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EQUITY
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
EQUITY EQUITY
Common Stock
On February 23, 2023, 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 $500.0 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. The forward sale agreements have a one year term during which time the Company may settle the forward sales by delivery of physical shares of common stock to the forward purchasers or, at the Company’s election, in cash or net shares. The forward sale price that the Company expects to receive upon settlement will be the initial forward price established upon the effective date, subject to adjustments for (i) the forward purchasers’ stock borrowing costs and (ii) certain fixed price reductions during the term of the agreement.
During the three months ended September 30, 2024, the Company utilized the forward feature of the ATM Program to allow for the sale of up to 4.2 million shares of the Company’s common stock at an initial weighted average price of $16.10 per share, net of commissions, and the Company settled 2.3 million shares at a weighted average net price of $15.13 per share, after commissions and fees, resulting in net proceeds of $35.1 million.
During the nine months ended September 30, 2024, the Company utilized the forward feature of the ATM Program to allow for the sale of up to 7.3 million shares of the Company’s common stock at an initial weighted average price of $15.41 per share, net of commissions, and the Company settled 5.0 million shares at a weighted average net price of $14.70 per share, after commissions and fees, resulting in net proceeds of $74.2 million.
As of September 30, 2024, 2.2 million shares remained outstanding under the forward sale agreements, with an initial weighted average price of $16.77 per share, net of commissions.
No other shares were sold under the ATM Program during the three and nine months ended September 30, 2024.
As of September 30, 2024, the Company had $386.7 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, 2024:
Declaration Date Record Date Amount Per Share Dividend Payable Date
February 1, 2024 February 13, 2024 $0.30  February 29, 2024
May 8, 2024May 20, 2024$0.30 May 31, 2024
August 7, 2024August 19, 2024$0.30 August 30, 2024
During the nine months ended September 30, 2024, the Company issued 0.3 million shares of common stock as a result of restricted stock unit vestings.
Upon any payment of shares to team members as a result of restricted stock unit vestings, the team members’ 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, 2024 and 2023, the Company incurred $2.0 million and $1.4 million, respectively, in tax withholding obligations on behalf of its team members that were satisfied through a reduction in the number of shares delivered to those participants.
Accumulated Other Comprehensive Income
The following is a summary of the Company’s accumulated other comprehensive income (in thousands):
September 30, 2024December 31, 2023
Foreign currency translation (loss) gain$(263)$963 
Unrealized gain on cash flow hedges17,202 22,782 
Total accumulated other comprehensive income$16,939 $23,745