Shareholders' Equity

6 Months Ended

Jun. 30, 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% Debentures 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 six months of 2022, we repurchased 15.7 million shares at an average cost of $14.17 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 June 30, 2022 we had $278 million remaining under a share repurchase program approved by our Board of Directors in 2021 that expires at year end 2023. In July 2022, we repurchased an additional 2.1 million shares totaling $27.9 million under the remaining authorization.

Cash dividends

In March and May 2022, we paid quarterly cash dividends of $0.08 per share to shareholders which totaled $51 million. On July 28, 2022, the Board of Directors declared a quarterly cash dividend to holders of the company’s common stock of $0.10 per share payable on August 25, 2022, to shareholders of record at the close of business on August 11, 2022.