termination of the ASR. In connection with such receipt, the Corporation recorded approximately $23 million as treasury stock and recognized that amount as an increase in capital surplus. On February 24, 2020, the Corporation redeemed all outstanding shares of its 8.25% Non-Cumulative Monthly Income Preferred Stock, Series B (“Series B Preferred Stock”). The Series B Preferred Stock was redeemed at the redemption price of $25.00 per share, plus $0.1375 in accrued and unpaid dividends on each share, for a total payment per share in the amount of $25.1375 and a total aggregate payment of $28.2 million.

Stockholders' equity

3 Months Ended

Mar. 31, 2020

Note 18 – Stockholders’ equity

As of March 31, 2020, stockholder’s equity totaled $5.7 billion. During the quarter months ended March 31, 2020, the Corporation declared cash dividends of $0.40 (2019 - $0.30) per common share outstanding amounting to $35.5 million (2019 - $29.0 million). The quarterly dividend declared to shareholders of record as of the close of business on February 28, 2020 was paid on April 1, 2020.

During the quarter ended March 31, 2019, the Corporation entered into a $250 million accelerated share repurchase transaction (“ASR”) and, in connection therewith, received an initial delivery of 3,500,000 shares of common stock (the “Initial Shares”), 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 of capital surplus. The Corporation completed this transaction during the fourth quarter of 2019 and received 1,165,607 additional shares of common stock. The final number of shares delivered at settlement was based on the average daily volume weighted average price (“VWAP”) of its common stock, net of a discount, during the term of the ASR of $53.58.

On January 30, 2020, the Corporation entered into a $500 million “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 7,055,919 shares, the Corporation recognized in shareholder’s equity approximately $400 million in treasury stock and $100 million as a reduction in capital surplus. The ASR provided that the final number of shares delivered at settlement would be based on the average daily volume weighted average price (“VWAP”) of the Corporation’s common stock, net of a discount, during the term of the ASR. As a result of the recent decrease in the trading price of the Corporation’s common stock during the COVID-19 pandemic, on March 19, 2020, the dealer counterparty to the ASR exercised its right to terminate the ASR as a result of the trading price of the Corporation’s common stock falling below a specified level. The agreement executed in connection with such termination (the “Termination Agreement”) provides for the acceleration of the final settlement of the ASR, which was originally expected to occur during the fourth quarter of 2020. Under the settlement resulting from the Termination Agreement, the Corporation will receive a further number of shares of common stock, equivalent to approximately $167 million. As of March 31, 2020, the Corporation had received 642,400 additional shares after the early termination of the ASR. In connection with such receipt, the Corporation recorded approximately $23 million as treasury stock and recognized that amount as an increase in capital surplus.

On February 24, 2020, the Corporation redeemed all outstanding shares of its 8.25% Non-Cumulative Monthly Income Preferred Stock, Series B (“Series B Preferred Stock”). The Series B Preferred Stock was redeemed at the redemption price of $25.00 per share, plus $0.1375 in accrued and unpaid dividends on each share, for a total payment per share in the amount of $25.1375 and a total aggregate payment of $28.2 million.