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Shareholders' Equity | 6 Months Ended
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Jun. 30, 2024
Equity [Abstract] |
Shareholder's Equity | Shareholders' Equity Common Shares The following table presents the rollforward of common shares used in calculating the weighted average shares utilized in the basic earnings per common share calculation for the periods indicated:
| Common Shares |
(shares in millions) | Issued |  | Held in Treasury |  | Outstanding |
Balance, January 1, 2023 | 97.8 |  |  | 0.6 |  |  | 97.2 |  |
Common shares issued | 9.7 |  |  | — |  |  | 9.7 |  |
Common shares acquired - share repurchase | — |  |  | 5.4 |  |  | (5.4) |  |
Share-based compensation | 2.1 |  |  | 0.7 |  |  | 1.4 |  |
Treasury stock retirement | (6.0) |  |  | (6.0) |  |  | — |  |
Balance, December 31, 2023 | 103.6 |  | 0.7 |  | 102.9 |  |
Common shares issued | — |  | * | — |  |  | — |  |
Common shares acquired - share repurchase | — |  |  | 4.9 |  |  | (4.9) |  |
Share-based compensation | 1.6 |  |  | 0.6 |  |  | 1.0 |  |
Balance, June 30, 2024 | 105.2 |  | 6.2 |  | 99.0 |
*Less than 0.1 Dividends declared per share of common stock were as follows for the periods indicated:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Dividends declared per share of common stock | $ | 0.40 |  |  | $ | 0.20 |  |  | $ | 0.80 |  |  | $ | 0.40 |
Share Repurchase Program From time to time, the Company's Board of Directors authorizes the Company to repurchase shares of its common stock. These authorizations permit stock repurchases up to a prescribed dollar amount and generally may be accomplished through various means, including, without limitation, open market transactions, privately negotiated transactions, forward, derivative, or accelerated repurchase, or automatic repurchase transactions, including through 10b5-1 plans, or tender offers. Share repurchase authorizations typically expire if unused by a prescribed date. As of June 30, 2024, the Company's remaining repurchase capacity under the Board's prior authorization was $551. This share repurchase authorization expires on June 30, 2025 (unless extended) and does not obligate the Company to purchase any shares. The authorization for the share repurchase program may be terminated, increased or decreased by the Company's Board of Directors at any time. During the six months ended June 30, 2024, the Company repurchased 4.9 million shares of common stock for $346. Subsequent to June 30, 2024, the Company repurchased 871,636 shares pursuant to a 10b5-1 plan for $63. Preferred Stock As of June 30, 2024 and December 31, 2023, there were 100,000,000 shares of preferred stock authorized. Shares of preferred stock issued and outstanding are as follows:
|  |  | June 30, 2024 |  |  | December 31, 2023
Series |  |  | Issued |  | Outstanding |  |  | Issued |  | Outstanding
7.758% Non-cumulative Preferred Stock, Series A |  |  | 325,000 |  |  | 325,000 |  |  |  | 325,000 |  |  | 325,000 |
5.35% Non-cumulative Preferred Stock, Series B |  |  | 300,000 |  |  | 300,000 |  |  |  | 300,000 |  |  | 300,000 |
Total |  |  | 625,000 |  |  | 625,000 |  |  |  | 625,000 |  |  | 625,000 |
Dividends declared on preferred stock per share and in the aggregate were as follows for the periods indicated:
|  | Series A |  | Series B
Three Months Ended June 30, |  | Per Share |  | Aggregate |  | Per Share |  | Aggregate
2024 |  | $ | — |  |  | $ | — |  |  | $ | 13.375 |  |  | $ | 4 |
2023 |  | — |  |  | — |  |  | 13.375 |  |  | 4 |
Six Months Ended June 30, |  |  |  |  |  |  |  |
2024 |  | 38.790 |  |  | 13 |  |  | 26.750 |  |  | 8 |
2023 |  | 30.625 |  |  | 10 |  |  | 26.750 |  |  | 8 |
As of June 30, 2024, there were no preferred stock dividends in arrears.

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