Equity

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Equity

Equity

On May 14, 2025, 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 (2025 Equity Agreement) from time to time, depending on market conditions, through an at-the-market equity program over the succeeding three years. The 2025 Equity Agreement replaced the previous agreement that ended in the second quarter of 2025. Pursuant to the terms of the 2025 Equity Agreement, the Company may enter into forward sale agreements with forward counterparties. The Company intends to use the net proceeds from equity 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. During the three and nine months ended September 30, 2025, the Company did not utilize the at-the-market equity program.

During the three months ended September 30, 2024, the Company sold 638,977 shares of common stock through its previous at-the-market equity program and raised proceeds of $34.5 million, net of $0.3 million in commissions paid under the equity distribution agreement. During the nine months ended September 30, 2024, the Company sold 1,638,977 shares of common stock through its previous 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.

The Company’s changes in total equity for the three and nine months ended September 30, 2025 and 2024 were as follows:

	Three Months Ended September 30, 2025
	Common Stock			Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Noncontrolling Interest		Total Equity
	Shares	Amount
	(In thousands)
Balance at June 30, 2025	59,581	$	596	$	968,820	$	692,319	$	(6,909)	$	2,443	$	1,657,269
Net income (loss)	—	—		—		61,230		—		(114)		61,116
Issuance of common stock	12			2,344		—		—		—		2,344
Repurchase of common stock	(2)	—		(112)		—		—		—		(112)
Dividends paid on common stock ($0.30 per share)	—	—		—		(17,876)		—		—		(17,876)
Other comprehensive income, net of tax (a)	—	—		—		—		154		—		154
Investment in business with noncontrolling interest	—	—		(92)		—		—		92		—
Balance at September 30, 2025	59,591	$	596	$	970,960	$	735,673	$	(6,755)	$	2,421	$	1,702,895

	Nine Months Ended September 30, 2025
	Common Stock			Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Noncontrolling Interest		Total Equity
	Shares	Amount
	(In thousands)
Balance at January 1, 2025	59,484	$	595	$	966,975	$	674,918	$	(7,217)	$	3,015	$	1,638,286
Net income (loss)	—	—		—		116,729		—		(361)		116,368
Issuance of common stock	136	1		5,869		—		—		—		5,870
Repurchase of common stock	(29)	—		(1,326)		—		—		—		(1,326)
Dividends paid on common stock ($0.94 per share)	—	—		—		(55,974)		—		—		(55,974)
Other comprehensive income, net of tax (a)	—	—		—		—		462		—		462
Investment in business with noncontrolling interest	—	—		(558)		—		—		558		—
Distribution to noncontrolling interest	—	—		—		—		—		(791)		(791)
Balance at September 30, 2025	59,591	$	596	$	970,960	$	735,673	$	(6,755)	$	2,421	$	1,702,895

	Three Months Ended September 30, 2024
	Common Stock			Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Noncontrolling Interest		Total Equity
	Shares	Amount
	(In thousands)
Balance at June 30, 2024	58,825	$	588	$	929,376	$	627,705	$	(13,068)	$	3,090	$	1,547,691
Net income (loss)	—	—		—		60,680		—		(126)		60,554
Issuance of common stock	650	7		36,085		—		—		—		36,092
Repurchase of common stock	(2)	—		(104)		—		—		—		(104)
Dividends paid on common stock ($0.28 per share)	—	—		—		(16,472)		—		—		(16,472)
Other comprehensive income, net of tax (a)	—	—		—		—		3,871		—		3,871
Investment in business with noncontrolling interest	—	—		(79)		—		—		79		—
Balance at September 30, 2024	59,473	$	595	$	965,278	$	671,913	$	(9,197)	$	3,043	$	1,631,632

	Nine Months Ended September 30, 2024
	Common Stock			Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Noncontrolling Interest		Total Equity
	Shares	Amount
	(In thousands)
Balance at January 1, 2024	57,724	$	577	$	876,583	$	549,573	$	—	$	3,579	$	1,430,312
Net income (loss)	—	—		—		171,148		—		(527)		170,621
Issuance of common stock	1,778	18		90,514		—		—		—		90,532
Repurchase of common stock	(29)	—		(1,339)		—		—		—		(1,339)
Dividends paid on common stock ($0.84 per share)	—	—		—		(48,808)		—		—		(48,808)
Other comprehensive loss, net of tax (a)	—	—		—		—		(9,197)		—		(9,197)
Investment in business with noncontrolling interest	—	—		(480)		—		—		480		—
Distribution to noncontrolling interest	—	—		—		—		—		(489)		(489)
Balance at September 30, 2024	59,473	$	595	$	965,278	$	671,913	$	(9,197)	$	3,043	$	1,631,632

(a) This accumulated other comprehensive loss component is included in the computation of net periodic benefit costs for the Company’s supplemental executive retirement plan (SERP), specifically the following components: amortization of unrecognized (gain) loss and amortization of prior service credit.