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SHAREHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2024
Stockholders' Equity Note [Abstract]  
SHAREHOLDERS' EQUITY SHAREHOLDERS' EQUITY
a)    Common Shares
The Company's authorized share capital is 800,000,000 common shares, par value of $0.0125 per share.
The following table presents changes in common shares issued and outstanding:
Year ended December 31,202420232022
Shares issued, balance at beginning of year176,580 176,580 176,580 
Shares issued— — — 
Total shares issued at end of year176,580 176,580 176,580 
Treasury shares, balance at beginning of year(91,294)(91,912)(91,806)
Shares repurchased(3,061)(398)(897)
Shares reissued 759 1,016 791 
Total treasury shares at end of year(93,596)(91,294)(91,912)
Total shares outstanding82,984 85,286 84,668 
Treasury Shares
On December 7, 2023, the Company's Board of Directors renewed its authorization for the repurchase of up to $100 million of the Company's common shares, effective January 1, 2024, through December 31, 2024. At June 30, 2024, authorization under the Company's share repurchase program approved in December 2023 was exhausted.
On May 16, 2024, the Company's Board of Directors approved a new share repurchase program for up to $300 million of the Company's common shares. The new share repurchase program is open-ended, allowing the Company to repurchase its shares from time to time in the open market or privately negotiated transactions, depending on market conditions.
The following table presents common shares repurchased from shares held in Treasury:
Year ended December 31,202420232022
In the open market: (1)
Total shares2,806 — 634 
Total cost$199,943 $— $34,987 
Average price per share(2)
$71.27 $— $55.22 
From employees:(3)
Total shares255 398 263 
Total cost$15,925 $23,596 $13,994 
Average price per share(2)
$62.45 $59.15 $53.13 
Total shares repurchased:
Total shares3,061 398 897 
Total cost$215,868 $23,596 $48,981 
Average price per share(2)
$70.53 $59.15 $54.61 
(1)    Shares were repurchased pursuant to the Company's Board-authorized share repurchase programs.
(2)    Calculated using whole numbers.
(3)    Shares are repurchased from employees to satisfy personal withholding tax liabilities that arise on the vesting of share-settled restricted stock units.

b)    Preferred Shares
Series E Preferred Shares

On November 7, 2016, the Company issued $550 million of 5.50% Series E preferred shares, par value $0.0125 per share, with a liquidation preference of $2,500 per share. The Company could redeem the Series E preferred shares on or after November 7, 2021 at a redemption price of $2,500 per share. Dividends on the Series E preferred shares are non-cumulative. Holders of the Series E preferred shares are entitled to receive, only when, as and if declared by the Board of Directors, non-cumulative cash dividends from the original issue date, quarterly in arrears on the fifteenth day of January, April, July and October of each year, commencing on January 15, 2017. To the extent declared, dividends accumulate, with respect to each dividend period, in an amount per share equal to 5.50% of the liquidation preference per annum.
Dividends
The following table presents dividends declared and paid related to the Company's common and preferred shares:
Per share data
Dividends declared Dividends paid in year of declarationDividends paid in year following declaration
Year ended December 31, 2024
Common shares$1.76 $1.32 $0.44 
Series E preferred shares$137.50 $103.13 $34.38 
Year ended December 31, 2023
Common shares$1.76 $1.32 $0.44 
Series E preferred shares$137.50 $103.13 $34.38 
Year ended December 31, 2022
  Common shares$1.73 $1.29 $0.44 
  Series E preferred shares$137.50 $103.13 $34.38