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Common Shares | 12 Months Ended
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Dec. 31, 2016
Common Shares. |
Common Shares | Note 13 Common Shares During 2016 and 2015, with approval of the Board, we repurchased 0.3 million and 10.6 million, respectively, of our common shares in the open market for $1.7 million and $99.6 million, respectively, all of which are held by our subsidiaries, and which are accounted for as treasury shares. Our authorized share capital consists of 825,000,000 shares of which 800,000,000 are common shares, par value $0.001 per share, and 25,000,000 are preferred shares, par value $0.001 per share. No preferred shares were issued or outstanding as of December 31, 2016. The preferred shares are issuable in one or more classes or series, full, limited or no voting rights, designations, preferences, special rights, qualifications, limitations and restrictions, as may be determined by the Board. From time to time, treasury shares may be reissued. When shares are reissued, we use the weighted‑average‑cost method for determining cost. The difference between the cost of the shares and the issuance price is added to or deducted from our capital in excess of par value account. No shares have been reissued during 2016, 2015 or 2014. In 2016, 2015 and 2014, the Compensation Committee of our Board granted restricted share awards to some of our executive officers, other key employees, and independent directors. We awarded 3,919,696, 3,530,033 and 1,926,861 restricted shares at an average market price of $9.85, $10.09 and $19.53 to these individuals for 2016, 2015 and 2014, respectively. See Note 7—Share-Based Compensation for a summary of our restricted stock and option awards as of December 31, 2016. In 2015 and 2016, our Board declared quarterly cash dividends of $0.06 per outstanding common share, which was paid in March, June, September and December of 2015 and March, July and October of 2016. The aggregate amount paid in 2015 for dividends was $69.4 million. The aggregate amount paid in 2016 for dividends was $50.9 million. The fourth quarter 2016 dividend was paid on January 4, 2017 in the amount of $17.1 million. Shareholder Rights Plan On July 16, 2012, the Board declared the issuance of one preferred share purchase right (a “Right”) for each Common Share issued and outstanding on July 27, 2012 (the “Record Date”) to the shareholders of record on that date. On July 16, 2016, the Rights expired.

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