Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity and Use of Proceeds
Items 2. (a) and (b) are not applicable.
2. (c) Share Repurchases
Common Shares
On February 21, 2017, the Company's Board of Directors approved the repurchase of up to $100.0 million of the Company's common shares from time to time at market prices. The Company has a remaining authorization of $74,245 for share repurchases at March 31, 2022. There were no share repurchases during the three months ended March 31, 2022 under the share repurchase authorization.
Subsequent to the three months ended March 31, 2022 and through the period ended May 10, 2022, the Company did not repurchase any additional common shares which represent tax withholding in respect of tax obligations on the vesting of performance based shares.
Preference Shares
On March 3, 2021, our Board approved the repurchase (including the repurchase by Maiden Reinsurance in accordance with its investment guidelines) of up to $100.0 million of our preference shares from time to time at market prices in open market purchases or as may be privately negotiated.
On May 6, 2021, the Company's Board of Directors approved the additional repurchase, including the repurchase by Maiden Reinsurance in accordance with its investment guidelines (as may be amended), of up to $50.0 million of the Company's preference shares from time to time at market prices in open market purchases or as may be privately negotiated.
The table below shows the Company's preference shares repurchases made in the three months ended March 31, 2022 and 2021:
For the Three Months Ended March 31, 2022 For the Three Months Ended March 31, 2021
Number of shares purchased Average price of shares purchased Number of shares purchased Average price of shares purchased
Series A — $ — 2,561,636 $ 14.88
Series C 179,996 11.59 2,028,961 14.65
Series D 94,865 10.67 2,023,896 14.60
Total 274,861 11.27 6,614,493 14.72
Total price paid (in millions) $ 3.1 $ 97.4
Gain on purchase (in millions) $ 3.5 $ 62.5
As of March 31, 2022 , the Company had a remaining authorization of $10.7 million for preference share repurchases.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
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