Shareholders' Equity

3 Months Ended

Mar. 31, 2022

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 the first quarter of 2022, we repurchased 8.5 million shares at an average cost of $14.99 per share, which included commissions. In 2021, we repurchased approximately 19.0 million shares of our common stock, at an average cost of $15.30 per share, which included commissions. At March 31, 2022 we had $372 million remaining under a share repurchase program approved by our Board of Directors in 2021. In April 2022, we repurchased an additional 3.0 million shares totaling $39.7 million under the remaining authorization that expires at year end 2023.

Cash dividends

In March 2022, we paid quarterly cash dividends of $0.08 per share to shareholders which totaled $25.8 million. On April 28, 2022, the Board of Directors declared a quarterly cash dividend to holders of the company’s common stock of $0.08 per share payable on May 26, 2022, to shareholders of record at the close of business on May 12, 2022.