v3.26.1
Shareholders' Equity
 6 Months Ended
Jun. 30, 2026
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,
(in ones)
2026202520262025
Issued and outstanding common shares, beginning of period12,530,957 12,702,640 12,589,631 12,790,117 
Issuance of common shares3,732 1,406 9,103 3,664 
Repurchase of common shares(125,198)(49,866)(189,243)(139,601)
Issued and outstanding common shares, end of period12,409,491 12,654,180 12,409,491 12,654,180 
b) The Company has 10,000,000 shares of no par value preferred stock authorized, none of which were issued or outstanding at June 30, 2026 and December 31, 2025. 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, which included $8.1 million of redemption premiums. The Company declared and paid dividends on outstanding preferred shares of $18.0 million, or $30 per share, in the quarter ended June 30, 2025.

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)2026202520262025
Net income to common shareholders$1,168,839 $631,039 $956,550 $752,753 
Adjustment and purchase of redeemable noncontrolling interests
(864)1,301 (27,301)34,642 
Adjusted net income to common shareholders$1,167,975 $632,340 $929,249 $787,395 
Weighted average basic common shares outstanding
12,548 12,697 12,589 12,750 
Weighted average dilutive potential common shares from restricted stock units and restricted stock44 33 42 32 
Weighted average diluted common shares outstanding
12,592 12,730 12,631 12,782 
Basic net income per common share$93.08 $49.80 $73.81 $61.76 
Diluted net income per common share
$92.76 $49.67 $73.57 $61.60