Equity and Dividends

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Equity and Dividends

Equity and Dividends

Share Repurchase Plan

On April 15, 2022, the Company’s Board of Directors approved a stock repurchase plan (the “2022 Repurchase Plan”) for up to $240.0 million of the Company’s common stock. The plan is effective for a period of one year. Shares may be repurchased from time-to-time in open market transactions at prevailing market prices, in privately negotiated transactions or by other means in accordance with the terms of Rule 10b-18 of the Securities Exchange Act of 1934 as amended and shall be made in accordance with all applicable laws and regulations in effect. The timing and number of shares repurchased will depend on a variety of factors, including price, general market and economic conditions, alternative investment opportunities and other corporate considerations.

During the three and nine months ended September 30, 2022, we repurchased through open market transactions 1,272,179 and 2,468,354 shares of our common stock, respectively, for an average price of $64.44 and $61.56 per share, respectively, excluding commissions. All shares received were constructively retired upon receipt, and the excess of the purchase price over the par value per share was recorded to “Cumulative dividends in excess of net income” in the Condensed Consolidated Balance Sheet.

As of September 30, 2022, we had approximately $88.4 million remaining under the 2022 Repurchase Plan.

Dividends

The following table summarizes dividends declared by the Board of Directors or paid during the nine months ended September 30, 2022 and 2021:

Nine Months Ended September 30, 2022
Date of Declaration	Date of Record	Date Paid/Payable	Quarterly Dividend
November 5, 2021	December 31, 2021	January 31, 2022	$0.90
February 16, 2022	March 31, 2022	May 6, 2022	$0.90
May 6, 2022	June 30, 2022	August 5, 2022	$0.90
August 5, 2022	September 30, 2022	November 4, 2022	$0.90

Nine Months Ended September 30, 2021
Date of Declaration	Date of Record	Date Paid/Payable	Quarterly Dividend
December 15, 2020	December 31, 2020	January 29, 2021	$1.1025
March 12, 2021	March 31, 2021	May 7, 2021	$1.1025
June 3, 2021	June 30, 2021	August 6, 2021	$0.90
August 3, 2021	September 30, 2021	November 5, 2021	$0.90

On November 6, 2022, the Board of Directors declared a $0.90 per share dividend to common stockholders of record on December 30, 2022, payable on January 27, 2023.