Shareholders' Equity

6 Months Ended

Jun. 30, 2016

Stockholders' Equity Note [Abstract]

Shareholders' Equity

SHAREHOLDERS’ EQUITY

a) Authorized shares

The issued share capital consists of the following:

	June 30, 2016		December 31, 2015
Common shares issued and fully paid, 2016 and 2015: CHF 4.10 per share	93,586,418		95,523,230
Share capital at end of period	$	366.7	$	386.7

	Six Months Ended June 30, 2016
Shares issued at beginning of period	95,523,230
Shares canceled	(1,936,812	)
Total shares issued at end of period	93,586,418
Treasury shares issued at beginning of period	4,563,595
Shares repurchased	3,952,243
Shares issued out of treasury	(456,558	)
Shares canceled	(1,936,812	)
Total treasury shares at end of period	6,122,468
Total shares outstanding at end of period	87,463,950

During the six months ended June 30, 2016, 1,936,812 shares repurchased and designated for cancellation were constructively retired and canceled.

b) Dividends

The Company paid the following dividends during the six months ended June 30, 2016:

Dividend Paid	Dividend Per Share		Total Amount Paid
June 30, 2016	$	0.260	$	22.8
March 31, 2016	$	0.260	$	23.4

On April 19, 2016, 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 installments of $0.26 per share. The first installment was distributed on June 30, 2016. The Company expects to distribute the remaining installments of the dividend in September 2016, December 2016 and March 2017.

c) Share Repurchases

On April 19, 2016, the shareholders approved a share repurchase program (the “2016 share repurchase program”) in order for the Company to repurchase up to $500 million of its common shares. The 2016 share repurchase program supersedes the 2014 share repurchase program and no further repurchases will be made under the 2014 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 2016 share repurchase 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 the 2016 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   June 30,				Six Months Ended   June 30,
	2016		2015		2016		2015
Common shares repurchased	2,491,355		4,776,224		3,952,243		6,047,437
Total cost of shares repurchased	$	90.0	$	194.4	$	140.0	$	245.3
Average price per share	$	36.12	$	40.69	$	35.42	$	40.56

On May 6, 2015, the Company repurchased 4,053,537 shares from Exor S.A. at a repurchase price of $40.546 per share, for an aggregate purchase price of $164.4 million. The repurchase was executed under the 2014 share repurchase program.