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Shareholders' Equity | 12 Months Ended
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Dec. 31, 2023
Stockholders' Equity Note [Abstract] |
Shareholders' Equity | Shareholders' Equity a) The Company has 50,000,000 shares of no par value common stock authorized. The following table presents a rollforward of changes in common shares issued and outstanding.
| Years Ended December 31,
(in thousands) | 2023 |  | 2022
Issued and outstanding common shares, beginning of year | 13,423 |  |  | 13,632 |
Issuance of common shares | 31 |  |  | 24 |
Repurchase of common shares | (322) |  |  | (233) |
Issued and outstanding common shares, end of year | 13,132 |  |  | 13,423 |
b) The Company also has 10,000,000 shares of no par value preferred stock authorized, of which 600,000 shares were issued and outstanding at December 31, 2023 and 2022. The Company has the option to redeem the preferred shares: •in whole but not in part, at any time, within 90 days after the occurrence of a "rating agency event," at $1,020 per preferred share, plus accrued and unpaid dividends, •in whole but not in part, at any time, within 90 days after the occurrence of a "regulatory capital event" at $1,000 per preferred share, plus accrued and unpaid dividends, or •in whole or in part, on June 1, 2025, or every fifth anniversary of that date, at $1,000 per preferred share, plus accrued and unpaid dividends. A "rating agency event" means that any nationally recognized statistical rating organization that publishes a rating for the Company amends, clarifies or changes the criteria it uses to assign equity credit to securities like the preferred shares, which results in shortening the length of time that the preferred shares are assigned a particular level of equity credit or in the lowering of the equity credit assigned to the preferred shares. A "regulatory capital event" means that the Company becomes subject to capital adequacy supervision by a capital regulator and determines that, under such capital adequacy guidelines, the liquidation preference amount of the preferred shares would not qualify as capital. The preferred shares rank senior to the Company's common stock with respect to the payment of dividends and liquidation rights. Holders of the preferred shares are entitled to receive non-cumulative cash dividends, when, as and if declared by the Board of Directors, from the original issue date, semi-annually in arrears on the first day of June and December of each year. The Company accrues dividends when they are declared by the Board of Directors. To the extent declared, these dividends will accrue, on the liquidation preference of $1,000 per share, at a fixed annual rate of 6.00% from the original issue date to June 1, 2025. After June 1, 2025, the dividend rate will reset every five years and accrue at an annual rate equal to the five-year U.S. Treasury Rate as of two business days prior to the reset date, plus 5.662%. Dividends will not be cumulative and will not be mandatory. Accordingly, if dividends are not declared for any dividend period, then dividends for that dividend period will not accrue and will not be payable. For both years ended December 31, 2023 and 2022, the Company declared and paid dividends on preferred shares of $36.0 million, or $60.00 per share. c) The following table presents net income (loss) per common share and diluted net income (loss) per common share.
| Years Ended December 31,
(in thousands, except per share amounts) | 2023 |  | 2022 |  | 2021
Net income (loss) to common shareholders | $ | 1,960,060 |  |  | $ | (252,277) |  |  | $ | 2,387,135 |
Adjustment of redeemable noncontrolling interests | 6,212 |  |  | (69,896) |  |  | 46,874 |
Adjusted net income (loss) to common shareholders | $ | 1,966,272 |  |  | $ | (322,173) |  |  | $ | 2,434,009 |
Basic common shares outstanding | 13,347 |  |  | 13,580 |  |  | 13,768 |
Dilutive potential common shares from restricted stock units and restricted stock (1) (2) | 31 |  |  | — |  |  | 32 |
Diluted common shares outstanding | 13,378 |  |  | 13,580 |  |  | 13,800 |
Basic net income (loss) per common share | $ | 147.32 |  |  | $ | (23.72) |  |  | $ | 176.79 |
Diluted net income (loss) per common share (1) (2) | $ | 146.98 |  |  | $ | (23.72) |  |  | $ | 176.38 |
(1) The Company has issued grants and awards of restricted stock units to employees as performance, retention or hiring incentives, as well as awards of restricted stock to non-employee directors, under its equity incentive compensation plan. At December 31, 2023, there were 86,144 shares available for future awards under the Company's equity incentive compensation plan. (2) The impact of 33 thousand shares from restricted stock units and restricted stock was excluded from the computation of diluted net loss per common share for the year ended December 31, 2022 because the effect would have been anti-dilutive.

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