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Common Stock and Related Matters
 12 Months Ended
Dec. 31, 2024
Class of Stock Disclosures [Abstract]  
Common Stock and Related Matters

 

Public Offerings of Common Stock

 

On May 9, 2017, we entered into an equity distribution agreement under the May 2016 Shelf (the “May 2017 EDA”), pursuant to which we may sell through our sales agents, at our option, up to an aggregated amount of $750.0 million of our common stock (“2017 ATM Program”).

 

On September 20, 2018, we entered into an equity distribution agreement under the May 2016 Shelf (the “September 2018 EDA”), pursuant to which we may sell through our sales agents, at our option, up to an aggregated amount of $750.0 million of our common stock (“2018 ATM Program”).

 

In March 2022, we filed with the SEC a universal shelf registration statement on Form S-3 that registers the issuance and sale of certain debt and equity securities from time to time in one or more offerings (the “March 2022 Shelf”). The March 2022 Shelf will expire in March 2025.

 

During 2024, 2023 and 2022, no shares of common stock were issued under either the May 2017 EDA or the September 2018 EDA. As a result, we have $382.1 million and $750.0 million remaining under the May 2017 EDA and September 2018 EDA, respectively, as of December 31, 2024.

 

Common Share Repurchase Program

 

In October 2020, our Board of Directors approved a share repurchase program (the “2020 Share Repurchase Program”) for the repurchase of up to $500.0 million of our outstanding common stock. During the second quarter of 2023, we exhausted the 2020 Share Repurchase Program.

 

In May 2023, our Board of Directors approved a share repurchase program (the “2023 Share Repurchase Program”) for the repurchase of up to $1.0 billion of our outstanding common stock. In July 2024, our Board of Directors approved a new share repurchase program (the “2024 Share Repurchase Program” and, together with the 2023 Share Repurchase Program, the “Share Repurchase Programs”) for the repurchase of up to $1.0 billion of our outstanding common stock. The amount authorized under the 2024 Share Repurchase Program was in addition to the amount remaining under the 2023 Share Repurchase Program. We are not obligated to repurchase any specific dollar amount or number of shares under the Share Repurchase Programs and may discontinue these programs at any time.

 

For the year ended December 31, 2024, we repurchased 5,933,050 shares of our common stock at a weighted average price per share of $127.20 for a total net cost of $754.7 million. For the year ended December 31, 2023, we repurchased 4,870,559 shares of our common stock at a weighted average price per share of $76.72 for a total net cost of $373.7 million. For the year ended December 31, 2022, we repurchased 3,412,354 shares of our common stock at a weighted average price per share of $65.87 for a total net cost of $224.8 million.

 

As of December 31, 2024, there was $1,015.4 million remaining under the Share Repurchase Programs.

 

Common Stock Dividends

 

In April 2024, we declared an increase to our common dividend to $0.75 per common share or $3.00 per common share annualized effective for the first quarter of 2024.

 

The following table details the dividends declared and/or paid by us to common shareholders for the years ended December 31, 2024, 2023 and 2022:

 

Three Months Ended

 

Date Paid or
To Be Paid

 

Total Common
Dividends Declared

 

 

Amount of Common
Dividends Paid or
To Be Paid

 

 

Dividends on
Share-Based Awards

 

 

Dividends Declared per Share of Common Stock

 

(In millions, except per share amounts)

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2024

 

February 14, 2025

 

$

165.1

 

 

$

163.6

 

 

$

1.5

 

 

$

0.75000

 

September 30, 2024

 

November 15, 2024

 

 

165.2

 

 

 

163.5

 

 

 

1.7

 

 

 

0.75000

 

June 30, 2024

 

August 15, 2024

 

 

166.1

 

 

 

164.3

 

 

 

1.8

 

 

 

0.75000

 

March 31, 2024

 

May 15, 2024

 

 

168.1

 

 

 

166.3

 

 

 

1.8

 

 

 

0.75000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2023

 

February 15, 2024

 

$

112.8

 

 

$

111.6

 

 

$

1.2

 

 

$

0.50000

 

September 30, 2023

 

November 15, 2023

 

 

113.0

 

 

 

111.5

 

 

 

1.5

 

 

 

0.50000

 

June 30, 2023

 

August 15, 2023

 

 

113.6

 

 

 

111.8

 

 

 

1.8

 

 

 

0.50000

 

March 31, 2023

 

May 15, 2023

 

 

114.7

 

 

 

113.0

 

 

 

1.7

 

 

 

0.50000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2022

 

February 15, 2023

 

$

80.5

 

 

$

79.3

 

 

$

1.2

 

 

$

0.35000

 

September 30, 2022

 

November 15, 2022

 

 

80.5

 

 

 

79.2

 

 

 

1.3

 

 

 

0.35000

 

June 30, 2022

 

August 15, 2022

 

 

80.7

 

 

 

79.3

 

 

 

1.4

 

 

 

0.35000

 

March 31, 2022

 

May 16, 2022

 

 

81.2

 

 

 

79.8

 

 

 

1.4

 

 

 

0.35000

 

 

Preferred Stock Redemption

 

In May 2022, we redeemed all of our issued and outstanding shares of Series A Preferred Stock (“Series A Preferred”) at a redemption price of $1,050.00 per share, plus $8.87 per share, which is the amount of accrued and unpaid dividends from April 1, 2022 up to, but not including, the redemption date of May 3, 2022. The difference between the consideration paid of $973.4 million (including unpaid dividends of $8.2 million) and the net carrying value of the shares redeemed was $223.7 million, of which $215.5 million was recorded as deemed dividends in our Consolidated Statements of Operations in the second quarter of 2022. Following the redemption, we have no Series A Preferred outstanding and all rights of the holders of shares of Series A Preferred were terminated.

 

Preferred Stock Dividends

 

During the year ended December 31, 2022, we paid $51.8 million of dividends to Series A Preferred Shareholders.