Shareholders' Equity

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

Share Repurchases

On November 12, 2021, the Company announced receipt of a notice of non-objection from the Board of Governors of the Federal Reserve System to its previously announced share repurchase program which was approved by the Company’s Board of Directors on October 1, 2021. The program authorizes the purchase of up to 9,337,900 shares, or 5% of the Company’s then-outstanding shares of common stock over a 12-month period. Repurchases are made at management’s discretion from time to time at prices management considers to be attractive and in the best interests of both the Company and its shareholders, subject to the availability of shares, general market conditions, the trading price of the shares, alternative uses for capital, and the Company’s financial performance. Repurchases may be suspended, terminated or modified by the Company at any time for any reason. The program is limited to $225.0 million through November 30, 2022.

Information regarding the shares repurchased under the plan is presented in the following table:

Period	Total Number of Shares Repurchased	Average Price Paid per Share		Total Number of Shares Repurchased as Part of the Share Repurchase Program at the end of Each Respective Period	Maximum Number of Shares That May Yet Be Purchased Under the Share Repurchase Program at the end of Each Respective Period
January 1, 2022 –  January 31, 2022	987,526	$	21.02	2,123,404	7,214,496
February 1, 2022 –  February 28, 2022	1,109,697	$	21.08	3,233,101	6,104,799
March 1, 2022 –  March 31, 2022	769,398	$	21.31	4,002,499	5,335,401

The Company repurchased no shares of its common stock during the three months ended March 31, 2021.

Dividends

During the three months ended March 31, 2022, the Company declared and paid aggregate dividends of $16.9 million at a dividend per share of $0.10. During the three months ended March 31, 2021, the Company declared and paid aggregate dividends of $10.3 million at a dividend per share of $0.06.