EQUITY

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

EQUITY

EQUITY

As of December 31, 2024 and 2023, common stock issued and outstanding were 59,484,145 and 57,723,738 shares, respectively.

Effective January 1, 2019, the Company implemented an Employee Stock Purchase Plan (ESPP). Under the ESPP, qualified employees are permitted to purchase the Company’s common stock at 90% of the market value of the common stock on the specified stock purchase date. The ESPP is deemed compensatory and compensation costs will be accounted for under ASC 718, Stock Compensation. Employees’ payroll deductions for common stock purchases may not exceed 10% of their salaries. Employees may purchase up to 2,000 shares per period provided that the value of the shares purchased in any calendar year may not exceed $25,000, as calculated pursuant to the ESPP. The Company recorded expense of $0.3 million, $0.3 million, and $0.2 million for 2024, 2023, and 2022, respectively. The Company issued 56,825, 50,319, and 40,095 shares of common stock related to the ESPP in 2024, 2023, and 2022, respectively.

On April 29, 2022, the Company entered into an equity distribution agreement to sell shares of its common stock having an aggregate gross sales price of up to $350.0 million from time to time depending on market conditions through an at-the-market equity program over the following three years. The Company intends to use the net proceeds from these sales, after deducting commissions and offering expenses, for general corporate purposes, which may include working capital, construction and acquisition expenditures, investments and repurchases, and redemptions of securities. In 2024, the Company sold 1,638,977 shares of common stock through its at-the-market equity program and raised proceeds of $86.5 million, net of $0.9 million in commissions paid under the equity distribution agreement. In 2023, the Company sold 2,025,891 shares of common stock through its at-the-market equity program and raised proceeds of $112.7 million, net of $1.1 million in commissions paid. The Company also incurred $0.3 million and $0.2 million of equity issuance costs in 2024 and 2023, respectively.