Shareholders' Equity

12 Months Ended

Dec. 31, 2014

Equity [Abstract]

Shareholders' Equity

Shareholders' Equity

During the fourth quarter of 2014, we repurchased from A. Wilhelmsen AS, our largest shareholder, 3.5 million shares of our common stock directly from them in a private transaction at $67.45 per share, which was equal to the price paid by a third-party financial institution for the simultaneous purchase of an additional 3.5 million shares from A. Wilhelmsen AS. Total consideration paid to repurchase such shares was approximately $236.1 million and was recorded in shareholders' equity as a component of treasury stock.

In December 2014, we declared a cash dividend on our common stock of $0.30 per share which was paid in the first quarter of 2015. We declared a cash dividend on our common stock of $0.30 per share during the third quarter of 2014 which was paid in the fourth quarter of 2014. We declared and paid a cash dividend on our common stock of $0.25 per share during the first and second quarters of 2014.

During the fourth quarter of 2013, we declared a cash dividend on our common stock of $0.25 per share which was paid in the first quarter of 2014. We declared a cash dividend on our common stock of $0.25 per share during the third quarter of 2013 which was paid in the fourth quarter of 2013. We declared and paid a cash dividend on our common stock of $0.12 per share during the first and second quarters of 2013. During the first quarter of 2013, we also paid a cash dividend on our common stock of $0.12 per share which was declared during the fourth quarter of 2012.