Equity

3 Months Ended

Mar. 31, 2026

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. 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 months ended March 31, 2026, the Company sold 134,200 shares of common stock through its at-the-market equity program and raised proceeds of $6.1 million, net of $0.1 million in commissions paid. During the three months ended March 31, 2025, the Company did not utilize the at-the-market equity program.

The Company’s changes in total equity for the three months ended March 31, 2026 and 2025 were as follows:

	Three Months Ended March 31, 2026
	Common Stock			Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Noncontrolling Interest		Total Equity
	Shares	Amount
	(In thousands)
Balance at January 1, 2026	59,638	$	596	$	973,454	$	729,276	$	(13,922)	$	2,571	$	1,691,975
Net income	—	—		—		4,037		—		—		4,037
Issuance of common stock	233	3		7,515		—		—		—		7,518
Repurchase of common stock	(18)	—		(823)		—		—		—		(823)
Dividends paid on common stock ($0.335 per share)	—	—		—		(19,980)		—		—		(19,980)
Other comprehensive income, net of tax (a)	—	—		—		—		385		—		385
Investment in business with noncontrolling interest	—	—		(33)		—		—		33		—
Balance at March 31, 2026	59,853	$	599	$	980,113	$	713,333	$	(13,537)	$	2,604	$	1,683,112

	Three Months Ended March 31, 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)	—	—		—		13,331		—		(129)		13,202
Issuance of common stock	110	1		2,133		—		—		—		2,134
Repurchase of common stock	(24)	—		(1,109)		—		—		—		(1,109)
Dividends paid on common stock ($0.34 per share)	—	—		—		(20,226)		—		—		(20,226)
Other comprehensive income, net of tax (a)	—	—		—		—		154		—		154
Investment in business with noncontrolling interest	—	—		(310)		—		—		310		—
Distribution to noncontrolling interest	—	—		—		—		—		(452)		(452)
Balance at March 31, 2025	59,570	$	596	$	967,689	$	668,023	$	(7,063)	$	2,744	$	1,631,989

(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.