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Equity and dividends
 3 Months Ended
Mar. 31, 2021
Equity and dividends  
Equity and dividends

18.    Equity and dividends

Share capital

Common stock

Unlimited number of common shares, without par value.

Preferred stock

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Unlimited number of senior preferred shares, without par value, issuable in series.

Unlimited number of junior preferred shares, without par value, issuable in series.

All issued shares are fully paid. No preferred shares have been issued.

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Shares issued for business combination

In connection with the acquisition of Rouse, the Company issued 312,193 common shares on December 8, 2020. These shares were issued to certain previous unitholders and employees of Rouse, and their vesting is subject to continuing employment with the Company over a three year period from the acquisition date. The fair value of these common shares was $71.09 based on the fair market value of the Company’s common shares on the date of acquisition. During the quarter ended March 31, 2021, 55,510 common shares were forfeited.

As at March 31, 2021, the unrecognized share-based continuing employment costs were $14,576,000, (March 31, 2020: $nil), which is expected to be recognized over a weighted average period of 1.8 years. As at March 31, 2021, the number of common shares which had not yet vested was 256,683.

Share repurchase

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There were no common shares repurchased during the three months ended March 31, 2021 (three months ended March 31, 2020: 1,525,312 common shares repurchased for $53,170,000).

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Dividends

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Declared and paid

The Company declared and paid the following dividends during the three months ended March 31, 2021 and 2020:

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Dividend  

    

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Total

    

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Declaration date

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per share

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Record date

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dividends

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Payment date

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Fourth quarter 2020

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January 22, 2021

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$

0.2200

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February 12, 2021

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$

24,181

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March 5, 2021

Fourth quarter 2019

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January 24, 2020

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$

0.2000

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February 14, 2020

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$

21,905

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March 6, 2020

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Declared and undistributed

Subsequent to March 31, 2021, the Company’s Board of Directors declared a quarterly dividend of $0.22 cents per common share, payable on June 16, 2021 to stockholders of record on May 26, 2021. This dividend payable has not been recognized as a liability in the financial statements. The payment of this dividend will not have any tax consequences for the Company.

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Foreign currency translation reserve

Foreign currency translation adjustments within other comprehensive income include intra-entity foreign currency transactions that are of a long-term investment nature, which generated a net loss of $3,654,000 for the three months ended March 31, 2021 (2020: net loss of $7,492,000).