Equity

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Equity

12. Equity

Stock Repurchase Program

In December 2018, the Board of Directors of the Company authorized the repurchase of up to $200.0 million of common units and/or Carlyle Holdings units, which was re-authorized in January 2020 by the Board of Directors with regard to our common stock in connection with the Conversion. In February 2021, the Board of Directors replenished the repurchase program to its limit of $200 million of common stock from its maximum remaining repurchase amount of $139.1 million. Under this repurchase program, shares of common stock may be repurchased from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and actual number of shares of common stock repurchased will depend on a variety of factors, including legal requirements, price, and economic and market conditions. This repurchase program may be suspended or discontinued at any time and does not have a specified expiration date. During the three and nine months ended September 30, 2021, the Company paid an aggregate of $59.5 million and $84.5 million, respectively, to repurchase and retire approximately 1.2 million and 1.9 million shares, respectively, with all of the repurchases done via open market and brokered transactions. As of September 30, 2021, $115.5 million of repurchase capacity remains under the program. In October 2021, the Board of Directors of the Company authorized the repurchase of up to $400.0 million of common stock, which will replace the authorization provided in February 2021 effective January 1, 2022.

Dividends

The table below presents information regarding the quarterly dividends on the common shares, which were made at the sole discretion of the Board of Directors of the Company.

Dividend Record Date	Dividend Payment Date	Dividend per Common Share		Dividend to Common Stockholders
		(Dollars in millions, except per share data)
May 12, 2020	May 19, 2020	$	0.25	$	87.2
August 11, 2020	August 18, 2020	0.25		88.3
November 10, 2020	November 17, 2020	0.25		88.4
February 16, 2021	February 23, 2021	0.25		88.7
Total 2020 Dividend Year		$	1.00	$	352.6
May 11, 2021	May 19, 2021	$	0.25	$	88.7
August 10, 2021	August 17, 2021	0.25		89.3
November 9, 2021	November 17, 2021	0.25		89.2
Total 2021 Dividend Year (through Q3 2021)		$	0.75	$	267.2

The Board of Directors will take into account general economic and business conditions, as well as the Company’s strategic plans and prospects, business and investment opportunities, financial condition and obligations, legal, tax and regulatory restrictions, other constraints on the payment of dividends by the Company to its common stockholders or by subsidiaries to the Company, and other such factors as the Board of Directors may deem relevant. In addition, the terms of the Company’s credit facility provide certain limits on the Company’s ability to pay dividends.