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SHARE REPURCHASE PROGRAMS AND DIVIDENDS
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
SHARE REPURCHASE PROGRAMS AND DIVIDENDS SHARE REPURCHASE PROGRAMS AND DIVIDENDS
Share Repurchase Programs

In 2024 and 2023, our Board authorized the repurchase of up to 5.0% of our total common shares which were issued and outstanding, or approximately 0.7 million and 0.7 million common shares, respectively, over a twelve-month period. In March 2025, our Board authorized an increase to the Share Repurchase Program to repurchase up to 10.0% of our total common shares which are issued and outstanding at that date, or approximately 1.4 million common shares, and in April 2025, our Board authorized a further increase to repurchase up to 20.0% of our total common shares which are issued and outstanding at that date, or approximately 2.7 million common shares.

The repurchase authorization allows repurchases from time to time through a variety of methods, including but not limited to open market repurchases, pursuant to a Rule 10b5-1 compliant plan, or privately negotiated transactions. We have funded, and intend to continue to fund, repurchases through cash on hand, cash from debt incurrences and cash generated from operations. Any common shares repurchased are cancelled in the periods they are acquired and the payment is accounted for as an increase to accumulated deficit in our Consolidated Statements of Changes in Shareholders’ Equity in the period the payment is made.

The following summarizes our common share repurchases pursuant to our share repurchase programs (in thousands, except per share data):

202520242023
Shares repurchased2,3101,130564
Average price paid per share$23.19 $26.19 $20.60 
Dollar-value of shares repurchased$53,612 $29,616 $11,634 
Dividends

Our Board declared the following quarterly dividends in 2025, 2024 and 2023. The dividends are eligible dividends pursuant to the Income Tax Act (Canada). In April 2025, our Board suspended quarterly dividends on our common shares to prioritize returning capital to our shareholders through ongoing share repurchases.

Date DeclaredRecord DatePayment DatePer Share Amount
January 31, 2025February 24, 2025March 17, 2025$0.25 
October 30, 2024November 25, 2024December 16, 2024$0.25 
July 30, 2024August 26, 2024September 16, 2024$0.25 
April 26, 2024May 27, 2024June 17, 2024$0.25 
February 2, 2024February 26, 2024March 18, 2024$0.25 
October 27, 2023November 27, 2023December 18, 2023$0.25 
September 5, 2023September 15, 2023September 29, 2023$0.25