Shareholders' Equity

9 Months Ended

Sep. 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

Repurchases of our common stock may be made from time to time on the open market (including through 10b5-1 plans) or through privately negotiated transactions. In 2020, we repurchased approximately 9.6 million shares of our common stock, at an average cost of $12.47 per share, which included commissions. After suspending stock repurchases due to the uncertainty caused by the COVID-19 pandemic, in the third quarter of 2021, we repurchased approximately 10.0 million shares at an average cost of $15.01 per share, which included commissions. At September 30, 2021 we had $141 million remaining under a share repurchase program approved by our Board of Directors in 2020. In October 2021, we received authorization to repurchase an additional $500 million of our common stock through the end of 2023. In October 2021, we repurchased an additional 3.8 million shares totaling $60 million under the remaining authorization that expires at year end 2021.

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. In August 2021, we paid a quarterly cash dividend of $0.08 per share which totaled $27.3 million. On October 28, 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 November 23, 2021, to shareholders of record at the close of business on November 11, 2021.