Shareholders’ Equity

On February 20, 2018, the Board of Directors declared a 15% stock dividend, payable March 21, 2018 to all shareholders of record at the close of business on March 7, 2018. As a result of the stock dividend, 4,397,520 additional shares were issued. Cash was paid in lieu of fractional shares of our common shares. Excluding repurchased shares, all references to common shares and related per share amounts in this document and related disclosures have been adjusted to reflect the stock dividend for all periods presented.

On May 8, 2018, our Board of Directors declared a quarterly cash dividend in the amount of $0.27 on each share of common stock outstanding. On June 15, 2018, we paid $9.4 million to our shareholders of record on June 1, 2018.

On June 1, 2017, our Board of Directors declared a quarterly cash dividend in the amount of $0.23 on each share of common stock outstanding, on a post-stock dividend basis. On June 26, 2017, we paid $8.3 million to our shareholders of record on June 12, 2017.

On May 3, 2016, our Board of Directors authorized the repurchase of up to $150.0 million of our common shares (“2016 Repurchase Authorization”). The 2016 Repurchase Authorization supersedes all previous Repurchase Authorizations. As of June 30, 2018, availability under the 2016 Repurchase Authorization for future repurchases of our common shares was $64.6 million.

For the six months ended June 30, 2018, we repurchased a total of 344,533 common shares for $20.4 million. A summary of activity from January 1, 2018 through June 30, 2018 follows.

A summary of common shares repurchased for the six months ended June 30, 2018 is shown below:



Repurchase Type	Date Trading Plan Initiated	2018 Purchase Period	Number of Shares Repurchased	Average Price of Shares Repurchased		Total Cost (in millions)		Repurchase Authorization Year
10b5-1 Trading Plan	12/15/2017	01/02/2018-02/16/2018	225,281	$	59.31	$	13.3	2016
10b5-1 Trading Plan	6/15/2018	06/22/2018-06/29/2018	29,947	$	58.86	1.8		2016
Open Market	N/A	02/20/2018-03/02/2018	89,305	$	59.03	5.3		2016
Total			344,533	$	59.20	$	20.4