Share Capital

3 Months Ended

Mar. 31, 2021

The preferred shares issued in connection with the acquisition of OppenheimerFunds have a $0.20 par value, liquidation preference of $1,000 per share and fixed cash dividend rate of 5.90% per annum, payable quarterly on a non-cumulative basis. Shares of preferred stock are not redeemable prior to the 21st anniversary of their original issue date of May 24, 2019. The number of preferred shares issued and outstanding is represented in the table below:


	As of
in millions	March 31, 2021	December 31, 2020
Preferred shares issued (1)	4.0	4.0

Preferred shares outstanding (1)	4.0	4.0

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(1) Preferred shares are held by MassMutual and are subject to a lock-up period of five years, which disallows the sale of preferred shares by MassMutual during the five-year period beginning on the original issue date of May 24, 2019.

The number of common shares and common share equivalents issued are represented in the table below:


	As of
in millions	March 31, 2021	December 31, 2020


Common shares issued	566.1	566.1
Less: Treasury shares for which dividend and voting rights do not apply	(104.6)	(107.0)
Common shares outstanding (2)	461.5	459.1

__________

(2)Common shares outstanding includes 75.6 million common shares held by MassMutual that are subject to a two-year lock-up period, which disallows the sale of common shares by MassMutual during the two-year period beginning on the original issue date of May 24, 2019.

In 2019, the company entered into forward contracts to purchase its common shares. The details of the unsettled forward contracts as of March 31, 2021 and December 31, 2020 are as follows:


in millions, except strike and forward prices	March 31, 2021
	Common Shares Purchased	Initial Strike Price		Forward Price		Hedge Completion Date	Value of Total Treasury Shares Recorded		Settlement Date	Total Liability Recorded

$200 million - entered on July 2, 2019	10.0	$	20.00	$	12.00	07/30/2019	$	193.7	04/01/2021	$	120.0
$100 million - entered on August 27, 2019	6.0	$	16.59	$	12.00	09/27/2019	$	102.6	04/01/2021	$	72.3
	16.0						$	296.3		$	192.3


in millions, except strike and forward prices	December 31, 2020
	Common Shares Purchased	Initial Strike Price		Forward Price		Hedge Completion Date	Value of Total Treasury Shares Recorded		Settlement Date	Total Liability Recorded
$200 million - entered on May 13, 2019	9.8	$	20.51	$	12.00	05/30/2019	$	198.7	01/04/2021	$	117.0
$200 million - entered on July 2, 2019	10.0	$	20.00	$	12.00	07/30/2019	$	193.7	04/01/2021	$	119.4
$100 million - entered on August 27, 2019	6.0	$	16.59	$	12.00	09/27/2019	$	102.6	04/01/2021	$	72.6
	25.8						$	495.0		$	309.0

The forward contract entered on May 13, 2019 settled on January 4, 2021 for $117.0 million. As of March 31, 2021, the company’s net collateral received related to the forward contracts was $182.9 million (December 31, 2020: $104.1 million net collateral received). The collateral is in a net received position when the forward price is less than Invesco's common share price. The company's total liability and payable related to the collateral received are recorded in accounts payable and accrued expense on the Condensed Consolidated Balance Sheets. The remaining forward contracts settled on April 1, 2021.