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Stockholders' equity
 3 Months Ended
Mar. 31, 2022
Stockholders' Equity Note  
Stockholders' Equity Note 17 – Stockholders’ equity

As of March 31, 2022, stockholder’s equity totaled $4.7 billion. During the quarter ended March 31, 2022, the Corporation declared cash dividends of $0.55 (2021 - $0.40) per common share amounting to $42.0 million (2021 - $33.8 million). The quarterly dividend declared to stockholders of record as of the close of business on March 15, 2022 was paid on April 1, 2022.

 

Accelerated share repurchase transaction (“ASR”)

 

On March 1, 2022, the Corporation announced that on February 28, 2022 it entered into an accelerated share repurchase agreement (the “ASR Agreement”) to repurchase an aggregate of $400 million of Corporation’s common stock. Under the terms of the ASR Agreement, on March 2, 2022 the Corporation made an initial payment of $400 million and received an initial delivery of 3,483,942 shares of Corporation’s Common Stock (the “Initial Shares”). The transaction was accounted for as a treasury stock transaction. Furthermore, as a result of the receipt of the Initial Shares, the Corporation recognized in shareholders’ equity approximately $320 million in treasury stock and $80 million as a reduction of capital surplus. Upon the final settlement of the ASR Agreement, the Corporation expects to further adjust its treasury stock and capital surplus accounts to reflect the final delivery or receipt of cash or shares, which will depend on the volume-weighted average price of the Corporation’s common stock during the term of the ASR Agreement, less a discount. The final settlement of the ASR Agreement is expected to occur no later than the third quarter of 2022.