Stockholders Equity

12 Months Ended

Dec. 31, 2020

Stockholders' Equity

Stockholders' Equity

Note 21. Stockholders’ Equity

Common stock dividends

The following table presents cash dividends declared by our board of directors on our common stock from January 1, 2019 through December 31, 2020:

Declaration Date	Record Date	Payment Date	Dividend per Share
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)
June 15, 2020	June 30, 2020	July 31, 2020	$	0.25
September 16, 2020	September 30, 2020	October 30, 2020	$	0.30
December 14, 2020	December 31, 2020	January 29, 2021	$	0.35

(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 RSU and RSA activity for the year ended December 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
Outstanding, March 31, 2020	1,157,761	$	18,126	$	15.66
Vested	(16,452)		(227)		13.78
Outstanding, June 30, 2020	1,141,309	$	17,900	$	15.68
Granted	17,200		200		11.63
Vested	(26,602)		(320)		12.03
Forfeited	(2,258)		(37)		16.26
Outstanding, September 30, 2020	1,129,649	$	17,743	$	15.71
Vested	(254,521)		(3,958)		15.55
Canceled	(3,049)		(48)		15.86
Outstanding, December 31, 2020	872,079	$	13,737	$	15.75

During the years ended December 31, 2020 and 2019, the Company recognized $5.4 million and $1.5 million, respectively of noncash compensation expense related to its stock-based incentive plan in our consolidated statements of income, respectively.

At December 31, 2020 and 2019, approximately $13.7 million and $15.7 million, respectively of noncash compensation expense related to unvested awards had not yet been charged to net income. These costs are expected to be amortized into compensation expense ratably over the course of the remainder of the respective vesting periods.