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Subsequent Events
9 Months Ended
Sep. 30, 2021
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
On October 26, 2021, the Company's board of directors ("Board") approved a regular quarterly dividend for the fourth quarter of 2021 of $1.00 per share. The Board also approved a special cash dividend of $19.00 per share. Both the fourth quarter regular dividend and the special dividend will be paid on December 10, 2021, to shareholders of record as of November 29, 2021. These dividends are expected to reduce shareholders' equity by approximately $63.4 million.
The Board also approved an increase in the regular quarterly dividend beginning in the first quarter of 2022. Subject to the Board's approval each quarter and compliance with applicable legal requirements, the Company expects to increase the regular quarterly dividend from $1.00 per share to $1.50 per share in the first quarter of 2022. Although the Company currently expects to pay the regular quarterly dividends, depending on the circumstances and the Board's judgment, the Company may not pay such dividends as described.
In addition to the regular quarterly dividends, the Board will decide whether to approve and pay an additional special dividend in the fourth quarter of each fiscal year.