Shareholders' Equity

9 Months Ended

Sep. 30, 2016

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

In September 2016, we declared a cash dividend on our common stock of $0.48 per share which was paid in October of 2016. During the first and second quarters of 2016, we declared and paid a cash dividend on our common stock of $0.375 per share. During the first quarter of 2016, we also paid a cash dividend on our common stock of $0.375 per share which was declared during the fourth quarter of 2015.

During the third quarter of 2015, we declared a cash dividend on our common stock of $0.375 per share which was paid in October 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.

In October 2015, our board of directors authorized a common stock repurchase program for up to $500 million that was completed in August 2016. During the first, second and third quarters of 2016, we purchased 2.8 million, 0.6 million and 0.7 million shares, respectively, for a total of $200.0 million, $50.0 million and $50.0 million, respectively, in open market transactions. These transactions were recorded within Treasury stock in our consolidated balance sheet. Our repurchases under this program, including the $200.0 million of stock repurchased during the fourth quarter of 2015, totaled $500.0 million.