Shareholders' Equity

9 Months Ended

Sep. 30, 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 nine months ended September 30, 2023, we repurchased 14.7 million shares at an average cost of $14.83 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 September 30, 2023, we had $396 million remaining under a $500 million share repurchase program approved by our Board of Directors in 2023 that expires on July 1, 2025. Through October 27, 2023, we repurchased an additional 2.2 million shares totaling $36.5 million under the remaining authorization.

Cash dividends

In the first and second quarters of 2023, we paid quarterly cash dividends of $0.10 per share which totaled $58.8 million. In August 2023, we paid quarterly cash dividends of $0.115 per share to shareholders which totaled $32.9 million. On October 26, 2023, the Board of Directors declared a quarterly cash dividend of to the holders of the company’s common stock of $0.115 per share to shareholders of record on November 9, 2023.

9% Debenture Conversion

In the third quarter of 2023, we exercised our option to redeem the outstanding principal of $21.1 million on our 9% Debentures. Prior to the redemption date, substantially all holders elected to convert into shares of our common stock. We elected to pay cash in lieu of issuing shares. The conversion of our 9% Debentures resulted in a reduction in our shareholders’ equity of $5.3 million, net of tax. See Note 3 – “Debt.”