Shareholders' Equity

3 Months Ended

Mar. 31, 2018

Equity [Abstract]

Shareholders' Equity

Note 18 – Shareholders’ Equity

Dividends

On March 6, 2018, the Company declared a quarterly cash dividend of $0.15 per share of the Company’s common stock to shareholders of record as of March 29, 2018. The dividend of $7.5 million was paid on April 11, 2018.

Share Repurchase Authorization

On December 7, 2015 and on March 6, 2018, the Board of Directors approved the repurchase of up to $100.0 million and $250.0 million, respectively, of the Company’s common shares. As of March 31, 2018, the Company had $245.0 million remaining under the share repurchase authorization.

During the first quarter of 2018, the Company entered into an accelerated stock repurchase agreement (ASR) with a third party to purchase shares of its common stock for a payment of $50.0 million and received an initial delivery of 1.3 million shares of common stock, representing 80% of the expected shares. The remaining shares will be settled at the end of the contract period.