Common Stock and Related Matters

12 Months Ended

Dec. 31, 2022

Class of Stock Disclosures [Abstract]

Common Stock and Related Matters

Note 12 — Common Stock and Related Matters

Public Offerings of Common Stock

On May 9, 2017, we entered into an equity distribution agreement under the May 2016 Shelf (the “May 2017 EDA”), pursuant to which we may sell through our sales agents, at our option, up to an aggregated amount of $750.0 million of our common stock (“2017 ATM Program”).

On September 20, 2018, we entered into an equity distribution agreement under the May 2016 Shelf (the “September 2018 EDA”), pursuant to which we may sell through our sales agents, at our option, up to an aggregated amount of $750.0 million of our common stock (“2018 ATM Program”).

In May 2019, we filed (i) the May 2019 Shelf, (ii) a new prospectus supplement to continue the 2017 ATM Program and (iii) a new prospectus supplement to continue the 2018 ATM Program.

In March 2022, we filed with the SEC a universal shelf registration statement on Form S-3 that registers the issuance and sale of certain debt and equity securities from time to time in one or more offerings (the “March 2022 Shelf”). The March 2022 Shelf will expire in March 2025.

During 2020, 2021 and 2022, no shares of common stock were issued under either the May 2017 EDA or the September 2018 EDA. As a result, we have $382.1 million and $750.0 million remaining under the May 2017 EDA and September 2018 EDA, respectively, as of December 31, 2022.

Common Share Repurchase Program

In October 2020, our board of directors approved a share repurchase program (the "Share Repurchase Program") for the repurchase of up to $500.0 million of our outstanding common stock.

For the year ended December 31, 2022, we repurchased 3,412,354 shares of our common stock at a weighted average price of $65.87 for a total net cost of $224.8 million. For the year ended December 31, 2021, we repurchased 756,478 shares of our common stock at a weighted average price of $52.81 for a total net cost of $40.0 million. There was $143.8 million remaining under the Share Repurchase Program as of December 31, 2022.

Common Stock Dividends

In January 2022, we declared an increase to our common dividend to $0.35 per common share or $1.40 per common share annualized effective for the fourth quarter of 2021.

The following table details the dividends declared and/or paid by us to common shareholders for the years ended December 31, 2022, 2021 and 2020:

Three Months Ended	Date Paid or To Be Paid		Total Common Dividends Declared			Amount of Common Dividends Paid or To Be Paid			Accrued Dividends (1)			Dividends Declared per Share of Common Stock
(In millions, except per share amounts)
2022
December 31, 2022	February 15, 2023	$		80.5	$		79.3	$		1.2	$		0.35000
September 30, 2022	November 15, 2022			80.5			79.2			1.3			0.35000
June 30, 2022	August 15, 2022			80.7			79.3			1.4			0.35000
March 31, 2022	May 16, 2022			81.2			79.8			1.4			0.35000
2021
December 31, 2021	February 15, 2022	$		81.4	$		80.1	$		1.3	$		0.35000
September 30, 2021	November 15, 2021			23.3			22.9			0.4			0.10000
June 30, 2021	August 16, 2021			23.3			22.9			0.4			0.10000
March 31, 2021	May 14, 2021			23.3			22.9			0.4			0.10000
2020
December 31, 2020	February 16, 2021	$		23.3	$		22.9	$		0.4	$		0.10000
September 30, 2020	November 16, 2020			23.8			23.3			0.5			0.10000
June 30, 2020	August 17, 2020			23.7			23.3			0.4			0.10000
March 31, 2020	May 15, 2020			23.7			23.3			0.4			0.10000

(1)Represents accrued dividends on restricted stock and restricted stock units that are payable upon vesting.