Capital stock |
6 Months Ended |
|---|---|
Jun. 30, 2024 | |
| Equity [Abstract] | |
| Capital stock | Capital stock Share repurchases The Board of Directors of the Company (the “Board”) has authorized repurchases of up to $2,250,000 under the Company’s existing share repurchase program. Under the program, shares may be purchased in privately negotiated and/or open market transactions, including under plans complying with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. During the six months ended June 30, 2023 and 2024, the Company repurchased 3,828,084 and 2,784,988 of its common shares, respectively, on the open market at a weighted average price of $39.31 and $33.26 per share, respectively, for an aggregate cash amount of $150,471 and $92,630, respectively. All repurchased shares have been retired. The Company records repurchases of its common shares on the settlement date of each transaction. Shares purchased and retired are deducted to the extent of their par value from common shares and from retained earnings for the excess over par value. Direct costs incurred to acquire the shares are included in the total cost of the shares purchased. For the six months ended June 30, 2023 and 2024, retained earnings were reduced by the direct costs, including taxes, related to share repurchases of $677 and $56, respectively. $306,914 remained available for share repurchases under the Company’s existing share repurchase program as of June 30, 2024. This repurchase program does not obligate the Company to acquire any specific number of shares and does not specify an expiration date. 16. Capital stock (Continued) Dividend On February 9, 2023, the Company announced that its Board had approved a 10% increase in its quarterly cash dividend to $0.1375 per share, up from $0.125 per share in 2022, representing an annual dividend of $0.55 per common share, up from $0.50 per share in 2022, payable to holders of the Company’s common shares. On March 24, 2023, and June 26, 2023, the Company paid a dividend of $0.1375 per share, amounting to $25,255 and $25,031 in the aggregate, to shareholders of record as of March 10, 2023 and June 9, 2023, respectively. On February 8, 2024, the Company announced that its Board had approved an 11% increase in its quarterly cash dividend to $0.1525 per share, up from $0.1375 per share in 2023, representing a planned annual dividend of $0.61 per common share, up from $0.55 per share in 2023, payable to holders of the Company’s common shares. On March 26, 2024 and June 26, 2024, the Company paid a dividend of $0.1525 per share, amounting to $27,492 and $27,337 in the aggregate, to shareholders of record as of March 11, 2024 and June 10, 2024, respectively.
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