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Shareholders' Equity
3 Months Ended
Mar. 31, 2021
Stockholders' Equity Note [Abstract]  
Shareholders' Equity Shareholders’ Equity
Change in Accounting Policy
As of January 1, 2021, we adopted the updated guidance for "Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity”. The application of this guidance resulted in a $68.3 million cumulative effect adjustment to our 2021 beginning retained earnings and paid in capital to reflect the 9% Debenture as if we had always accounted for the debt as a liability in its entirety

Share repurchase programs
We did not repurchase any shares during the three months ended March 31, 2021 compared to the repurchase of 9.6 million shares of commons stock at an average cost of $12.47 for the three months ended March 31, 2020. We may repurchase up to an additional $291 million of our common stock through the end of 2021 under a share repurchase program approved by our Board of Directors in 2020. Repurchases may be made from time to time on the open market or through privately negotiated transactions. The repurchase program may be suspended for periods or discontinued at any time, and in light of the uncertainty caused by the COVID-19 pandemic, we had temporarily suspended stock repurchases but may resume them in the future.

Cash dividends
In March of 2021, we paid quarterly cash dividends of $0.06 per share to shareholders which totaled $21 million. On April 29, 2021, the Board of Directors declared a quarterly cash dividend to holders of the company’s common stock of $0.06 per share payable on May 27, 2021, to shareholders of record at the close of business on May 13, 2021.