Equity Transactions

12 Months Ended

Dec. 31, 2014

Equity [Abstract]

Equity Transactions

10. Equity Transactions

During the years ended December 31, 2014 and 2013, pursuant to the Company’s share repurchase program implemented in the fourth quarter of 2010, the Company repurchased 225,441 and 105,000 common shares, respectively, at a weighted average price of $178.54 per share and $187.61 per share, respectively, plus transaction costs for a total cost of approximately $40.3 million and $19.7 million, respectively. As of December 31, 2014, the Company has repurchased a total of 575,441 shares of common stock at a weighted average price of $134.98 per share plus transaction costs for a total cost of $77.7 million.

On December 10, 2014, the Company’s board of directors authorized an additional 500,000 shares of common stock under the current share repurchase program. Total shares remaining available for repurchase as of December 31, 2014 were 624,559. 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 and/or privately negotiated transactions, 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 second, third and fourth quarters of the year ended December 31, 2014, the Board of Directors declared quarterly cash dividends of $0.45 each. Total dividends declared were $12.5 million for the year ended December 31, 2014. At December 31, 2014, $4.3 million is shown as dividends payable in liabilities in the Consolidated Balance Sheet, primarily representing the fourth quarter dividend to be paid on February 13, 2015 to all shareholders of record on January 30, 2015. There were no cash dividends during the year ended December 31, 2013.

In September 2013, the Company issued 1.3 million shares of common stock in a public offering for net proceeds of $191.8 million after underwriting discounts, commissions and other offering expenses, pursuant to an already effective shelf registration statement.