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 $74.2 million for share repurchases at June 30, 2022. There were no share repurchases during the three months ended June 30, 2022 under the share repurchase authorization.
Subsequent to the three months ended June 30, 2022 and through the period ended August 9, 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 of both non-performance-based and discretionary performance-based restricted shares.
Preference Shares
On March 3, 2021 and May 6, 2021, the Company's Board of Directors approved the repurchase, including the repurchase by Maiden Reinsurance in accordance with its investment guidelines, of up to $100.0 million and $50.0 million, respectively, of the Company's preference shares from time to time at market prices in open market purchases or as may be privately negotiated .
The following table shows the summary of the Company's preference shares repurchases made for the three and six months ended June 30, 2022 and 2021, respectively:
For the Three Months Ended June 30, 2022 For the Three Months Ended June 30, 2021 For the Six Months Ended June 30, 2022 For the Six Months Ended June 30, 2021
Number of shares purchased Average price of shares purchased Number of shares purchased Average price of shares purchased Number of shares purchased Average price of shares purchased Number of shares purchased Average price of shares purchased
Series A 435,639 $ 5.27 822,104 $ 14.52 435,639 $ 5.27 3,383,740 $ 14.79
Series C 445,746 5.26 646,817 14.17 625,742 7.08 2,675,778 14.54
Series D 425,263 5.27 433,623 14.22 520,128 6.26 2,457,519 14.53
Total 1,306,648 5.27 1,902,544 14.33 1,581,509 6.31 8,517,037 14.64
Total price paid (in millions) $ 6.9 $ 27.3 $ 10.0 $ 124.7
Gain on purchase (in millions) $ 24.7 $ 18.7 $ 28.2 $ 81.2
As of June 30, 2022 , the Company had a remaining authorization of $3.9 million for preference share repurchases.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
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