Equity Transactions

6 Months Ended

Jun. 30, 2020

Equity [Abstract]

Equity Transactions

Equity Transactions

Preferred Stock Conversion

On February 3, 2020, 1,150,000 shares of mandatory convertible preferred stock ("MCPS") converted to 912,870 shares of the Company's common stock. Each share of MCPS converted to 0.7938 shares of common stock at a conversion price of $125.97 per share, subject to customary anti-dilution adjustments. The number of shares of common stock issued upon conversion was determined based on the volume-weighted average price per share of the Company's common stock over the 20 consecutive trading day period beginning on, and including, the 22nd scheduled trading day immediately preceding the mandatory conversion date.

Dividends Declared    

On May 13, 2020, the Company declared a quarterly cash dividend of $0.67 per common share to be paid on August 14, 2020 to stockholders of record at the close of business on July 31, 2020.

Common Stock Repurchases    

During the three and six months ended June 30, 2020, the Company repurchased 74,897 and 185,853 common shares, respectively, at a weighted average price of $100.11 and $94.13 per share, respectively, for a total cost, including fees and expenses, of $7.5 million and $17.5 million, respectively, under its share repurchase program. In May 2020, the Company's Board of Directors authorized an additional 750,000 shares to be repurchased under the share repurchase program. As of June 30, 2020, 816,585 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.