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Subsequent Events
6 Months Ended
Jun. 30, 2017
Subsequent Events [Abstract]  
Subsequent Events

16. SUBSEQUENT EVENTS

On July 5, 2017, the Company declared a quarterly dividend of $1.00 per common share. The dividend was paid on July 26, 2017 to shareholders of record on July 17, 2017. The total dividend paid amounted to $46.5 million.

On August 2, 2017, the Company’s Board of Directors authorized the repurchase of up to $200 million of the Company’s outstanding common shares (the Buyback Program). The Buyback Program allows the Company to purchase shares of its common stock in accordance with applicable securities laws on the open market, through privately negotiated transactions, or through other methods of acquiring shares. The Buyback Program may be suspended or discontinued at any time.