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Shareholders' Equity | 9 Months Ended
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Sep. 30, 2024
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.
| Quarter Ended September 30, |  | Nine Months Ended September 30,
(shares in ones) | 2024 |  | 2023 |  | 2024 |  | 2023
Issued and outstanding common shares, beginning of period | 12,962,032 |  |  | 13,284,998 |  |  | 13,131,672 |  |  | 13,422,692 |
Issuance of common shares | 5,324 |  |  | 3,007 |  |  | 9,311 |  |  | 5,475 |
Repurchase of common shares | (80,379) |  |  | (56,483) |  |  | (254,006) |  |  | (196,645) |
Issued and outstanding common shares, end of period | 12,886,977 |  |  | 13,231,522 |  |  | 12,886,977 |  |  | 13,231,522 |
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 September 30, 2024 and December 31, 2023. The Company declared and paid dividends on preferred shares of $18.0 million, or $30 per share, in the second quarters of both 2024 and 2023. c) Net income per common share was determined by dividing adjusted net income to common shareholders by the applicable weighted average common shares outstanding. Basic common shares outstanding include restricted stock units that are no longer subject to any contingencies for issuance, but for which corresponding shares have not been issued. Diluted net income per common share is computed by dividing adjusted net income to common shareholders by the weighted average number of common shares and dilutive potential common shares outstanding during the period. The following table presents basic net income per common share and diluted net income per common share.
| Quarter Ended September 30, |  | Nine Months Ended September 30,
(in thousands, except per share amounts) | 2024 |  | 2023 |  | 2024 |  | 2023
Net income to common shareholders | $ | 904,959 |  |  | $ | 42,591 |  |  | $ | 2,179,844 |  |  | $ | 1,208,754 |
Adjustment of redeemable noncontrolling interests | (42,565) |  |  | (628) |  |  | (81,267) |  |  | 7,087 |
Adjusted net income to common shareholders | $ | 862,394 |  |  | $ | 41,963 |  |  | $ | 2,098,577 |  |  | $ | 1,215,841 |
Basic common shares outstanding | 12,987 |  |  | 13,315 |  |  | 13,058 |  |  | 13,382 |
Dilutive potential common shares from restricted stock units and restricted stock | 30 |  |  | 30 |  |  | 24 |  |  | 24 |
Diluted common shares outstanding | 13,017 |  |  | 13,345 |  |  | 13,082 |  |  | 13,406 |
Basic net income per common share | $ | 66.40 |  |  | $ | 3.15 |  |  | $ | 160.71 |  |  | $ | 90.86 |
Diluted net income per common share | $ | 66.25 |  |  | $ | 3.14 |  |  | $ | 160.42 |  |  | $ | 90.69 |

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