Equity Transactions

9 Months Ended

Sep. 30, 2016

Equity [Abstract]

Equity Transactions

Equity Transactions

During the nine months ended September 30, 2016 and 2015, the Company repurchased 844,671 and 368,468 common shares, respectively, at a weighted average price of $83.94 and $122.09 per share, respectively, for a total cost, including fees and expenses, of approximately $72.2 million and $45.0 million, respectively. The 844,671 shares repurchased during the nine months ended September 30, 2016 included 556,516 shares repurchased pursuant to a tender offer that was completed in the second quarter of 2016. Shares repurchased under the tender offer were at a price of $82.50 per share for an aggregate cost of $47.2 million, or $84.81 per share including fees and expenses and were retired by the Company.

Excluding share repurchased under the tender offer described above, the Company has repurchased a total of 1,502,299 shares of common stock at a weighted average price of $121.58 per share plus transaction costs for a total cost of $182.7 million under its share repurchase program. At September 30, 2016, there were 1,197,701 shares of common stock available to repurchase under the Company’s current share repurchase program.

On October 27, 2016, the Company entered into and completed a Stock Purchase Agreement with Bank of Montreal Holdings Inc. (“BMO”) to purchase 1,727,746 shares of the Company’s common stock at a price of $93.50 per share for a total purchase price of $161.5 million. To effect this transaction, the Company used $131.5 million of cash and cash equivalents and borrowed $30.0 million on its Credit Facility. The purchase represented all of the shares held by BMO and reflected approximately 22.7% of the Company’s outstanding common stock at September 30, 2016.

In connection with the purchase, the Board of Directors authorized an additional 730,045 shares to cover the incremental shares purchased beyond the remaining 1,197,701 shares available for repurchase under the Company's previously approved share repurchase program. After the completion of this transaction there were 200,000 shares remaining for future share repurchases.

The Board of Directors declared cash dividends of $0.45 per share in each of the first three quarters of 2016 and 2015. Total dividends declared were $11.0 million and $12.1 million for the nine months ended September 30, 2016 and 2015, respectively. Dividends declared in the third quarter of 2016 will be paid on November 11, 2016 to all shareholders of record on October 31, 2016.