Shareholders' equity

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Shareholders' equity

17. 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 an annual rate of 5% 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 semi-annually on April 15 and October 15 in each year. The 5% preferred stock represents 0.03% and 0.03% of the total issued share capital as of December 31, 2025, and 2024, respectively.

The holders of the 7% ‘A’ preferred stock are entitled to a fixed preferred dividend at an annual rate of 7% 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 semi-annually on April 5 and October 5 in each year. The 7% ‘A’ preferred stock represent 0.49% and 0.48% of the total issued share capital as of December 31, 2025 and 2024, respectively.

For the years ended December 31, 2025, 2024, and 2023, dividends declared on 5% preferred stock and 7% ‘A’ preferred stock were all less than $1 million, respectively.

During 2025 and 2024, a total of 11,701,135 and 15,872,321 shares of Common stock (equivalent to 1.66% and 2.21% of the Company’s issued share capital) were repurchased at an average price of $100.91 and $82.01 per share under the share buyback program, respectively. During 2025 and 2024, all repurchased shares of Common stock were retired on repurchase.

As of December 31, 2025 and 2024, 38,315,792 and 41,355,384 shares were held as Treasury stock, equivalent to 5.42% and 5.75% of the Common stock issued, respectively.