SHAREHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY

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

	Three months ended March 31,
	2025	2024
Shares issued, balance at beginning of period	176,580	176,580
Shares issued	—	—
Total shares issued at end of period	176,580	176,580
Treasury shares, balance at beginning of period	(93,596)	(91,294)
Shares repurchased	(5,047)	(1,281)
Shares reissued	714	682
Total treasury shares at end of period	(97,929)	(91,893)
Total shares outstanding	78,651	84,687

Treasury Shares

On February 6, 2025, authorization under the Company's Board-authorized share repurchase program for common share repurchases approved in May 2024 was exhausted.

On February 19, 2025, the Company's Board of Directors approved a new share repurchase program for up to $400 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:

	Three months ended March 31,
	2025		2024
In the open market:(1)
Total shares	4,793		1,048
Total cost	$	439,992	$	61,607
Average price per share(2)	$	91.79	$	58.79
From employees:(3)
Total shares	254		233
Total cost	$	24,514	$	14,121
Average price per share(2)	$	96.58	$	60.70
Total shares repurchased:
Total shares	5,047		1,281
Total cost	$	464,506	$	75,728
Average price per share(2)	$	92.03	$	59.13

(1) Shares are 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.

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 period of declaration		Dividends paid in period following declaration
Three months ended March 31, 2025
Common shares	$	0.44	$	—	$	0.44
Series E preferred shares	$	34.38	$	—	$	34.38
Three months ended March 31, 2024
Common shares	$	0.44	$	—	$	0.44
Series E preferred shares	$	34.38	$	—	$	34.38