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Shareholders' Equity | 6 Months Ended
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Jun. 30, 2018
Shareholders’ Equity |
Shareholders’ Equity | Note 6 Shareholders’ Equity Common shares In May 2018, we issued 35,000,000 shares of common stock at a price to the public of $7.75 per share. In connection with this offering, in June 2018 the underwriters exercised in full their option to purchase 5,250,000 additional common shares. Nabors received aggregate net proceeds of approximately $302.0 million after deducting underwriting discounts, commissions and offering expenses. During the year ended December 31, 2017, we repurchased 3.1 million of our common shares in the open market for $18.1 million, all of which are held by our subsidiaries, and which are accounted for as treasury shares. On April 20, 2018, a cash dividend of $0.06 per share was declared for shareholders of record on June 12, 2018. The dividend was paid on July 3, 2018 in the amount of $21.5 million and was charged to retained earnings in our condensed consolidated statements of changes in equity for the six months ended June 30, 2018. On July 27, 2018, our Board of Directors declared a cash dividend of $0.06 per common share, which will be paid on October 2, 2018 to shareholders of record at the close of business on September 11, 2018. Convertible Preferred Shares In May 2018, we issued 5,750,000 shares (including the underwriters option for 750,000 shares) of 6% Series A Mandatory Convertible Preferred Stock (the “mandatory convertible preferred shares”), par value $.001 per share, with a liquidation preference of $50 per share. The dividends on the mandatory convertible preferred shares will be payable on a cumulative basis. Unless converted earlier, each share of mandatory convertible preferred shares initially will automatically convert into between 5.3763 shares and 6.4516 shares of our common stock based on the average share price over a period of twenty consecutive trading days ending prior to May 1, 2021, subject to anti-dilution adjustments. Nabors received aggregate net proceeds of approximately $278.6 million after deducting underwriting discounts, commissions and offering expenses. On June 6, 2018, a cash dividend of $0.64 per mandatory convertible preferred shares was declared for shareholders of record on July 13, 2018. The dividend will be paid on August 1, 2018 in the amount of $3.7 million and was charged to retained earnings in our condensed consolidated statements of changes in equity for the six months ended June 30, 2018. On July 27, 2018, our Board of Directors declared a cash dividend of $0.75 per mandatory convertible preferred shares, which will be paid on November 1, 2018 to shareholders of record at the close of business on October 15, 2018 in the amount of $4.3 million.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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