Shareholders' Equity

12 Months Ended

Dec. 31, 2016

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

On February 5, 2013, the Company’s Board of Directors authorized the repurchase of up to 25.0 million shares of the Company’s outstanding shares of common stock in the open market or through privately negotiated transactions. This authorization expired on February 6, 2015. On February 5, 2015, the Company's Board of Directors authorized the repurchase of up to 15.0 million shares of common stock in the open market or through privately negotiated transactions. This authorization expired on February 5, 2017. On February 8, 2017, the Company’s Board of Directors authorized the repurchase of up to 15.0 million shares of common stock in the open market or through privately negotiated transactions. This authorization expires on February 8, 2019.

Under these authorizations, the Company has repurchased 2,132,000 shares for a total of $66.1 million, 4,169,000 shares for a total of $123.2 million and 4,243,000 shares for a total of $139.2 million during the years ended December 31, 2016, 2015 and 2014, respectively.

During the year ended December 31, 2016, the Company paid dividends quarterly at the rate of $0.12 per share for a total of $65.9 million. During the year ended December 31, 2015, the Company paid dividends quarterly at the rate of $0.11 per share for a total of $61.4 million. During the year ended December 31, 2014, the Company paid dividends quarterly at the rate of $0.10 per share for a total of $56.5 million.