Shareholders' Equity

3 Months Ended

Mar. 31, 2023

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders’ Equity

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 three months of 2023, we repurchased 5.8 million shares at an average cost of $13.43 per share, which included commissions. In 2022, we repurchased approximately 27.8 million shares of our common stock, at an average cost of $13.89 per share, which included commissions. At March 31, 2023, we had $36 million remaining under a share repurchase program approved by our Board of Directors in 2021 that expires at year end 2023. In April 2023, we repurchased an additional 1.7 million shares totaling $24.4 million under the remaining authorization. Also in April 2023, our board of directors approved a share repurchase program, authorizing us to repurchase an additional $500 million of common stock at any time prior to July 1, 2025.

Cash dividends

In the first quarter of 2023, we paid quarterly cash dividends of $0.10 per share which totaled $29.6 million. On April 27, 2023, the Board of Directors declared a quarterly cash dividend to holders of the company’s common stock of $0.10 per share to shareholders of record on May 11, 2023, payable on May 25, 2023.