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SHARE CAPITAL
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
SHARE CAPITAL SHARE CAPITAL
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 millionsDecember 31, 2021December 31, 2020
Preferred shares issued (1)
4.04.0
Preferred shares outstanding (1)
4.04.0
__________
(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:

In millionsDecember 31, 2021December 31, 2020December 31, 2019
Common shares issued566.1 566.1 566.1 
Less: Treasury shares for which dividend and voting rights do not apply
(104.9)(107.0)(112.8)
Common shares outstanding461.2 459.1 453.3 

During the year ended December 31, 2019, the company entered into three forward contracts to purchase its common shares. During the year ended December 31, 2021, the three forward contracts were fully settled and the corresponding collateral received was returned to the counterparty. As such, there was no liability on the forward contracts and no corresponding net collateral as of December 31, 2021 (December 31, 2020: total liability was $309.0 and net collateral received was $104.1 million).

The details of the forward contracts for the year ended December 31, 2020 are as follows:

Year ended December 31, 2020
In millions, except strike price and forward pricesCommon Shares PurchasedInitial Strike PriceForward PriceHedge Completion DateValue of Total Treasury Shares RecordedSettlement DateTotal 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 company did not purchase shares in the open market during the year ended December 31, 2021, (December 31, 2020: none). Separately, an aggregate of 2.7 million shares were withheld on vesting events during the year ended December 31, 2021 to meet employees' withholding tax obligations (December 31, 2020: 3.4 million). The fair value of these common shares withheld at the respective withholding dates was $60.9 million (December 31, 2020: $47.1 million). At December 31, 2021, approximately $732.2 million remained authorized under the company's common share repurchase authorization approved by the Board on July 22, 2016 (December 31, 2020: $732.2 million).

Total treasury shares at December 31, 2021 were 115.7 million (December 31, 2020: 121.6 million), including 10.8 million unvested restricted common stock awards (December 31, 2020: 14.6 million) for which dividend and voting rights apply. The market price of common shares at the end of 2021 was $23.02. The total market value of the company's 115.7 million treasury shares was $2.7 billion at December 31, 2021.
Movements in Treasury Shares comprise:
Year ended
In millionsDecember 31, 2021December 31, 2020December 31, 2019
Beginning balance121.6 128.2 103.0 
Acquisition of common shares2.7 3.4 34.7 
Distribution of common shares(8.4)(9.3)(9.2)
Common shares distributed to meet ESPP obligation(0.2)(0.7)(0.3)
Ending balance115.7 121.6 128.2