Preferred shares issued by a subsidiary company	12 Months Ended
Dec. 31, 2019
Preferred shares issued by a subsidiary company.
Preferred shares issued by a subsidiary company	20. Preferred shares issued by a subsidiary company In 2007, a subsidiary acquired in our acquisition of the Partnership issued 5.0 million 4.85% Cumulative Redeemable Preferred Shares, Series 1 (the “Series 1 Shares”) priced at Cdn$25.00 per share. Cumulative dividends are payable on a quarterly basis. The Series 1 Shares are redeemable by the subsidiary company at Cdn$25.00 per share, plus an amount equal to all accrued and unpaid dividends thereon. At December 31, 2019, there were 3,847,500 Series 1 Shares outstanding. In 2009, a subsidiary company acquired in our acquisition of the Partnership issued 4.0 million 7.0% Cumulative Rate Reset Preferred Shares, Series 2 (the “Series 2 Shares”) priced at Cdn$25.00 per share. The Series 2 Shares pays a fixed dividend when declared. The dividend on the Series 2 Shares is cumulative. Beginning on December 31, 2014 and each fifth-year anniversary thereafter, (i) the rate on the Series 2 shares is reset at a rate equal to the sum of the then five-year Government of Canada bond yield and 4.18%, and (ii) holders of Series 2 Shares have the right, subject to certain limitations, to convert their shares into Cumulative Floating Rate Preferred Shares, Series 3 (the “Series 3 Shares”) of the subsidiary. On December 31, 2019, the rate on the Series 2 Shares was reset to 5.67% and holders of the Series 2 Shares converted 23,618 Series 2 Shares into Series 3 Shares. The holders of Series 3 Shares are entitled to receive quarterly floating rate dividends, as and when declared by the board of directors of the subsidiary, at a rate equal to the sum of the then 90-day Government of Canada Treasury bill rate and 4.18%. The dividend on the Series 3 Shares is cumulative. The dividend rate for the Series 3 Shares was reset on December 31, 2019 to 5.83%. Beginning on December 31, 2019, and on each fifth-year anniversary thereafter, holders of Series 3 Shares have the right, subject to certain limitations, to convert their shares into Series 2 Shares. On December 31, 2019, the rate on the Series 3 Shares was reset to 5.83% and holders of the Series 3 Shares converted 295,032 Series 3 Shares into Series 2 Shares. The Series 2 Shares and Series 3 Shares are redeemable by the subsidiary company at Cdn$25.00 per share, plus an amount equal to all accrued and unpaid dividends thereon. At December 31, 2019, there were 2,504,131 Series 2 Shares and 1,077,391 Series 3 Shares outstanding. The Series 1 Shares, the Series 2 Shares and the Series 3 Shares are fully and unconditionally guaranteed by us and by the Partnership on a subordinated basis as to: (i) the payment of dividends, as and when declared; (ii) the payment of amounts due on a redemption for cash; and (iii) the payment of amounts due on the liquidation, dissolution or winding up of the subsidiary company. If, and for so long as, the declaration or payment of dividends on the Series 1 Shares, the Series 2 Shares or the Series 3 Shares is in arrears, the Partnership will not make any distributions on its limited partnership units and we will not pay any dividends on our common shares. The Series 1, 2 and 3 Shares are accounted for as a non-controlling interest on our consolidated balance sheets and consolidated statements of operations. The subsidiary company paid aggregate dividends of $7.4 million, $8.3 million and $8.7 million for the years ended December 31, 2019, 2018 and 2017, respectively. In 2019, we repurchased and cancelled 427,500 of the Series 1 Shares, 100,377 of the Series 2 Shares and 148,311 Series 3 Shares, respectively for a total cost of $8.0 million. We also repurchased and cancelled preferred shares at a cost of $8.0 million and $3.1 million in the years ended December 31, 2018 and 2017, respectively. As a result of the repurchases, losses of $8.6 million, $7.9 million and $3.0 million were attributed to the preferred shares of a subsidiary company in the Consolidated Statements of Operations for the years ended December 31, 2019, 2018 and 2017, respectively. Subsequent to December 31, 2019 and through February 26, 2020, we repurchased and cancelled 247,894 Series 1 Shares at a cost of $3.1 million.

