Shareholders' Equity

6 Months Ended

Jun. 30, 2021

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders’ Equity

Change in Accounting Policy

As of January 1, 2021, we adopted the updated guidance for "Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity”. The application of this guidance resulted in a $68.3 million cumulative effect adjustment to our 2021 beginning retained earnings and paid in capital to reflect the 9% Debenture as if we had always accounted for the debt as a liability in its entirety

Share repurchase programs

We did not repurchase any shares during the first half of 2021, compared to the repurchase of 9.6 million shares of common stock, at an average cost of $12.47 per share, in the first half of 2020. We may repurchase up to an additional $291 million of our common stock through the end of 2021 under a share repurchase program approved by our Board of Directors in 2020. 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. Due to the uncertainty caused by the COVID-19 pandemic, we had temporarily suspended stock repurchases but intend to resume them in the third quarter.

Cash dividends

In March and May of 2021, we paid quarterly cash dividends of $0.06 per share to shareholders which totaled $41.1 million. On July 29, 2021, the Board of Directors declared a quarterly cash dividend to holders of the company’s common stock of $0.08 per share payable on August 26, 2021, to shareholders of record at the close of business on August 12, 2021.