EQUITY

9 Months Ended

Sep. 30, 2020

Common Stock

On December 11, 2019, the Company established an at-the-market equity offering program (the “ATM Program”) pursuant to which shares of its common stock having an aggregate gross sales price of up to $400.0 million may be sold from time to time (i) by the Company through a consortium of banks acting as sales agents or directly to the banks acting as principals or (ii) by a consortium of banks acting as forward sellers on behalf of any forward purchasers pursuant to a forward sale agreement. The use of a forward sale agreement would allow the Company to lock in a share price on the sale of shares at the time the agreement is effective, but defer receiving the proceeds from the sale of the shares until a later date. The Company may also elect to cash settle or net share settle all or a portion of its obligations under any forward sale agreement.

During the three months ended September 30, 2020, the Company sold 1.4 million shares under the ATM Program at an average price of $15.70 per share, generating gross proceeds of $21.4 million, before $0.3 million of commissions. During the nine months ended September 30, 2020, the Company sold 1.6 million shares under the ATM Program at an average price of

$16.26 per share, generating gross proceeds of $25.3 million, before $0.4 million of commissions. As of September 30, 2020, the Company has not utilized the forward feature of the ATM Program and had $314.7 million available under the ATM Program.

The following table lists the cash dividends on common stock declared and paid by the Company during the nine months ended September 30, 2020:

Declaration Date

Record Date

Amount Per Share

Dividend Payable Date

February 4, 2020

February 14, 2020

0.45

February 28, 2020

May 6, 2020

May 18, 2020

0.30

May 29, 2020

August 5, 2020

August 17, 2020

0.30

August 31, 2020

During the nine months ended September 30, 2020, the Company issued 164,224 shares of common stock as a result of restricted stock unit vestings.

Upon any payment of shares to employees as a result of restricted stock unit vestings, the employees’ related tax withholding obligation will generally be satisfied by the Company, reducing the number of shares to be delivered by a number of shares necessary to satisfy the related applicable tax withholding obligation. During the nine months ended September 30, 2020 and 2019, the Company incurred $0.9 million and $1.3 million, respectively, in tax withholding obligations on behalf of its employees that were satisfied through a reduction in the number of shares delivered to those participants.

Accumulated Other Comprehensive Loss

The following is a summary of the Company’s accumulated other comprehensive loss (in thousands):


	September 30, 2020		December 31, 2019
Foreign currency translation loss	$	(702)	$	(1,516)
Unrealized loss on cash flow hedges	(48,468)		(10,872)
Total accumulated other comprehensive loss	$	(49,170)	$	(12,388)