Shareholders' Equity

9 Months Ended

Sep. 30, 2019

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders’ Equity

Share repurchase programs

During the nine months ending September 30, 2019 we repurchased approximately 7.3 million shares of our common stock at a weighted average cost per share of $12.92, which included commissions. We may repurchase up to an additional $131 million of our common stock through the end of 2020 under a share repurchase program approved by our Board of Directors in the first quarter of 2019. Repurchases may be made from time to time on the open market or through privately negotiated transactions. The repurchase program may be suspended for periods or discontinued at any time.

Cash dividends

In September 2019, we paid a quarterly cash dividend of $0.06 per share to shareholders which totaled $21 million. On October 24, 2019, the Board of Directors declared a quarterly cash dividend to holders of the company’s common stock of $0.06 per share payable on November 25, 2019, to shareholders of record at the close of business on November 11, 2019.