Equity Transactions

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Equity Transactions

Equity Transactions

Dividends

During the first and second quarters of the year ended December 31, 2022, the Board of Directors declared quarterly cash dividends on the Company's common stock of $1.50 each. During the third and fourth quarters of the year ended December 31, 2022, the Board of Directors declared quarterly cash dividends on the Company's common stock of $1.65 each. Total dividends declared on the Company's common stock were $48.2 million for the year ended December 31, 2022.

At December 31, 2022, $15.8 million was included as dividends payable in liabilities on the Consolidated Balance Sheet representing the fourth quarter dividends to be paid on February 15, 2023 for common stock shareholders of record as of January 31, 2023.

Common Stock Repurchases

During the year ended December 31, 2022, the Company repurchased 451,097 common shares at a weighted average price of $199.48 per share, for a total cost, including fees and expenses, of $90.0 million under its share repurchase program. In May 2022, the Company's Board of Directors authorized an additional 750,000 shares under the share repurchase program. As of December 31, 2022, 828,352 shares remain 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.