Dividends

6 Months Ended

Jun. 30, 2019

Dividends [Abstract]

Dividends

Dividends

Common Share Dividends

The Board of Directors expects to declare regular, quarterly common share dividends and, on at least an annual basis, to consider declaring an additional common share dividend. Prior to 2019, we had a policy of paying an annual variable dividend (see Note 14 – Dividends in our 2018 Annual Report to Shareholders). Following is a summary of our common share dividends

that were declared or paid during the six months ended June 30, 2019 and 2018:

(millions, except per share amounts)			Amount of Common Share Dividends
Dividend Type	Declared	Paid	Per Share		Accrued1		Paid1
Quarterly	May 2019	NA	$	0.10	$	58.4	$ NA
Quarterly	February 2019	April 2019	0.10		58.4		58.4
Annual – Variable	December 2018	February 2019	2.5140		1,467.9		1,467.9
Annual – Variable	December 2017	February 2018	1.1247		655.1		654.9

NA - Dividend not paid as of June 30, 2019.

¹ Variance between accrued and paid, if any, reflects the difference between the number of estimated and actual shares outstanding as of the record date.

Preferred Share Dividends

During the first quarter of 2019, the Board declared, and we paid, a $26.875 per share, or $13.4 million, dividend on our Series B Fixed-to-Floating Rate Cumulative Perpetual Serial Preferred Shares, without par value (the “Series B Preferred Shares”). There are 500,000 Series B Preferred Shares outstanding, which are cumulative and have a liquidation preference of $1,000 per share (the “stated amount”). Holders of the Series B Preferred Shares will be entitled to receive cumulative cash dividends semi-annually in March and September, if and when declared by the Board of Directors. Until March 15, 2023 (the “fixed-rate period”), the annual dividend rate is fixed at 5.375% of the stated amount per share. Beginning March 15, 2023, the annual dividend rate switches to a floating rate equal to the three-month LIBOR rate (or, if LIBOR is not available, a substitute rate determined in accordance with the terms of the Series B Preferred Shares) plus a spread of 2.539% applied to the stated amount per share. After the fixed-rate period and up until redemption of the Series B Preferred Shares, the dividends would be payable quarterly, if and when declared by the Board of Directors. The Series B Preferred Shares are perpetual and have no stated maturity date. After the fixed-rate period, we may redeem the Series B Preferred Shares at the stated amount plus all accrued and unpaid dividends.