Equity Transactions

3 Months Ended

Mar. 31, 2019

Equity [Abstract]

Equity Transactions

Equity Transactions

On February 21, 2019, the Company declared a quarterly cash dividend of $0.55 per common share to be paid on May 15, 2019 to shareholders of record at the close of business on April 30, 2019. The Company also declared a quarterly cash dividend of $1.8125 per share on the Company's 7.25% mandatory convertible preferred stock ("MCPS") to be paid on May 1, 2019 to shareholders of record at the close of business on April 15, 2019.

As of March 31, 2019, 4,180,045 shares of the Company's common stock had been authorized to be repurchased under the share repurchase program approved by the Company's Board of Directors, and 476,841 shares remained available for repurchase. Under the terms of the program, the Company may repurchase shares of its common stock from time to time at its discretion through open market repurchases, privately negotiated transactions and/or other mechanisms, depending on price and prevailing market and business conditions. The program, which has no specified term, may be suspended or terminated at any time.

During the three months ended March 31, 2019, the Company repurchased 147,962 common shares at a weighted average price of $101.34 per share for a total cost, including fees and expenses, of $15.0 million.