Common Stock and Related Matters

3 Months Ended

Mar. 31, 2023

Class Of Stock Disclosures [Abstract]

Common Stock and Related Matters

Note 8 — Common Stock and Related Matters

Common Share Repurchase Program

In October 2020, our board of directors approved a share repurchase program (the “2020 Share Repurchase Program”) for the repurchase of up to $500.0 million of our outstanding common stock. In May 2023, our board of directors approved a new share repurchase program (the “2023 Share Repurchase Program” and, together with the 2020 Share Repurchase Program, the “Share Repurchase Programs”) for the repurchase of up to $1.0 billion of our outstanding common stock. We may discontinue either Share Repurchase Program at any time and are not obligated to repurchase any specific dollar amount or number of shares thereunder.

For the three months ended March 31, 2023, we repurchased 724,140 shares of our common stock at a weighted average per share price of $71.82 for a total net cost of $52.0 million. For the three months ended March 31, 2022, we repurchased 737,799 shares of our common stock at a weighted average per share price of $67.37 for a total net cost of $49.7 million. As of March 31, 2023, there was $91.8 million remaining under the 2020 Share Repurchase Program.

Common Stock Dividends

In April 2023, we declared an increase to our common dividend to $0.50 per common share or $2.00 per common share annualized effective for the first quarter of 2023.

The following table details the dividends declared and/or paid by us to common shareholders for the three months ended March 31, 2023:

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)
March 31, 2023	May 15, 2023	$		114.7	$		113.0	$		1.7	$		0.50000
December 31, 2022	February 15, 2023			80.5			79.3			1.2			0.35000

f

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