Stockholders' Equity

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Stockholders' Equity

Stockholders’ EquityThe Company’s authorized capital stock consists of 400,000,000 shares of common stock, $0.01 par value per share, and 100,000,000 shares of preferred stock, $0.01 par value per share. The Company has an at-the-market equity offering program (the “$300 Million ATM Program”) pursuant to which the Company may issue and sell shares of its common stock having an aggregate offering price of up to $300.0 million ($221.4 million remaining as of March 31, 2022) in amounts and at times to be determined by the Company from time to time. Prior to the implementation of the $300 Million ATM Program, the Company had a previous at-the-market equity offering program (the “Previous $300 Million ATM Program”), which was substantially utilized as of June 10, 2021 and is no longer active. Actual sales under the $300 Million ATM Program, if any, will depend on a variety of factors to be determined by the Company from time to time, including, among others, market conditions, the trading price of the Company’s common stock, determinations by the Company of the appropriate sources of funding for the Company and potential uses of funding available to the Company. During the three months ended March 31, 2022, the Company did not issue any common stock under the $300 Million ATM Program. During the three months ended March 31, 2021, the Company issued an aggregate of 706,524 shares of common stock at a weighted average offering price of $58.20 per share under the Previous $300 Million ATM Program, resulting in net proceeds of approximately $40.5 million, and paying total compensation to the applicable sales agents of approximately $0.6 million.

The Company has a share repurchase program authorizing the Company to repurchase up to 3,000,000 shares of its outstanding common stock from time to time through December 31, 2022. Purchases made pursuant to the program will be made in either the open market or in privately negotiated transactions as permitted by federal securities laws and other legal requirements. The timing, manner, price and amount of any repurchases will be determined by the Company in its discretion and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors. The program may be suspended or discontinued at any time. As of March 31, 2022, the Company had not repurchased any shares of stock pursuant to its share repurchase program.

The Company has a Non-Qualified Deferred Compensation Plan (the “Deferred Compensation Plan”) maintained for the benefit of select employees and members of the Company’s Board of Directors, in which certain of their cash and equity-based compensation may be deposited. Deferred Compensation Plan assets are held in a rabbi trust, which is subject to the claims of the Company’s creditors in the event of bankruptcy or insolvency. The shares held in the Deferred Compensation Plan are classified within stockholders’ equity in a manner similar to the manner in which treasury stock is classified. Subsequent changes in the fair value of the shares are not recognized. During the three months ended March 31, 2022 and 2021, 147,285 and 131,322 shares of common stock, respectively, were deposited into the Deferred Compensation Plan.

As of March 31, 2022, there were 1,898,961 shares of common stock authorized for issuance as restricted stock grants, unrestricted stock awards or Performance Share awards under the 2019 Plan, of which 813,601 were remaining and available for issuance. The grant date fair value per share of restricted stock awards issued during the period from February 16, 2010 (commencement of operations) to March 31, 2022 ranged from $14.20 to $78.33. The fair value of the restricted stock that was granted during the three months ended March 31, 2022 was approximately $3.0 million and the vesting period for the restricted stock is typically between one and five years. As of March 31, 2022, the Company had approximately $12.3 million of total unrecognized compensation costs related to restricted stock issuances, which is expected to be recognized over a remaining weighted average period of approximately 3.0 years. The Company recognized compensation costs of approximately $1.4 and $0.6 million for the three months ended March 31, 2022 and 2021, respectively, related to the restricted stock issuances.

The following is a summary of the total restricted shares granted to the Company’s executive officers and employees with the related weighted average grant date fair value share prices for the three months ended March 31, 2022:

Restricted Stock Activity:

	Shares	Weighted Average Grant Date Fair Value
Non-vested shares outstanding as of December 31, 2021	289,186	$	55.90
Granted	41,255	72.07
Forfeited	(1,206)	67.75
Vested	(20,558)	50.64
Non-vested shares outstanding as of March 31, 2022	308,677	$	58.37

The following is a vesting schedule of the total non-vested shares of restricted stock outstanding as of March 31, 2022:

Non-vested Shares Vesting Schedule	Number of Shares
2022 (9 months)	21,708
2023	59,253
2024	105,388
2025	71,006
2026	51,322
Thereafter	—
Total Non-vested Shares	308,677

Long-Term Incentive Plan:

As of March 31, 2022, there are three open performance measurement periods for the Performance Share awards: January 1, 2020 to December 31, 2022, January 1, 2021 to December 31, 2023, and January 1, 2022 to December 31, 2024.

The following table summarizes certain information with respect to the Performance Share awards granted on or after January 1, 2019 (dollars in thousands):

Performance Share Period	Fair Value on Date of Grant		Expense for the Three Months Ended March 31,
			2022		2021
January 1, 2019 - December 31, 2021	$	4,829	$	—	$	402
January 1, 2020 - December 31, 2022	5,572		464		464
January 1, 2021 - December 31, 2023	5,469		456		456
January 1, 2022 - December 31, 2024	6,528		544		—
Total	$	22,398	$	1,464	$	1,322

Dividends:

The following table sets forth the cash dividends paid or payable per share during the three months ended March 31, 2022:

For the Three Months Ended	Security	Dividend per Share		Declaration Date	Record Date	Date Paid
March 31, 2022	Common stock	$	0.34	February 8, 2022	March 25, 2022	April 8, 2022