Common shareholder's equity, mezzanine equity, and non-controlling interests

Common shareholder's equity

The authorized share capital of the Company consists of 500,000,000 Common shares, $0.01 par value per share, and 100,000,000 Preference shares, $0.01 par value per share.

The following table presents changes in the Company's issued and outstanding Common shares as of March 31, 2020 and 2019, respectively:



	Three months ended March 31,
(Millions)	2020	2019
Common shares:
Shares issued and outstanding, beginning of period	115,299,341	115,151,251
Issuance of shares to directors and employees	—	111,052
Shares issued and outstanding, end of period	115,299,341	115,262,303

Dividends

The Company did not pay dividends to common shareholders during the three months ended March 31, 2020 and 2019.

Mezzanine equity

Series B Preference Shares

Sirius Group has issued 11,901,670 of the 15,000,000 designated Series B preference shares, with a par value of $0.01 per share.

The Series B preference shares rank senior to common shares with respect to dividend rights, rights of liquidation, winding-up, or dissolution of the Company and junior to all of the Company's existing and future policyholder obligations and debt obligations. Without the consent of the holders of the Series B preference shares, the Company may not issue any class or series of shares that rank senior or pari passu with the Series B preference shares as to the payment of dividends or as to distribution of assets upon any voluntary or involuntary liquidation, winding-up or dissolution of the Company, if the aggregate gross proceeds from the issuance of all such senior or pari passu shares equals or exceeds $100 million.

The Company adjusts the carrying value of the Series B preference shares to equal the redemption value at the end of each reporting period. At March 31, 2020 and December 31, 2019, the balance of the Series B preference shares was $199.6 million and $223.0 million, respectively.

Non-controlling interests

Non-controlling interests consist of the ownership interests of non-controlling shareholders in consolidated entities and are presented separately on the balance sheet. At March 31, 2020 and December 31, 2019, Sirius Group's balance sheet included $2.6 million and $2.4 million, respectively, in non-controlling interests.

The following tables show the change in non-controlling interest for the three months ended March 31, 2020 and 2019:



(Millions)	For the three months ended March 31, 2020		For the three months ended March 31, 2019
Non-controlling interests, beginning of the period	$	2.4	$	1.7
Net income attributable to non-controlling interests	0.2		0.4
Other, net	—		0.1
Non-controlling interests, end of the period	$	2.6	$	2.2

Alstead Re

As of March 31, 2020 and December 31, 2019, Sirius Group recorded non-controlling interest of $2.5 million and $2.3 million, respectively, in Alstead Re Insurance Company ("Alstead Re"). (See Note 17.)