Equity Transactions

6 Months Ended

Jun. 30, 2016

Equity [Abstract]

Equity Transactions

Equity Transactions

During the six months ended June 30, 2016 and 2015, the Company repurchased 732,713 and 212,588 common shares, respectively, at a weighted average price of $83.12 and $131.67 per share, respectively, for a total cost, including fees and expenses, of approximately $62.1 million and $28.0 million, respectively. The shares repurchased of 732,713 during the six months ended June 30, 2016 included 556,509 shares repurchased pursuant to a tender offer that was completed in the second quarter of 2016. The shares were repurchased at a price of $82.50 for an aggregate cost of $47.1 million, including fees and expenses related to the tender offer. The shares repurchased under the tender offer were retired by the Company and $47.1 million was recorded as Additional Paid-in-Capital in the Company's condensed consolidated balance sheet.

Excluding shares repurchased under the tender offer described above, the Company has repurchased a total of 1,390,348 shares of common stock at a weighted average price of $124.17 per share plus transaction costs for a total cost of $172.7 million under its share repurchase program. At June 30, 2016, there were 1,309,652 shares of common stock available to repurchase under the Company’s current share repurchase program.

The Board of Directors declared cash dividends of $0.45 per share in each of the first two quarters of 2016 and 2015. Total dividends declared were $7.5 million and $8.1 million for the six months ended June 30, 2016 and 2015, respectively. Dividends declared in the second quarter of 2016 will be paid on August 12, 2016 to all shareholders of record on July 29, 2016.