Equity Transactions

6 Months Ended

Jun. 30, 2019

Equity [Abstract]

Equity Transactions

Equity Transactions

On May 15, 2019, the Company declared a quarterly cash dividend of $0.55 per common share to be paid on August 15, 2019 to shareholders of record at the close of business on July 31, 2019. The Company also declared a quarterly cash dividend of $1.8125 per share on the Company's 7.25% mandatory convertible preferred stock ("MCPS") to be paid on August 1, 2019 to shareholders of record at the close of business on July 15, 2019. Unless converted earlier, each share of MCPS will convert automatically on February 1, 2020 (the "mandatory conversion date") into between 0.7598 and 0.9118 shares of common stock (a conversion price range between $131.62 to $109.68 per share, respectively), subject to customary anti-dilution adjustments.

During the three and six months ended June 30, 2019, the Company repurchased 67,709 and 215,671 common shares, respectively, at weighted average prices of $110.74 and $104.29 per share, respectively, for a total cost, including fees and expenses, of $7.5 million and $22.5 million, respectively, under its share repurchase program. As of June 30, 2019, 409,132 shares remained available for repurchase. Under the terms of the program, the Company may repurchase shares of its common stock from time to time at its discretion through open market repurchases, privately negotiated transactions and/or other mechanisms, depending on price and prevailing market and business conditions. The program, which has no specified term, may be suspended or terminated at any time.