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Shareholders' equity | 3 Months Ended
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Mar. 31, 2025
Equity [Abstract] |
Shareholders' equity | 14. Shareholders' equity Common shares The following table presents a summary of the common shares issued and outstanding and shares repurchased as of and for the three months ended March 31, 2025 and 2024:
| 2025 |  | 2024
Common shares issued and outstanding, beginning of period | 116,429,057 |  |  | 168,120,022 |
Issuance of common shares, net of forfeitures and shares withheld | 91,469 |  |  | 22,587 |
Issuance of common shares upon exercise of options | — |  |  | 1,610,623 |
Shares repurchased | (500,000) |  |  | — |
Common shares issued and outstanding, end of period | 116,020,526 |  |  | 169,753,232 |
The Company’s authorized share capital consists of 300,000,000 common shares with a par value of $0.10 each. During the three months ended March 31, 2025 and 2024, the Company did not pay any dividends to its common shareholders. Preference shares The Company’s authorized share capital also consists of 30,000,000 preference shares with a par value of $0.10 each. Series B preference shares The Series B preference shares are listed on the New York Stock Exchange under the symbol “SPNT PB”. The Company has 8,000,000 of Series B preference shares outstanding, par value $0.10. Dividends on the Series B preference shares are cumulative and payable quarterly in arrears at an initial rate of 8.0% per annum. The preference shareholders have no voting rights with respect to the Series B preference shares unless dividends have not been paid for six dividend periods, whether or not consecutive, in which case the holders of the Series B preference shares will have the right to elect two directors. The dividend rate will reset on each five-year anniversary of issuance at a rate equal to the five-year U.S. treasury rate at such time plus 7.298%. The Series B preference shares are perpetual and have no fixed maturity date. The Series B preference shares provide for redemption rights by the Company (i) in whole, or in part, on each five-year anniversary of issuance at 100%, (ii) in whole, but not in part, (a) upon certain rating agency events, at 102%, (b) upon certain capital disqualification events, at 100%, and (c) upon certain tax events, at 100%. During the three months ended March 31, 2025, the Company declared and paid dividends of $4.0 million to the Series B preference shareholders (2024 - $4.0 million). The Company has declared and paid dividends to the Series B preference shareholders every quarter beginning June 30, 2021. Share repurchases Under the share repurchase program, the Company may repurchase its common stock from time to time, in amounts, at prices and at times the Company deems appropriate in its sole discretion, subject to market conditions and other considerations. The share repurchases may be effected through a variety of methods, which may include open market purchases, privately negotiated transactions, block trades and accelerated share repurchase programs, including in accordance with Rule 10b5-1 and Rule 10b-18 under the Securities Exchange Act of 1934, or any combination of such methods. The share repurchase program does not have an expiration date. As of March 31, 2025, a maximum value of approximately $180.8 million of common shares may yet be purchased under the program. During the three months ended March 31, 2025, the Company repurchased 500,000 of its common shares from Daniel S. Loeb at the public offering price of $14.00 per share. During the three months ended March 31, 2024, the Company did not repurchase any of its common shares in the open market. Common shares repurchased by the Company during the period were cancelled and retired.

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