v3.22.1

Shareholders' Equity | 3 Months Ended
--- | ---
Mar. 31, 2022
Stockholders' Equity Note [Abstract] |
Shareholders' Equity | Shareholders' Equity a)Common Shares At March 31, 2022, the aggregate authorized share capital of the Company is 150,000,000 shares from which 93,311,414 common shares were issued, of which 87,058,833 common shares are outstanding, and 18,600,000 preference shares were issued, all of which are outstanding. The remaining 38,088,586 shares are undesignated at March 31, 2022. Excluding the preference shares held by Maiden Reinsurance, a total of 6,093,532 preference shares are held by non-affiliates. b)Preference Shares On March 3, 2021, the Company's Board of Directors approved the repurchase, including the repurchase by Maiden Reinsurance in accordance with its investment guidelines, of up to $100,000 of the Company's preference shares from time to time at market prices in open market purchases or as may be privately negotiated. On May 6, 2021, the Company's Board of Directors approved the additional repurchase, including the repurchase by Maiden Reinsurance in accordance with its investment guidelines, of up to $50,000 of the Company's preference shares from time to time at market prices in open market purchases or as may be privately negotiated. The authorizations that were approved on March 3, 2021 and May 6, 2021 as described above are collectively referred to as the "2021 Preference Share Repurchase Program". The following table shows the summary of the Company's preference shares repurchases made for the three months ended March 31, 2022 and 2021:
|  | For the Three Months Ended March 31, 2022 |  | For the Three Months Ended March 31, 2021 |  |  |  |  |  |
|  | Number of shares purchased |  | Average price of shares purchased |  | Number of shares purchased |  | Average price of shares purchased |  |  |  |  |  |  |  |  |  |  |  |
Series A |  | — |  |  | $ | — |  |  | 2,561,636 |  |  | $ | 14.88 |  |  |  |  |  |  |  |  |  |  |  |  |
Series C |  | 179,996 |  |  | 11.59 |  |  | 2,028,961 |  |  | 14.65 |  |  |  |  |  |  |  |  |  |  |  |  |
Series D |  | 94,865 |  |  | 10.67 |  |  | 2,023,896 |  |  | 14.60 |  |  |  |  |  |  |  |  |  |  |  |  |
Total |  | 274,861 |  |  | 11.27 |  |  | 6,614,493 |  |  | 14.72 |  |  |  |  |  |  |  |  |  |  |  |  |
Total price paid |  | $ | 3,098 |  |  |  |  | $ | 97,393 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on purchase |  | $ | 3,543 |  |  |  |  | $ | 62,450 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
The following table shows the summary of changes for the Company's preference shares outstanding (including the total of the Company's preference shares held by Maiden Reinsurance pursuant to the cash tender offer in December 2020 and the 2021 Preference Share Repurchase Program) at March 31, 2022:
|  | Series A |  | Series C |  | Series D |  | Total
Outstanding shares issued by Maiden Holdings |  | 6,000,000 |  |  | 6,600,000 |  |  | 6,000,000 |  |  | 18,600,000 |
Less: Total shares held by Maiden Reinsurance - March 31, 2022 |  | 4,064,311 |  |  | 4,410,226 |  |  | 4,031,931 |  |  | 12,506,468 |
Total shares held by non-affiliates - March 31, 2022 |  | 1,935,689 |  |  | 2,189,774 |  |  | 1,968,069 |  |  | 6,093,532 |
Percentage held by Maiden Reinsurance - March 31, 2022 |  | 67.7 | % |  | 66.8 | % |  | 67.2 | % |  | 67.2 | %
The Company's remaining authorization for preference share repurchases was $10,746 at March 31, 2022. For further discussion on the Company's preference shares, please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2021. c)Treasury Shares On February 21, 2017, the Company's Board of Directors approved the repurchase of up to $100,000 of the Company's common shares from time to time at market prices. The Company has a remaining authorization of $74,245 for common share repurchases at March 31, 2022 (December 31, 2021 - $74,245). No repurchases were made during the three months ended March 31, 2022 and 2021 under the common share repurchase plan. During the three months ended March 31, 2022, the Company repurchased a total of 403,716 common shares (2021 - 799,548) at an average price per share of $2.52 (2021 - $2.95) from employees, which represent withholding in respect of tax obligations on the vesting of both non-performance-based and discretionary performance-based restricted shares. 6. 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 March 31, 2022 |  | Change in net unrealized gains on investment |  | Foreign currency translation |  | Total
Beginning balance |  | $ | (2,693) |  |  | $ | (9,522) |  |  | $ | (12,215) |
Other comprehensive (loss) income before reclassifications |  | (12,921) |  |  | 5,592 |  |  | (7,329) |
Amounts reclassified from AOCI to net income, net of tax |  | (5,238) |  |  | — |  |  | (5,238) |
Net current period other comprehensive (loss) income |  | (18,159) |  |  | 5,592 |  |  | (12,567) |
Ending balance, Maiden shareholders |  | $ | (20,852) |  |  | $ | (3,930) |  |  | $ | (24,782) |
For the Three Months Ended March 31, 2021 |  | Change in net unrealized gains on investment |  | Foreign currency translation |  | Total
Beginning balance |  | $ | 49,357 |  |  | $ | (25,500) |  |  | $ | 23,857 |
Other comprehensive (loss) income before reclassifications |  | (20,506) |  |  | 10,146 |  |  | (10,360) |
Amounts reclassified from AOCI to net income, net of tax |  | (4,246) |  |  | — |  |  | (4,246) |
Net current period other comprehensive (loss) income |  | (24,752) |  |  | 10,146 |  |  | (14,606) |
Ending balance, Maiden shareholders |  | $ | 24,605 |  |  | $ | (15,354) |  |  | $ | 9,251 |

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 16 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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