Note 21 – Stockholders’ Equity

Equity offering

In December 2019, we completed a public offering of 6,000,000 shares of our common stock at a public offering price of $15.30 per share and an additional 900,000 shares of common stock at a public offering price of $15.30 per share pursuant to the underwriter’s full exercise of the over-allotment option in January 2020. Proceeds, net of offering costs and expenses were $91.8 million and $13.8 million for December 2019 and January 2020, respectively. There were no equity offerings during 2018.

Common stock dividends

The following table presents cash dividends declared by our board of directors on our common stock from December 12, 2018 through March 31, 2020:


			Dividend per
Declaration Date	Record Date	Payment Date	Share
December 12, 2018	December 31, 2018	January 31, 2019	$	0.40
March 12, 2019	March 28, 2019	April 30, 2019	$	0.40
June 11, 2019	June 28, 2019	July 31, 2019	$	0.40
September 10, 2019	September 30, 2019	October 31, 2019	$	0.40
December 11, 2019	December 31, 2019	January 31, 2020	$	0.40
March 11, 2020	March 31, 2020	April 30, 2020	$	0.40	(1)

(1) Dividends paid in a combination of cash, not to exceed 20% in the aggregate, and common stock.

Stock incentive plan

The Company currently maintains the 2012 equity incentive plan (“the 2012 Plan”). The 2012 Plan authorizes the Compensation Committee to approve grants of equity-based awards to our officers, directors, and employees of our Manager and its affiliates. The equity incentive plan provides for grants of equity-based awards up to an aggregate of 5% of the shares of the Company’s common stock issued and outstanding from time to time on a fully diluted basis.

The Company’s current policy for issuing shares upon settlement of stock-based incentive awards is to issue new shares. The fair value of the RSUs and RSAs granted, which is determined based upon the stock price on the grant date, is recorded as compensation expense on a straight-line basis over the vesting periods for the awards, with an offsetting increase in stockholders’ equity.

The following table summarizes the Company’s RSA activity for the three months ended March 31, 2020:


	Restricted Stock Awards
(In Thousands, except share data)	Number of Shares	Grant date fair value		Weighted-average grant date fair value (per share)
Outstanding, January 1	1,009,617	$	15,722	$	15.57
Granted	208,514		3,298		15.82
Vested	(60,370)		(894)		14.81
Forfeited	—		—		—
Outstanding, March 31, 2020	1,157,761	$	18,126	$	15.66

During the three months ended March 31, 2020, the Company recognized $0.9 million of noncash compensation expense related to its stock-based incentive plan in our unaudited interim consolidated statements of income. During the three months ended March 31, 2019, the Company recognized $0.7 million of noncash compensation.

At March 31, 2020 and 2019, approximately $18.1 million and $2.7 million of noncash compensation expense related to unvested awards had not yet been charged to net income, respectively. These costs are expected to be amortized into compensation expense ratably over the course of the remainder of the respective vesting periods.