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SHAREHOLDERS' EQUITY | 12 Months Ended
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Dec. 31, 2019
Stockholders' Equity Note [Abstract] |
SHAREHOLDERS' EQUITY | a) Common Shares The Company's authorized share capital is 800,000,000 common shares, par value of $0.0125 per share. The following table presents changes in common shares issued and outstanding:
| Year ended December 31, | 2019 |  | 2018 |  | 2017 |
| Shares issued, balance at beginning of year | 176,580 |  |  | 176,580 |  |  | 176,580 |  |
| Shares issued | — |  |  | — |  |  | — |  |
| Total shares issued at end of year | 176,580 |  |  | 176,580 |  |  | 176,580 |  |
| Treasury shares, balance at beginning of year | (92,994 | ) |  | (93,419 | ) |  | (90,139 | ) |
| Shares repurchased | (176 | ) |  | (200 | ) |  | (4,288 | ) |
| Shares reissued | 549 |  |  | 625 |  |  | 1,008 |  |
| Total treasury shares at end of year | (92,621 | ) |  | (92,994 | ) |  | (93,419 | ) |
| Total shares outstanding | 83,959 |  |  | 83,586 |  |  | 83,161 |  |
Treasury Shares On July 5, 2017, the Company and the board of directors of Novae announced that it had agreed on terms of a recommended offer to be made by the Company to acquire the entire issued and to be issued share capital of Novae. Following the offer, the Company suspended its open market share repurchase plan. On December 31, 2017, authorization under the Board-authorized share repurchase plan for common share repurchases through 2017 expired. A common share repurchase plan has not been authorized since that date. The following table presents common shares repurchased from shares held in Treasury:
| Year ended December 31, | 2019 |  | 2018 |  | 2017 |
| In the open market: |  |  |  |  |  |
| Total shares | — |  |  | — |  |  | 3,932 |  |
| Total cost | $ | — |  |  | $ | — |  |  | $ | 261,180 |  |
| Average price per share(1) | $ | — |  |  | $ | — |  |  | $ | 66.43 |  |
| From employees:(2) |  |  |  |  |  |
| Total shares | 176 |  |  | 200 |  |  | 356 |  |
| Total cost | $ | 10,165 |  |  | $ | 10,080 |  |  | $ | 24,678 |  |
| Average price per share(1) | $ | 57.66 |  |  | $ | 50.40 |  |  | $ | 69.36 |  |
| Total shares repurchased: |  |  |  |  |  |
| Total shares | 176 |  |  | 200 |  |  | 4,288 |  |
| Total cost | $ | 10,165 |  |  | $ | 10,080 |  |  | $ | 285,858 |  |
| Average price per share(1) | $ | 57.66 |  |  | $ | 50.40 |  |  | $ | 66.67 |  |
(1) | Calculated using whole numbers.
(2) | Shares are repurchased from employees to satisfy withholding tax liabilities that arise on the vesting of share-settled restricted stock units.
b) | Preferred Shares
Series C Preferred Shares On March 19, 2012, the Company issued $400 million of 6.875% Series C preferred shares, par value $0.0125 per share, with a liquidation preference of $25.00 per share. The Company could redeem the Series C preferred shares on or after April 15, 2017 at a redemption price of $25.00 per share. Dividends on the Series C preferred shares were non-cumulative. Holders of the Series C preferred shares were entitled to receive, only when, as and if declared by the board of directors, non-cumulative cash dividends, from the original issue date, quarterly in arrears on the fifteenth day of January, April, July and October of each year, commencing on July 15, 2012. To the extent declared, these dividends accumulated, with respect to each dividend period, in an amount per share equal to 6.875% of the liquidation preference per annum. During October and November 2016, the Company repurchased 1,957,045 Series C preferred shares at an average purchase price of $25.67 per share for $50 million. In connection with the repurchase of these shares, a loss on redemption of $1 million, was recognized in determining net income available to common shareholders. On April 17, 2017, the Company redeemed the remaining 14,042,955 Series C preferred shares, for an aggregate liquidation preference of $351 million. Series D Preferred Shares On May 20, 2013, the Company issued $225 million of 5.50% Series D preferred shares, par value $0.0125 per share, with a liquidation preference of $25.00 per share. The Company could redeem the Series D preferred shares on or after June 1, 2018 at a redemption price of $25.00 per share. Dividends on the Series D preferred shares were non-cumulative. Holders of the Series D preferred shares were entitled to receive, only when, as and if declared by the board of directors, non-cumulative cash dividends from the original issue date, quarterly in arrears on the first day of March, June, September and December of each year, commencing on September 1, 2013. To the extent declared, these dividends accumulated, with respect to each dividend period, in an amount per share equal to 5.50% of the liquidation preference per annum. On January 17, 2020, the Company redeemed all 9,000,000 Series D preferred shares, for an aggregate liquidation preference of $225 million (refer to Note 23 'Subsequent Events'). Series E Preferred Shares On November 7, 2016, the Company issued $550 million of 5.50% Series E preferred shares, par value $0.0125 per share, with a liquidation preference of $2,500 per share. The Company may redeem the Series E preferred shares on or after November 7, 2021 at a redemption price of $2,500 per share. Dividends on the Series E preferred shares are non-cumulative. Holders of the Series E preferred shares will be entitled to receive, only when, as and if declared by the board of directors, non-cumulative cash dividends from the original issue date, quarterly in arrears on the fifteenth day of January, April, July and October of each year, commencing on January 15, 2017. To the extent declared, these dividends will accumulate, with respect to each dividend period, in an amount per share equal to 5.50% of the liquidation preference per annum. Dividends The following table presents dividends declared and paid related to the Company's common and preferred shares:
|  | Per share data |
|  | Dividends declared |  | Dividends paid in year of declaration |  | Dividends paid in year following declaration |
| Year ended December 31, 2017 |  |  |  |  |  |
| Common shares | $ | 1.53 |  |  | $ | 1.14 |  |  | $ | 0.39 |  |
| Series C preferred shares | $ | 0.43 |  |  | $ | 0.43 |  |  | $ | — |  |
| Series D preferred shares | $ | 1.38 |  |  | $ | 1.03 |  |  | $ | 0.34 |  |
| Series E preferred shares | $ | 137.50 |  |  | $ | 103.13 |  |  | $ | 34.38 |  |
| Year ended December 31, 2018 |  |  |  |  |  |
| Common shares | $ | 1.57 |  |  | $ | 1.17 |  |  | $ | 0.40 |  |
| Series D preferred shares | $ | 1.38 |  |  | $ | 1.03 |  |  | $ | 0.34 |  |
| Series E preferred shares | $ | 137.50 |  |  | $ | 103.13 |  |  | $ | 34.38 |  |
| Year ended December 31, 2019 |  |  |  |  |  |
| Common shares | $ | 1.61 |  |  | $ | 1.20 |  |  | $ | 0.41 |  |
| Series D preferred shares | $ | 1.21 |  |  | $ | 1.03 |  |  | $ | 0.18 |  |
| Series E preferred shares | $ | 137.50 |  |  | $ | 103.13 |  |  | $ | 34.38 |  |

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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