STOCKHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2022

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

NOTE 9. STOCKHOLDERS’ EQUITY

Equity Distribution Agreement

During the nine months ended September 30, 2022, we sold 447,020 shares of common stock for net proceeds of $4.2 million pursuant to an Equity Distribution agreement, dated February 23, 2021, entered into with Wells Fargo Securities, LLC and BofA Securities, Inc., as sales agents, relating to the at–the–market offer and sale of shares of our common stock from time to time (the “Equity Distribution Agreement”). During the nine months ended September 30, 2021, we sold 357,148 shares of common stock under this program for net proceeds of $3.4 million.

Cash Dividends

The following table summarizes our dividends declared and paid in each of the quarterly periods of 2022 and 2021:

	Dividends per
	Common Share		Dividends Paid
2022
Q3	$	0.145	$	22,559
Q2		0.145		22,494
Q1		0.145		22,673
2021
Q4	$	0.145	$	22,351
Q3		0.145		22,506
Q2		0.145		22,331
Q1		0.145		22,155

On October 27, 2022, our Board of Directors declared a quarterly dividend of $0.145 per share of common stock to be paid on November 15, 2022 to stockholders of record at the close of business on November 8, 2022.

Accumulated Other Comprehensive Loss

Components of comprehensive income (loss) are net income (loss) and all changes in equity during a period except those resulting from transactions with owners. Our accumulated other comprehensive loss consists of changes in the fair value of our interest rate swap derivative instruments, net of tax. See Note 15 for further details on our interest rate swap derivative instruments.

The following table presents the changes in accumulated other comprehensive loss, net of tax:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Beginning accumulated other comprehensive loss	$	—	$	(3,044)	$	(984)	$	(5,006)
Other comprehensive income, net of tax:
Loss recognized in other comprehensive income		—		(458)		(405)		(529)
Loss reclassified from accumulated other comprehensive loss to interest expense		—		1,474		1,389		3,507
Total other comprehensive income		—		1,016		984		2,978
Ending accumulated other comprehensive loss	$	—	$	(2,028)	$	—	$	(2,028)