Shareholders' Equity

9 Months Ended

Sep. 30, 2014

Stockholders' Equity Note [Abstract]

Shareholders' Equity

SHAREHOLDERS’ EQUITY

a) Authorized shares

The issued share capital consists of the following:

	September 30, 2014		December 31, 2013
Common shares issued and fully paid, 2014: CHF 4.10 per share; 2013: CHF 4.10 per share	100,775,256		103,477,452
Share capital at end of period	$	407,990	$	418,988

	Nine Months Ended September 30, 2014
Shares issued at beginning of period	103,477,452
Shares cancelled	(2,702,196	)
Total shares issued at end of period	100,775,256
Treasury shares issued at beginning of period	3,223,806
Shares repurchased	4,616,543
Shares issued out of treasury	(745,135	)
Shares cancelled	(2,702,196	)
Total treasury shares at end of period	4,393,018
Total shares outstanding at end of period	96,382,238

During the nine months ended September 30, 2014, 2,702,196 shares repurchased and designated for cancellation were constructively retired and cancelled.

b) Dividends

The Company paid the following dividends during the nine months ended September 30, 2014:

Dividend Paid	Dividend Per Share		Total Amount Paid
January 2, 2014	$	0.167	$	16,732
April 3, 2014	$	0.167	$	16,495
July 2, 2014	$	0.225	$	21,870

On May 2, 2013, the shareholders approved the Company’s proposal to pay cash dividends in the form of a distribution out of general legal reserve from capital contributions. The distribution amounts were paid to shareholders in quarterly dividends of $0.167 per share in July 2013, October 2013, January 2014 and April 2014.

On May 1, 2014, the shareholders approved the Company’s proposal to pay cash dividends in the form of a distribution out of general legal reserve from capital contributions. The distribution amount will be paid to shareholders in quarterly dividends of $0.225 per share. The first dividend was on July 2, 2014 and the second dividend was on October 2, 2014. The Company expects to distribute the remaining dividends in January 2015 and April 2015.

c) Share Repurchases

On May 1, 2014, the shareholders approved a new share repurchase program in order for the Company to repurchase up to $500,000 of its common shares. This new share repurchase program supersedes the 2012 share repurchase program and no further repurchases will be made under the 2012 share repurchase program. Repurchases may be effected from time to time through open market purchases, privately negotiated transactions, tender offers or otherwise. The timing, form and amount of the share repurchases under the program will depend on a variety of factors, including market conditions, the Company’s capital position, legal requirements and other factors. Under the terms of this share repurchase program, the first three million of common shares repurchased will remain in treasury and will be used by the Company to satisfy share delivery obligations under its equity-based compensation plans. Any additional common shares repurchased will be designated for cancellation at acquisition and will be canceled upon shareholder approval. Shares repurchased and designated for cancellation are constructively retired and recorded as a share cancellation.

The Company’s share repurchases were as follows:

	Three Months Ended   September 30,				Nine Months Ended   September 30,
	2014		2013		2014		2013
Common shares repurchased	654,851		1,282,164		4,616,543		4,103,499
Total cost of shares repurchased	$	24,996	$	40,574	$	164,528	$	123,145
Average price per share	$	38.17	$	31.64	$	35.64	$	30.01