Share Repurchase Program (Notes)

12 Months Ended

Dec. 31, 2023

Share Repurchase Program [Abstract]

Treasury Stock [Text Block]

Share Repurchase Program

On July 28, 2021, the Company announced that its Board of Directors approved a new share repurchase program pursuant to which the Company may purchase up to $100 million of its outstanding common shares (the “2021 Share Repurchase Program”). On February 17, 2022, the Company announced that its Board of Directors approved an increase to its 2021 Share Repurchase Program by an additional $100 million. On November 15, 2023, the Company announced that its Board of Directors approved an increase to its 2021 Share Repurchase Program by an additional $100 million.

Pursuant to the 2021 Share Repurchase Program, the Company may purchase up to $300 million of its outstanding common shares through open market transactions, privately negotiated transactions or otherwise in accordance with all applicable laws. The timing, amount and other terms and conditions of any additional repurchases under the 2021 Share Repurchase Program will be based on a variety of factors, including the market price of the Company’s common shares, business considerations, general market and economic conditions and legal requirements. The 2021 Share Repurchase Program does not have an expiration date and the Board may modify, discontinue or suspend it at any time.

During the year ended December 31, 2023, the Company repurchased 0.7 million outstanding common shares at an aggregate purchase price of $65.3 million under the 2021 Share Repurchase Program. As of December 31, 2023, $127.8 million remained available for repurchases under the 2021 Share Repurchase Program.