Shareholders' Equity

9 Months Ended

Sep. 30, 2015

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

In September 2015, we declared a cash dividend on our common stock of $0.375 per share which was paid in the fourth quarter of 2015. During the first and second quarters of 2015, we declared and paid a cash dividend on our common stock of $0.30 per share. During the first quarter of 2015, we also paid a cash dividend on our common stock of $0.30 per share which was declared during the fourth quarter of 2014.

During the third quarter of 2014, we declared a cash dividend on our common stock of $0.30 per share which was paid in the fourth quarter of 2014. During the first and second quarters of 2014, we declared and paid a cash dividend on our common stock of $0.25 per share. During the first quarter of 2014, we also paid a cash dividend on our common stock of $0.25 per share which was declared during the fourth quarter of 2013.

In October 2015, our board of directors authorized a common stock repurchase program for up to $500 million. The timing and number of shares purchased will depend on a variety of factors including price and market conditions.  Repurchases under the program are expected to be funded from available cash or borrowings under our revolving credit facilities. On October 23, 2015, we executed an agreement with an investment bank to purchase a total of $200 million, of the $500 million authorized amount, of our common stock under an accelerated stock repurchase (ASR) transaction. Under the terms of the ASR agreement, we will receive upfront the majority of the shares of our common stock to be repurchased based on current market prices in exchange for a prepayment of $200 million. The final number of shares to be repurchased will be determined upon settlement based on the average of the daily volume-weighted average prices of our common stock during the term of the transaction, less a discount (the "Final Repurchase Price"). Upon final settlement, which is expected no later than the end of January 2016, and depending on the Final Repurchase Price, the investment bank may be required to deliver additional shares of common stock to us or we may be required to deliver shares of common stock or to make a cash payment, at our election, to the investment bank. The initial shares received upon prepayment and incremental shares received at maturity, if any, will be recorded in Shareholders’ equity upon delivery, based on the current market price of our common stock. Future stock repurchase transactions could include open market purchases or additional accelerated share repurchases. We expect to complete the program by the end of 2016.