SHAREHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2019

Stockholders' Equity Note [Abstract]

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