Stockholders' Equity and Non-Controlling Interests (Tables)

12 Months Ended

Dec. 31, 2021

Stockholders' Equity Note [Abstract]

Summary of Common Stock

We issued common stock in a public offering as follows during the year ended December 31, 2021:

	Shares issued	Price		Proceeds
Issuance date	(in thousands)	per share		(in thousands)
12/10/2021	16,000	$	24.57	$	393,120

Schedule of Dividends Declared by Board of Directors

Our board of directors declared the following dividends during the years ended December 31, 2021, 2020 and 2019:

Declaration Date	Record Date	Ex-Dividend Date	Payment Date	Amount		Frequency
12/15/21	12/31/21	12/30/21	1/14/22	$	0.48	Quarterly
9/15/21	9/30/21	9/29/21	10/15/21	0.48		Quarterly
6/14/21	6/30/21	6/29/21	7/15/21	0.48		Quarterly
3/11/21	3/31/21	3/30/21	4/15/21	0.48		Quarterly
12/9/20	12/31/20	12/30/20	1/15/21	0.48		Quarterly
9/16/20	9/30/20	9/29/20	10/15/20	0.48		Quarterly
6/16/20	6/30/20	6/29/20	7/15/20	0.48		Quarterly
2/25/20	3/31/20	3/30/20	4/15/20	0.48		Quarterly
11/18/19	12/31/19	12/30/19	1/15/20	0.48		Quarterly
8/7/19	9/30/19	9/27/19	10/15/19	0.48		Quarterly
5/8/19	6/28/19	6/27/19	7/15/19	0.48		Quarterly
2/28/19	3/29/19	3/28/19	4/15/19	0.48		Quarterly

Summary of Share Awards Granted Under the Manager Equity Plan

The table below summarizes our share awards granted or vested under the Manager Equity Plan and the 2017 Manager Equity Plan during the years ended December 31, 2021, 2020 and 2019 (dollar amounts in thousands):

Grant Date	Type	Amount Granted	Grant Date Fair Value		Vesting Period
November 2020	RSU	1,800,000	$	30,078	3 years
September 2019	RSU	1,200,000	29,484		(1)
April 2018	RSU	775,000	16,329		3 years
March 2017	RSU	1,000,000	22,240		3 years

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(1)Of the amount granted, 218,898 vested immediately on the grant date and the remaining amount vests over a three-year period.

Schedule of Common Stock Issued to Manager as Incentive Compensation

The following shares of common stock were issued, without restriction, to our Manager as part of the incentive and base management compensation due under the Management Agreement during the years ended December 31, 2021, 2020 and 2019:

Timing of Issuance	Shares of Common Stock Issued	Price per share
November 2021	18,649	$	26.08
August 2021	97,151	25.79
May 2021	267,378	24.54
February 2021	332,002	22.55
May 2020	2,065,322	(1)
February 2020	355,910	25.51
November 2019	38,942	24.08
March 2019	495,363	22.16

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(1)1,422,143 shares of common stock were issued with a share price of $13.42 relating to the first quarter base management fee. 643,179 shares of common stock were issued with a share price of $12.25 relating to the first quarter incentive fee.

Summary of Share-Based Compensation Expenses

The following table summarizes our share-based compensation expenses during the years ended December 31, 2021, 2020 and 2019 (in thousands):

	For the Year Ended December 31,
	2021		2020		2019
Management fees:
Manager incentive fee	$	35,135	$	15,405	$	10,082
Base management fee	—		19,088		—
2017 Manager Equity Plan (1)	19,448		17,987		20,255
	54,583		52,480		30,337
General and administrative:
2017 Equity Plan (1)	19,838		13,254		15,900
	19,838		13,254		15,900
Total share-based compensation expense (2)	$	74,421	$	65,734	$	46,237

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(1)Share-based compensation expense relating to the Manager Equity Plan is reflected within the 2017 Manager Equity Plan. Share-based compensation expense relating to the Non-Executive Director Stock Plan and the Equity Plan are reflected within the 2017 Equity Plan.

(2)The income tax benefit associated with the share-based compensation expense for the years ended December 31, 2021, 2020 and 2019 was immaterial.

Schedule of Non-Vested Shares and Share Equivalents

	2017 Equity Plan	2017 Manager Equity Plan	Total	Weighted Average Grant Date Fair Value (per share)
Balance as of January 1, 2021	1,594,605	2,286,896	3,881,501	$	17.26
Granted	1,708,935	—	1,708,935	22.14
Vested	(764,781)	(991,619)	(1,756,400)	18.44
Forfeited	(132,029)	—	(132,029)	18.99
Balance as of December 31, 2021	2,406,730	1,295,277	3,702,007	18.90

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(1)Equity-based award activity for awards granted under the Equity Plan and Non-Executive Director Stock Plan is reflected within the 2017 Equity Plan column, and for awards granted under the Manager Equity Plan, within the 2017 Manager Equity Plan column.

Summary of Vesting Schedule

	2017 Equity	2017 Manager
	Plan	Equity Plan	Total
2022	646,771	845,277	1,492,048
2023	451,679	450,000	901,679
2024	1,308,280	—	1,308,280
Total	2,406,730	1,295,277	3,702,007