Shareholders' Equity

3 Months Ended

Mar. 31, 2021

Stockholders' Equity Note [Abstract]

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.


	Three Months Ended March 31,
(in thousands)	2021	2020
Issued and outstanding common shares, beginning of year	13,783	13,794
Issuance of common shares	1	2
Repurchase of common shares	(19)	(21)
Issued and outstanding common shares, end of period	13,765	13,775

b) The Company has 10,000,000 shares of no par value preferred stock authorized, of which 600,000 shares were issued and outstanding at March 31, 2021 and December 31, 2020.

c) Net income (loss) per common share was determined by dividing adjusted net income (loss) to common shareholders by the applicable weighted average common shares outstanding. 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 (loss) per common share is computed by dividing adjusted net income (loss) to common shareholders by the weighted average number of common shares and dilutive potential common shares outstanding during the period.


	Three Months Ended March 31,
(in thousands, except per share amounts)		2021		2020
Net income (loss) to common shareholders		$	573,694	$	(1,405,763)
Adjustment of redeemable noncontrolling interests		7,906		16,013
Adjusted net income (loss) to common shareholders		$	581,600	$	(1,389,750)

Basic common shares outstanding		13,819		13,815

Dilutive potential common shares from restricted stock units and restricted stock (1)		22		—
Diluted common shares outstanding		13,841		13,815
Basic net income (loss) per common share		$	42.09	$	(100.60)
Diluted net income (loss) per common share (1)		$	42.02	$	(100.60)

(1) The impact of restricted stock units and restricted stock of 13 thousand shares was excluded from the computation of diluted earnings per common share for the three months ended March 31, 2020 because the effect would have been anti-dilutive.