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SHARE REPURCHASE PROGRAMS AND DIVIDENDS
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
SHARE REPURCHASE PROGRAMS AND DIVIDENDS SHARE REPURCHASE PROGRAMS AND DIVIDENDS
 
Share Repurchase Programs

In September 2024, our Board of Directors (Board) authorized a common share repurchase program (the Share Repurchase Program) to repurchase of up to 5.0% of our total common shares which were issued and outstanding at that date, or approximately 0.7 million common shares over a twelve month period. In March 2025, our Board authorized an increase to the Share Repurchase Program to repurchase up to 10.0% of our total common shares which are issued and outstanding at that date, or approximately 1.4 million common shares, and in April 2025, our Board authorized a further increase to repurchase up to 20.0% of our total common shares which are issued and outstanding at that date, or approximately 2.7 million common shares.

The repurchase authorization allows repurchases from time to time through a variety of methods, including but not limited to open market repurchases, pursuant to a Rule 10b5-1 compliant plan, or privately negotiated transactions. We have funded, and intend to continue to fund, repurchases through cash on hand, cash from debt incurrences and cash generated from operations. Any common shares repurchased are cancelled in the periods they are acquired and the payment is accounted for as an increase to accumulated deficit in our Unaudited Consolidated Statements of Changes in Shareholders’ Equity in the period the payment is made.

The following table summarizes our common share repurchases for the periods presented (in thousands, except per share data):
Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Dollar-value of shares repurchased$19,140 $6,644 $22,474 $9,852 
Shares repurchased883.3 274.1 1,036.4 407.2 
Average price paid per share$21.64 $24.21 $21.65 $24.17 

Dividends

Our Board declared the following quarterly dividends for the six months ended June 30, 2025 and 2024. The dividends are eligible dividends pursuant to the Income Tax Act (Canada). In April 2025, we announced the suspension by our Board of quarterly dividends on our common shares to prioritize returning capital to our shareholders through ongoing share repurchases.

Date DeclaredRecord DatePayment DatePer Share Amount
January 31, 2025February 24, 2025March 17, 2025$0.25
April 26, 2024May 27, 2024June 17, 2024$0.25
February 2, 2024February 26, 2024March 18, 2024$0.25