Stockholders' equity

3 Months Ended

Mar. 31, 2023

Stockholders' Equity Note

Stockholders' Equity

Note 18 – Stockholders’ equity

As of March 31, 2023, stockholders’ equity totaled $

4.5

 billion. During the quarter ended March 31, 2023, the Corporation declared

cash dividends of $

0.55

 (2022 - $

0.55

) per common share amounting to $

39.6

 million (2022 - $

42.0

 million). The quarterly dividend

declared to stockholders of record as of the close of business on

March 20, 2023

 was paid on

April 3, 2023

.

Accelerated share repurchase transaction (“ASR”) 

On March 1, 2022, the Corporation announced that on February 28, 2022 it entered into a $

400

 million ASR transactions with

respect to its common stock, which was accounted for as a treasury transaction. As a result of the receipt of the initial

3,483,942

shares, the Corporation recognized in stockholders’ equity approximately $

320

 million in treasury stock and $

80

 million as a

reduction of capital surplus. The Corporation completed the transaction on July 12, 2022 and received

1,582,922

 additional shares

of common stock and recognized $

120

 million in treasury stock with a corresponding increase in its capital surplus. In total, the

Corporation repurchased a total of

5,066,864

 shares at an average purchased price of $

78.9443

 under the ASR.