v3.26.3
Shareholders' Equity
 9 Months Ended
Sep. 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 September 30, Nine Months Ended September 30,
(in ones)
2026202520262025
Issued and outstanding common shares, beginning of period12,409,491 12,654,180 12,589,631 12,790,117 
Issuance of common shares8,204 2,844 17,307 6,508 
Repurchase of common shares(168,019)(36,512)(357,262)(176,113)
Issued and outstanding common shares, end of period12,249,676 12,620,512 12,249,676 12,620,512 

b) The Company has 10,000,000 shares of no par value preferred stock authorized, none of which were issued or outstanding at September 30, 2026 and December 31, 2025. In the second quarter of 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 second quarter of 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 September 30, Nine Months Ended September 30,
(in thousands, except per share amounts)2026202520262025
Net income to common shareholders$259,255 $751,336 $1,215,805 $1,504,089 
Adjustment and purchase of redeemable noncontrolling interests
(33,347)(4,653)(60,648)29,989 
Adjusted net income to common shareholders$225,908 $746,683 $1,155,157 $1,534,078 
Weighted average basic common shares outstanding
12,405 12,562 12,527 12,687 
Weighted average dilutive potential common shares from restricted stock units and restricted stock42 40 43 33 
Weighted average diluted common shares outstanding
12,447 12,602 12,570 12,720 
Basic net income per common share$18.21 $59.44 $92.21 $120.92 
Diluted net income per common share
$18.15 $59.25 $91.90 $120.60