Shareholders' Equity

3 Months Ended

Mar. 31, 2015

Equity [Abstract]

Shareholders' Equity

7. Shareholders’ Equity

On May 5, 2015, our Board of Directors declared a quarterly cash dividend in the amount of $0.20 on each share of common stock outstanding. The dividend will be paid on June 15, 2015 to shareholders of record at the close of business on June 1, 2015.

On February 17, 2015, our Board of Directors declared a 10% stock dividend, payable on March 16, 2015, to shareholders of record at the close of business on March 2, 2015. As a result of the stock dividend, 2,554,506 additional shares were issued. Cash was paid in lieu of fractional shares of our common shares. All references to share and per share amounts in this document and related disclosures have been adjusted to reflect the stock dividend for all periods presented.

In addition, on February 17, 2015, our Board of Directors declared a quarterly cash dividend in the amount of $0.20 on each share of common stock outstanding, on a post-stock dividend basis. On March 19, 2015, we paid $5.7 million to our shareholders of record on March 2, 2015.

On February 18, 2014, our Board of Directors declared a quarterly cash dividend in the amount of $0.15 on each share of common stock outstanding or $0.14 on each share outstanding adjusted for the 10% stock dividend. On March 17, 2014, we paid $4.0 million to our shareholders of record on March 3, 2014.

On November 5, 2013, our Board of Directors authorized the repurchase of up to $150.0 million of our common shares (“2013 Repurchase Authorization”). The 2013 Repurchase Authorization supersedes all the previous Repurchase Authorizations. As of March 31, 2015, availability under the 2013 Repurchase Authorization for future repurchases of our common shares was $74.7 million.

For the three months ended March 31, 2015, we repurchased a total of 353,054 common shares for $18.1 million. A summary of activity for shares repurchased on the open market and under Security Exchange Act of 1934 Rule 10b5-1 from January 1, 2015 through March 31, 2015 is described below.

For the three months ended March 31, 2015, we purchased 196,864 common shares on the open market for $9.9 million. In 2015, we repurchased shares under Securities Exchange Act of 1934 Rule 10b5-1 trading plans as follows:

Date Trading Plan Initiated	2015 Purchase Period	Number of Shares Repurchased		Average Price of Shares Repurchased		Total Cost (in millions)		Repurchase Authorization Year
12/15/2014	01/05/2015-02/12/2015		117,482	$	53.50	$	6.3	2013
03/16/2015	03/18/2015-03/31/2015		38,708	$	49.65	$	1.9	2013