Share capital

9 Months Ended

Sep. 30, 2020

13. Share capital

The following table presents a summary of the common shares issued and outstanding as of and for the nine months ended September 30, 2020 and 2019:


Common shares	2020	2019
Common shares issued, beginning of period	94,225,498	93,639,610
Options exercised	—	187,678
Restricted shares granted, net of forfeitures	745,099	361,522
Performance restricted shares granted, net of forfeitures and shares withheld	344,296	31,757


Common shares issued, end of period	95,314,893	94,220,567

Authorized and issued

The Company’s authorized share capital of $33.0 million is comprised of 300,000,000 common shares with a par value of $0.10 each and 30,000,000 preference shares with a par value of $0.10 each. No preference shares have been issued to date.

Share repurchases

As of September 30, 2020, the Company is authorized to repurchase up to an aggregate of $61.3 million of common shares under its share repurchase program. Under the common share repurchase program, the Company may repurchase shares from time to time in privately negotiated transactions or in open-market purchases in accordance with all applicable securities laws and regulations, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended.

During the nine months ended September 30, 2020, the Company did not repurchase any of its common shares.