rights, redemption rights, liquidation rights and other relative participation, optional or other rights, qualifications, limitations or restrictions as may be fixed by the board of directors without any shareholder approval. Such rights, preferences, powers and limitations as may be established could also have the effect of discouraging an attempt to obtain control of our company. These preference shares are of the type commonly referred to as “blank-check” preferred stock.
Dividends
In February 2017, our board of directors approved a dividend program under which we intend to pay a regular quarterly cash dividend to holders of our common shares and announced a quarterly cash dividend of $0.06 per share, which was paid on March 28, 2017, June 28, 2017, September 21, 2017 and December 20, 2017. In February 2018, our board of directors approved an increase in our regular quarterly cash dividend to holders of our common shares to $0.075 per share. On March 21, 2018, June 20, 2018, September 19, 2018 and December 19, 2018, we paid dividends of $0.075 per common share, amounting to approximately $14.4 million, $14.2 million, $14.3 million and $14.2 million in the aggregate, to shareholders of record as of March 9, 2018, June 8, 2018, September 10, 2018 and December 10, 2018, respectively. In February 2019, our board of directors approved an increase in our regular quarterly cash dividend to holders of our common shares to $0.085 per share, representing a planned annual dividend of $0.34 per share for 2019. On March 20, 2019, June 21, 2019 and September 20, 2019, we paid a dividend of $0.085 per common share, amounting to approximately $16.1 million, $16.2 million and $16.2 million in the aggregate, to shareholders of record as of March 8, 2019, June 12, 2019 and September 11, 2019, respectively. On October 17, 2019, our board of directors approved a cash dividend of $0.085 per common share payable on December 18, 2019 to shareholders of record as of December 9, 2019.
Under Bermuda law, a company may declare and pay dividends from time to time unless there are reasonable grounds for believing that the company is or would, after the payment, be unable to pay its liabilities as they become due or that the realizable value of its assets would thereby be less than its liabilities. Under ourbye-laws, each common share is entitled to dividends if, as and when dividends are declared by our board of directors. There are no restrictions in Bermuda on our ability to transfer funds (other than funds denominated in Bermuda dollars) in or out of Bermuda or to pay dividends to U.S. residents who are holders of our common shares.
Any cash dividends payable to holders of our common shares listed on the New York Stock Exchange will be paid to Computershare Trust Company, N.A., our transfer agent in the United States, for disbursement to those holders.
Any future determination to pay dividends will be made at the discretion of our board of directors and will also depend on other factors, including our financial condition, results of operations, general business conditions, restrictive covenants contained in credit facility agreements governing indebtedness we and our subsidiaries have incurred or may incur in the future and any other factors our board of directors deems relevant.
Variation of Rights
The rights attaching to a particular class, unless otherwise provided for by the terms of issue of the relevant class, may be varied either: (i) with the consent in writing of the holders of not less than 75% of the issued shares of that class; or (ii) with the sanction of a resolution passed by a majority of the votes cast at a separate general meeting of the relevant class of shareholders at which a quorum consisting of at least two persons holding or representing by proxy the majority of the issued shares of the relevant class is present. Ourbye-laws specify that the creation or issue of shares ranking equally with existing shares will not, unless expressly provided by the terms of issue of existing shares, vary the rights attached to existing shares. In addition, the creation or issue of preference shares (as regards participation in the profits or assets of the company) ranking in priority to common shares will not be deemed to vary the rights attached to common shares or, subject to the terms of any other series of preference shares, to vary the rights attached to any other series of preference shares.
S-10