Shareholders' Equity

6 Months Ended

Jun. 30, 2023

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 authorized 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. The program was limited to $225.0 million through November 30, 2022. The Company completed the repurchase of the total number of shares authorized through this program during the third quarter of 2022.

On September 7, 2022, the Company announced receipt of a notice of non-objection from the Board of Governors of the Federal Reserve System for a new share repurchase program. The program, which authorizes the purchase of up to 8,900,000 shares, or 5% of the Company’s then-outstanding shares of common stock over a 12-month period, is limited to $200.0 million through August 31, 2023.

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. During the six months ended June 30, 2023, there were no share repurchases. During the three months ended June 30, 2022, the Company repurchased 4,216,469 shares at a weighted average price per share of $19.25. During the six months ended June 30, 2022, the Company repurchased 7,083,090 shares at a weighted average price per share of $20.01. As of June 30, 2023, the Company had purchased a total of 1,910,250 shares under the September 7, 2022 program. There were 6,989,750 shares that may yet to be repurchased under such plan as of June 30, 2023.

Dividends

Information regarding dividends declared and paid is presented in the following table for the periods indicated:

	Dividends Declared per Share		Dividends Declared		Dividends Paid
	(In millions, except per share data)
Three Months Ended March 31, 2023	$	0.10	$	16.3	$	16.2
Three Months Ended June 30, 2023	0.10		16.4		16.3
Three Months Ended March 31, 2022	$	0.10	$	17.1	$	16.9
Three Months Ended June 30, 2022	0.10		16.7		16.5