Capital Stock

6 Months Ended

Jun. 30, 2023

Banking Regulation, Total Capital [Abstract]

Capital Stock

Capital Stock

Our authorized share capital consists of 233.3 million shares of a single class of common shares. The common shares have no preemptive rights or other rights to subscribe for additional shares, and no rights of redemption, conversion or exchange. Under certain circumstances and subject to the provisions of Bermuda law and our bye-laws, we may be required to make an offer to repurchase shares held by members. The common shares rank pari passu with one another in all respects as to rights of payment and distribution. In general, holders of common shares will have one vote for each common share held by them and will be entitled to vote, on a non-cumulative basis, at all meetings of shareholders. In the event that a shareholder is considered a 9.5% Shareholder under our bye-laws, such shareholder's votes will be reduced by whatever amount is necessary so that after any such reduction the votes of such shareholder will not result in any other person being treated as a 9.5% Shareholder with respect to the vote on such matter. Under these provisions certain shareholders may have their voting rights limited to less than one vote per share, while other shareholders may have voting rights in excess of one vote per share.

Dividends

The following table presents the amounts declared and paid per common share each quarter:

Quarter Ended	2023		2022
March 31	$	0.25	$	0.20
June 30	0.25		0.21
September 30	—		0.22
December 31	—		0.23
Total dividends per common share declared and paid	$	0.50	$	0.86

In August 2023, the Board of Directors declared a quarterly cash dividend of $0.25 per common share payable on September 11, 2023 to shareholders of record on September 1, 2023.

Share Repurchase Plan

In May 2022, the Board of Directors approved a share repurchase plan that authorizes the Company to repurchase up to $250 million of its common shares in the open market by the end of 2023. Through June 30, 2023, the Company repurchased 1,131,896 common shares at a cost of $46.0 million under the 2022 plan, leaving $204.0 million remaining unused under the authorized repurchase plan as of June 30, 2023.