SHAREHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2019

The following table presents changes in common shares issued and outstanding:



	Three months ended September 30,				Nine months ended September 30,
	2019		2018		2019		2018

Shares issued, balance at beginning of period	176,580		176,580		176,580		176,580
Shares issued	—		—		—		—
Total shares issued at end of period	176,580		176,580		176,580		176,580

Treasury shares, balance at beginning of period	(92,633	)	(93,024	)	(92,994	)	(93,419	)
Shares repurchased	(1	)	—		(165	)	(175	)
Shares reissued	1		1		526		571
Total treasury shares at end of period	(92,633	)	(93,023	)	(92,633	)	(93,023	)

Total shares outstanding	83,947		83,557		83,947		83,557

Dividends

In the three months ended September 30, 2019, the total dividends declared per common share were $0.40, paid in October 2019 (2018: $0.39, paid in October 2018). In the nine months ended September 30, 2019, the total cash dividends declared per common share were $1.20 per share, paid in April 2019, July 2019 and October 2019 (2018: $1.17 paid in April 2018, July 2018 and October 2018).

In the three months ended September 30, 2019, the total dividends declared on Series D preferred shares were $0.34375 per share, payable in December 2019 (2018: $0.34375, paid in December 2018). In the nine months ended September 30, 2019, the total dividends declared on Series D preferred shares were $1.03125 per share, paid in June 2019, September 2019 and payable in December 2019 (2018: $1.03125, paid in June 2018, September 2018 and December 2018).

In the three months ended September 30, 2019, the total dividends declared on Series E preferred shares were $34.375 per share, paid in October 2019 (2018: $34.375, paid in October 2018). In the nine months ended September 30, 2019, the total dividends declared on Series E preferred shares were $103.125 per share, paid in April 2019, July 2019 and October 2019 (2018: $103.125, paid in April 2018, July 2018 and October 2018).

Treasury Shares

The following table presents common share repurchased from shares held in Treasury:



	Three months ended September 30,				Nine months ended September 30,
	2019		2018		2019		2018

In the open market:
Total shares	—		—		—		—
Total cost	$	—	$	—	$	—	$	—
Average price per share⁽¹⁾	$	—	$	—	$	—	$	—

From employees:⁽²⁾
Total shares	1		—		165		175
Total cost	$	31	$	—	$	9,445	$	8,699
Average price per share⁽¹⁾	$	61.23	$	—	$	57.23	$	49.57

Total shares repurchased:
Total shares	1		—		165		175
Total cost	$	31	$	—	$	9,445	$	8,699
Average price per share⁽¹⁾	$	61.23	$	—	$	57.23	$	49.57

(1) Calculated using whole numbers.

(2)

Shares are repurchased from employees to satisfy withholding tax liabilities related to the vesting of share-settled restricted stock units.