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Shareholders' Equity | 9 Months Ended
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Sep. 30, 2017
Stockholders' Equity Note [Abstract] |
Shareholders' Equity | Shareholders' Equity
a) | Common Shares
At September 30, 2017, the aggregate authorized share capital of the Company is 150,000,000 shares from which the Company has issued 87,728,554 common shares, of which 84,624,829 common shares are outstanding, and 18,600,000 preference shares, all of which are outstanding. The remaining 43,671,446 are undesignated at September 30, 2017. For further discussion on the components of Shareholders' Equity, please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2016.
b) | Preference Shares – Series D
On June 15, 2017, the Company issued and authorized a total of 6,000,000, 6.700% Preference Shares – Series D (the "Preference Shares - Series D"), par value $0.01 per share, at a price of $25 per preference share. The Company's total net proceeds from the offering was $144,942, after deducting issuance costs of $5,058, which were recognized as a reduction in additional paid-in capital. The Preference Shares – Series D have no stated maturity date and are redeemable in whole or in part at the sole option of the Company any time after June 15, 2022, subject to certain regulatory restrictions at a redemption price of $25 per preference share plus any declared and unpaid dividends, without accumulation of any undeclared dividends. Additionally, at any time prior to June 15, 2022, the Company may redeem all but not less than all of the Series D Preference Shares at a redemption price of $26 per share, plus declared and unpaid dividends, if any, to, but excluding, the date of redemption subject to certain conditions and regulatory approval. Dividends on the Preference Shares – Series D are non-cumulative. Consequently, in the event a dividend is not declared on the Preference Shares – Series D for any dividend period, holders of Preference Shares – Series D will not be entitled to receive a dividend for such period, and such undeclared dividend will not accrue and will not be payable. The holders of Preference Shares – Series D will be entitled to receive dividend payments only when, as and if declared by the Company's board of directors or a duly authorized committee of the board of directors. Any such dividends will be payable from, and including, the date of original issue on a non-cumulative basis, quarterly in arrears. To the extent declared, these dividends will accumulate, with respect to each dividend period, in an amount per share equal to 6.7% of the $25 liquidation preference per annum. During any dividend period, so long as any Preference Shares – Series D remain outstanding, unless the full dividends for the latest completed dividend period on all outstanding Preference Shares – Series D have been declared and paid, no dividend shall be paid or declared on the common shares. The holders of the Preference Shares – Series D have no voting rights other than the right to elect up to two directors if preference share dividends are not declared and paid for six or more dividend periods.
c) | Treasury Shares
During the three and nine months ended September 30, 2017, the Company repurchased a total of 2,015,700 common shares at an average price of $7.11 per share under its share repurchase authorization. As at September 30, 2017, the Company has a remaining authorization of $85,662 for share repurchases. In addition, during the nine months ended September 30, 2017, the Company repurchased a total of 38,122 shares at an average price per share of $15.06 from employees, which represent withholdings in respect of tax obligations on the vesting of restricted shares and performance based shares. None of these repurchases took place during the three months ended September 30, 2017. 11. Shareholders' Equity (continued)
d) | Accumulated Other Comprehensive Income
The following tables set forth financial information regarding the changes in the balances of each component of AOCI:
For the Three Months Ended September 30, 2017 |  | Change in net unrealized gains on investment |  | Foreign currency translation adjustments |  | Total
Beginning balance |  | $ | 27,866 |  |  | $ | 7,629 |  |  | $ | 35,495 |
Other comprehensive income (loss) before reclassifications |  | 24,994 |  |  | (10,828 | ) |  | 14,166 |
Amounts reclassified from AOCI to net income, net of tax |  | (3,650 | ) |  | — |  |  | (3,650 | )
Net current period other comprehensive income (loss) |  | 21,344 |  |  | (10,828 | ) |  | 10,516 |
Ending balance |  | 49,210 |  |  | (3,199 | ) |  | 46,011 |
Less: AOCI attributable to noncontrolling interest |  | — |  |  | (68 | ) |  | (68 | )
Ending balance, Maiden shareholders |  | $ | 49,210 |  |  | $ | (3,131 | ) |  | $ | 46,079 |
For the Three Months Ended September 30, 2016 |  | Change in net unrealized gains on investment |  | Foreign currency translation adjustments |  | Total
Beginning balance |  | $ | 93,793 |  |  | $ | 25,034 |  |  | $ | 118,827 |
Other comprehensive income (loss) before reclassifications |  | 8,899 |  |  | (2,730 | ) |  | 6,169 |
Amounts reclassified from AOCI to net income, net of tax |  | (1,202 | ) |  | — |  |  | (1,202 | )
Net current period other comprehensive income (loss) |  | 7,697 |  |  | (2,730 | ) |  | 4,967 |
Ending balance |  | 101,490 |  |  | 22,304 |  |  | 123,794 |
Less: AOCI attributable to noncontrolling interest |  | — |  |  | (82 | ) |  | (82 | )
Ending balance, Maiden shareholders |  | $ | 101,490 |  |  | $ | 22,386 |  |  | $ | 123,876 |
For the Nine Months Ended September 30, 2017 |  | Change in net unrealized gains on investment |  | Foreign currency translation adjustments |  | Total
Beginning balance |  | $ | (20,716 | ) |  | $ | 35,604 |  |  | $ | 14,888 |
Other comprehensive income (loss) before reclassifications |  | 68,803 |  |  | (38,803 | ) |  | 30,000 |
Amounts reclassified from AOCI to net income, net of tax |  | 1,123 |  |  | — |  |  | 1,123 |
Net current period other comprehensive income (loss) |  | 69,926 |  |  | (38,803 | ) |  | 31,123 |
Ending balance |  | 49,210 |  |  | (3,199 | ) |  | 46,011 |
Less: AOCI attributable to noncontrolling interest |  | — |  |  | (68 | ) |  | (68 | )
Ending balance, Maiden shareholders |  | $ | 49,210 |  |  | $ | (3,131 | ) |  | $ | 46,079 |
For the Nine Months Ended September 30, 2016 |  | Change in net unrealized gains on investment |  | Foreign currency translation adjustments |  | Total
Beginning balance |  | $ | (54,112 | ) |  | $ | 30,231 |  |  | $ | (23,881 | )
Other comprehensive income (loss) before reclassifications |  | 155,024 |  |  | (7,927 | ) |  | 147,097 |
Amounts reclassified from AOCI to net income, net of tax |  | 578 |  |  | — |  |  | 578 |
Net current period other comprehensive income (loss) |  | 155,602 |  |  | (7,927 | ) |  | 147,675 |
Ending balance |  | 101,490 |  |  | 22,304 |  |  | 123,794 |
Less: AOCI attributable to noncontrolling interest |  | — |  |  | (82 | ) |  | (82 | )
Ending balance, Maiden shareholders |  | $ | 101,490 |  |  | $ | 22,386 |  |  | $ | 123,876 |

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