Shareholders' equity

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Shareholders' equity

18. Shareholders' equity

The Company’s capital stock consists of common stock, 5% preferred stock and 7% ‘A’ preferred stock. Holders of the Company’s common stock are entitled to one vote per share.

The holders of the 5% preferred stock are entitled to a fixed preferred dividend at a rate of 5% per annum and priority in a winding-up to repayment of capital but have no further right to participate in profits or assets and are not entitled to be present or vote at general meetings unless their dividend is in arrears. Dividends on the 5% preferred stock are payable half-yearly on April 15 and October 15 in each year. The 5% preferred stock represent 0.03% and 0.03% of the total issued share capital at December 31, 2024, and 2023, respectively.

The holders of the 7% ‘A’ preferred stock are entitled to a fixed preferred dividend at a rate of 7% per annum, and subject to the rights of the holders of the 5% preferred stock, priority in a winding-up to repayment of capital, but have no further right to participate in profits or assets and are not entitled to be present or vote at general meetings unless their dividend is in arrears or unless the business of the meeting includes certain matters. Dividends on the 7% ‘A’ preferred stock are payable half-yearly on April 5 and October 5 in each year. The 7% ‘A’ preferred stock represent 0.48% and 0.47% of the total issued share capital at December 31, 2024 and 2023, respectively.

For the years ended December 31, 2024, 2023, and 2022, dividends declared on 5% preferred stock and 7% ‘A’ preferred stock were all less than $1 million, respectively.

During 2024 and 2023, a total of 15,872,321 and 54,900,928 shares of Common stock (equivalent to 2.21% and 7.47% of the Company’s issued share capital) were repurchased at an average price of $82.01 and $54.92 per share under the share buyback program, respectively. During 2024, all repurchased shares of Common stock were retired on repurchase. During 2023, 17,620,740 shares of Treasury stock (equivalent to 2.40% of the Company’s issued share capital) were retired.

At December 31, 2024 and 2023, 41,355,384 and 42,419,281 shares were held as Treasury stock, equivalent to 5.75% and 5.78% of the Common stock issued, respectively.