Subsequent Events

3 Months Ended

Mar. 31, 2017

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Dividend Declaration. On April 17, 2017, we announced that our Board of Directors declared a cash dividend of $0.50 per common share. As such, we expect to pay approximately $8.7 million (including dividend equivalents) on or about May 15, 2017 to stockholders of record and the holders of certain restricted stock units at the close of business on April 27, 2017.

Authorization for Additional Share Repurchases. On April 17, 2017, we announced that our Board of Directors authorized an additional $100.0 million for share repurchases under our share repurchase program. Repurchase transactions will occur at such times and prices as management deems appropriate and will be funded with our excess liquidity after giving consideration to internal and external growth opportunities and future cash flows. Repurchases may be in open-market transactions or in privately negotiated transactions, and the program may be modified or terminated by our Board of Directors at any time. As of April 17, 2017, $148.8 million remained available for repurchases of our common shares pursuant to the stock repurchase program.