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SHAREHOLDERS' EQUITY | 12 Months Ended
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Dec. 31, 2022
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, | 2022 |  | 2021 |  | 2020 |
| 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 | (91,806) |  |  | (92,227) |  |  | (92,621) |  |
| Shares repurchased | (897) |  |  | (205) |  |  | (194) |  |
| Shares reissued | 791 |  |  | 626 |  |  | 588 |  |
| Total treasury shares at end of year | (91,912) |  |  | (91,806) |  |  | (92,227) |  |
| Total shares outstanding | 84,668 |  |  | 84,774 |  |  | 84,353 |  |
Treasury Shares On December 8, 2022, the Company's Board of Directors authorized a new share repurchase plan for up to $100 million of the Company's common shares through December 31, 2023. The new plan is effective January 1, 2023. The following table presents common shares repurchased from shares held in Treasury:
| Year ended December 31, | 2022 |  | 2021 |  | 2020 |
| In the open market: (1) |  |  |  |  |  |
| Total shares | 634 |  |  | — |  |  | — |  |
| Total cost | $ | 34,987 |  |  | $ | — |  |  | $ | — |  |
| Average price per share(2) | $ | 55.22 |  |  | $ | — |  |  | $ | — |  |
| From employees:(3) |  |  |  |  |  |
| Total shares | 263 |  |  | 205 |  |  | 194 |  |
| Total cost | $ | 13,994 |  |  | $ | 10,242 |  |  | $ | 10,382 |  |
| Average price per share(2) | $ | 53.13 |  |  | $ | 49.93 |  |  | $ | 53.43 |  |
| Total shares repurchased: |  |  |  |  |  |
| Total shares | 897 |  |  | 205 |  |  | 194 |  |
| Total cost | $ | 48,981 |  |  | $ | 10,242 |  |  | $ | 10,382 |  |
| Average price per share(2) | $ | 54.61 |  |  | $ | 49.93 |  |  | $ | 53.43 |  |
(1) Shares are repurchased pursuant to the Company's Board-authorized share repurchase program announced in December 2021, effective January 1, 2022 through to December 31, 2022. (2) Calculated using whole numbers. (3) Shares are repurchased from employees to facilitate the satisfaction of their personal withholding tax liabilities that arise on the vesting of share-settled restricted stock units. b) Preferred Shares 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 are 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, dividends accumulate, 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. 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 could 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 are 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, dividends 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, 2022 |  |  |  |  |  |  |
| Common shares | $ | 1.73 |  |  | $ | 1.29 |  |  | $ | 0.44 |  |  |
| Series E preferred shares | $ | 137.50 |  |  | $ | 103.13 |  |  | $ | 34.38 |  |  |
| Year ended December 31, 2021 |  |  |  |  |  |  |
| Common shares | $ | 1.69 |  |  | $ | 1.26 |  |  | $ | 0.43 |  |  |
| Series E preferred shares | $ | 137.50 |  |  | $ | 103.13 |  |  | $ | 34.38 |  |  |
| Year ended December 31, 2020 |  |  |  |  |  |  |
| Common shares | $ | 1.65 |  |  | $ | 1.23 |  |  | $ | 0.42 |  |  |
| Series E preferred shares | $ | 137.50 |  |  | $ | 103.13 |  |  | $ | 34.38 |  |  |

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