20. Preferred shares issued by a subsidiary company

In 2007, a subsidiary acquired in our acquisition of the Partnership issued 5.0 million 4.85% Cumulative Redeemable Preferred Shares, Series 1 (the “Series 1 Shares”) priced at Cdn$25.00 per share. Cumulative dividends are payable on a quarterly basis. The Series 1 Shares are redeemable by the subsidiary company at Cdn$25.00 per share, plus an amount equal to all accrued and unpaid dividends thereon. At December 31, 2019, there were 3,847,500 Series 1 Shares outstanding.

In 2009, a subsidiary company acquired in our acquisition of the Partnership issued 4.0 million 7.0% Cumulative Rate Reset Preferred Shares, Series 2 (the “Series 2 Shares”) priced at Cdn$25.00 per share. The Series 2 Shares pays a fixed dividend when declared. The dividend on the Series 2 Shares is cumulative. Beginning on December 31, 2014 and each fifth-year anniversary thereafter, (i) the rate on the Series 2 shares is reset at a rate equal to the sum of the then five-year Government of Canada bond yield and 4.18%, and (ii) holders of Series 2 Shares have the right, subject to certain limitations, to convert their shares into Cumulative Floating Rate Preferred Shares, Series 3 (the “Series 3 Shares”) of the subsidiary. On December 31, 2019, the rate on the Series 2 Shares was reset to 5.67% and holders of the Series 2 Shares converted 23,618 Series 2 Shares into Series 3 Shares.

The holders of Series 3 Shares are entitled to receive quarterly floating rate dividends, as and when declared by the board of directors of the subsidiary, at a rate equal to the sum of the then 90-day Government of Canada Treasury bill rate and 4.18%. The dividend on the Series 3 Shares is cumulative. The dividend rate for the Series 3 Shares was reset on December 31, 2019 to 5.83%. Beginning on December 31, 2019, and on each fifth-year anniversary thereafter, holders of Series 3 Shares have the right, subject to certain limitations, to convert their shares into Series 2 Shares. On December 31, 2019, the rate on the Series 3 Shares was reset to 5.83% and holders of the Series 3 Shares converted 295,032 Series 3 Shares into Series 2 Shares.

The Series 2 Shares and Series 3 Shares are redeemable by the subsidiary company at Cdn$25.00 per share, plus an amount equal to all accrued and unpaid dividends thereon. At December 31, 2019, there were 2,504,131 Series 2 Shares and 1,077,391 Series 3 Shares outstanding.

The Series 1 Shares, the Series 2 Shares and the Series 3 Shares are fully and unconditionally guaranteed by us and by the Partnership on a subordinated basis as to: (i) the payment of dividends, as and when declared; (ii) the payment of amounts due on a redemption for cash; and (iii) the payment of amounts due on the liquidation, dissolution or winding up of the subsidiary company. If, and for so long as, the declaration or payment of dividends on the Series 1 Shares, the Series 2 Shares or the Series 3 Shares is in arrears, the Partnership will not make any distributions on its limited partnership units and we will not pay any dividends on our common shares.

The Series 1, 2 and 3 Shares are accounted for as a non-controlling interest on our consolidated balance sheets and consolidated statements of operations. The subsidiary company paid aggregate dividends of $7.4 million, $8.3 million and $8.7 million for the years ended December 31, 2019, 2018 and 2017, respectively. In 2019, we repurchased and cancelled 427,500 of the Series 1 Shares, 100,377 of the Series 2 Shares and 148,311 Series 3 Shares, respectively for a total cost of $8.0 million. We also repurchased and cancelled preferred shares at a cost of $8.0 million and $3.1 million in the years ended December 31, 2018 and 2017, respectively. As a result of the repurchases, losses of $8.6 million, $7.9 million and $3.0 million were attributed to the preferred shares of a subsidiary company in the Consolidated Statements of Operations for the years ended December 31, 2019, 2018 and 2017, respectively.

Subsequent to December 31, 2019 and through February 26, 2020, we repurchased and cancelled 247,894 Series 1 Shares at a cost of $3.1 million.