Equity Transactions

6 Months Ended

Jun. 30, 2015

Equity [Abstract]

Equity Transactions

6. Equity Transactions

During the six months ended June 30, 2015 and 2014, the Company repurchased 212,588 and 66,913 common shares, respectively, at a weighted average price of $131.67 and $186.77 per share, respectively, plus transaction costs for a total cost of approximately $28.0 million and $12.5 million, respectively. The Company has repurchased a total of 788,029 shares of common stock at a weighted average price of $134.09 per share plus transaction costs for a total cost of $105.7 million under its share repurchase program. At June 30, 2015, there were 411,971 shares of common stock available to repurchase under the Company’s current authorization through the share repurchase program.

During each of the first and second quarters of 2015 and the second quarter of 2014, the Board of Directors declared quarterly cash dividends of $0.45 per share. Total dividends declared were $8.1 million and $4.2 million for the six months ended June 30, 2015 and 2014, respectively. At June 30, 2015, $4.3 million is shown as dividends payable in the Consolidated Balance Sheet, primarily representing the second quarter dividend to be paid on August 14, 2015 to all shareholders of record on July 31, 2015.