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EQUITY
 9 Months Ended
Sep. 30, 2022
Equity [Abstract]  
EQUITY EQUITY
Repurchase of common shares
On June 20, 2022, the Company received approval of its Normal Course Issuer Bid (the "NCIB") to purchase for cancellation up to 10.6 million of its common shares through the facilities of the TSX, Nasdaq or other Canadian and U.S. marketplaces over a twelve month period beginning June 20, 2022 and ending June 19, 2023.
During the three months ended September 30, 2022, the Company purchased 5,255,284 of its outstanding common shares pursuant to the NCIB at an average share price of $16.25 per share for total consideration of $85.4 million. All shares were cancelled upon purchase. The difference of $8.2 million between the total amount paid and the amount deducted from common shares of $77.1 million was recorded as a direct charge to retained earnings. The amount deducted from common shares was determined based on the average paid in capital per common share outstanding prior to the repurchase date.
During the nine months ended September 30, 2022, the Company purchased 6,053,126 of its outstanding common shares pursuant to the NCIB at an average share price of $16.53 per share for total consideration of $100.0 million. All shares were cancelled upon purchase. The difference of $11.2 million between the total amount paid and the
amount deducted from common shares of $88.8 million was recorded as a direct charge to retained earnings. The amount deducted from common shares was determined based on the average paid in capital per common share outstanding prior to the repurchase date.