v3.25.2
Shareholders' Equity
 6 Months Ended
Jun. 30, 2025
Stockholders' Equity Note [Abstract]  
Shareholders' Equity Shareholders' Equity
a) The Company has 50,000,000 shares of no par value common stock authorized. The following table presents a rollforward of changes in common shares issued and outstanding.

Quarter Ended June 30, Six Months Ended June 30,
(shares in ones)
2025202420252024
Issued and outstanding common shares, beginning of period12,702,640 13,023,511 12,790,117 13,131,672 
Issuance of common shares1,406 2,603 3,664 3,987 
Repurchase of common shares(49,866)(64,082)(139,601)(173,627)
Issued and outstanding common shares, end of period12,654,180 12,962,032 12,654,180 12,962,032 

b) The Company also has 10,000,000 shares of no par value preferred stock authorized, of which 600,000 shares were issued and outstanding at December 31, 2024. In June 2025, the Company redeemed in full its outstanding 600,000 6.00% Fixed-Rate Reset Non-Cumulative Series A preferred shares for $1,000 per share, for an aggregate value of $600.0 million. At June 30, 2025, none of the Company's preferred shares were issued and outstanding. The Company declared and paid dividends on outstanding preferred shares of $18.0 million, or $30 per share, in both the quarters ended June 30, 2025 and 2024.

c) Net income per common share was determined by dividing adjusted net income to common shareholders by the applicable weighted average common shares outstanding. Weighted average basic common shares outstanding include restricted stock units that are no longer subject to any contingencies for issuance, but for which corresponding shares have not been issued. Diluted net income per common share is computed by dividing adjusted net income to common shareholders by the weighted average number of common shares and dilutive potential common shares outstanding during the period. The following table presents basic net income per common share and diluted net income per common share.

Quarter Ended June 30, Six Months Ended June 30,
(in thousands, except per share amounts)2025202420252024
Net income to common shareholders$631,039 $249,701 $752,753 $1,274,885 
Adjustment and purchase of redeemable noncontrolling interests
1,301 (6,100)34,642 (38,702)
Adjusted net income to common shareholders$632,340 $243,601 $787,395 $1,236,183 
Weighted average basic common shares outstanding
12,697 13,053 12,750 13,095 
Weighted average dilutive potential common shares from restricted stock units and restricted stock
33 28 32 23 
Weighted diluted common shares outstanding
12,730 13,081 12,782 13,118 
Basic net income per common share$49.80 $18.66 $61.76 $94.40 
Diluted net income per common share
$49.67 $18.62 $61.60 $94.24