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Capital Stock and Equity Awards
 3 Months Ended
Mar. 31, 2025
Stockholders' Equity Note [Abstract]  
Capital Stock and Equity Awards Capital Stock and Equity Awards
Common Shares
Total common shares outstanding increased from 45,644,318 at December 31, 2024 to 45,892,706 at March 31, 2025, reflecting 248,388 common shares issued in the three months ended March 31, 2025 related to vesting of RSUs.
Dividends
The Company declared the following dividends on common shares during the first three months of 2025 and 2024:
Date of Declaration Dividend per Common SharePayable to Shareholders of Record onPayment DateTotal Amount
2025
February 20, 2025$0.01 March 10, 2025March 31, 2025$477,412 
2024
February 15, 2024$0.05 March 11, 2024March 29, 2024$1,940,410 
Included in the total dividends for the three months ended March 31, 2025 and 2024 are $18,000 and $49,000, respectively, of dividend equivalents on unvested RSUs. The balance of dividends payable on unvested RSUs was $129,000 at March 31, 2025 and $252,000 at December 31, 2024.
Equity Incentive Plans
The Company’s shareholders have approved various equity incentive plans, including the 2014 Long Term Incentive Plan (“2014 LTIP”) and the 2014 Non-Employee Director Incentive Plan (“2014 Director Plan”) (collectively, the “Plans”). All awards issued under the Plans are issued at the discretion of the Board of Directors.
Employees are eligible to receive non-qualified stock options, incentive stock options, share appreciation rights, performance shares, restricted shares, RSUs, and other awards under the 2014 LTIP. At March 31, 2025, the maximum number of shares available for issuance under the 2014 LTIP was 5,507,650 and 476,100 shares were available for grant.
On July 26, 2022, the Board of Directors of the Company approved a new long-term incentive plan (the “LTI Plan”) under the 2014 LTIP. The LTI Plan is designed to align compensation of designated senior officers of the Company with Company performance and shareholder interests over the long-term. Awards under the LTI Plan are made in the form of performance restricted share units (a “PRSU”) and service based restricted share units (RSUs).
Each PRSU represents a contingent right to receive one Company common share based upon the level of achievement of certain performance metrics during the performance period, with payout for achievement of threshold, target and maximum performance levels to be set at 50%, 100% and 200% of the target number of PRSUs, respectively. The PRSUs awarded in the first quarter of 2023 have a performance period of January 1, 2023 through December 31, 2025. The PRSUs awarded in the first quarter of 2024 have a performance period of January 1, 2024 through December 31, 2026. The PRSUs awarded in the first quarter of 2025 have a performance period of January 1, 2025 through December 31, 2027.
Non-employee directors of the Company are eligible to receive non-qualified stock options, share appreciation rights, performance shares, restricted shares, RSUs, and other awards under the 2014 Director Plan. At March 31, 2025, the maximum number of shares available for issuance under the 2014 Director Plan was 250,000 and 50,410 shares were available for grant.
Generally, awards issued under the 2014 LTIP and 2014 Director Plan vest immediately in the event that an award recipient is terminated without Cause (as defined in the applicable plans), and in the case of the 2014 LTIP for Good Reason (as defined in the applicable plans), at any time following a Change in Control (as defined in the applicable plans).
RSUs
The following table summarizes RSU activity:
Three Months Ended March 31,
20252024
 SharesWeighted-
Average
Grant Date
Fair Value		SharesWeighted-
Average
Grant Date
Fair Value
  
Unvested, beginning of period885,173 $15.30 751,254 $23.48 
Granted1,321,733 $3.68 498,698 $9.80 
Vested(358,399)$17.96 (264,088)$25.18 
Forfeited— $— — $— 
Unvested, end of period1,848,507 $6.48 985,864 $16.11 
Outstanding RSUs granted to employees generally vest ratably over a three year vesting period in the case of time-vest RSUs and cliff vest at the end of a three-year performance period in the case of PRSUs. RSUs granted to non-employee directors generally have a one year vesting period. The holders of RSUs are entitled to dividend equivalents. The dividend equivalents are settled in cash at the same time that the underlying RSUs vest and are subject to the same risk of forfeiture as the underlying shares. The fair value of the RSUs granted is generally based on the market price of the underlying shares at the date of grant. The RSUs granted in 2025 and 2024 include 620,108 and 231,492 PRSU awards, respectively. Initial PRSU awards are granted at the 100% target performance level. The Company projects the level of achievement for each award during the performance period and periodically adjusts the number of outstanding awards to reflect the number of awards expected to vest.
Options
At December 31, 2023, the Company had 74,390 options outstanding with an average weighted exercise price of $42.17. The options lapsed in the three months ended March 31, 2024, after which, there have been no options outstanding.
Compensation Expense
Share based compensation expense is recognized on a straight-line basis over the vesting period. The amount of expense and related tax benefit is summarized below:
 Three Months Ended
March 31,
 20252024
 (in thousands)
Share based compensation expense$2,660 $2,675 
U.S. tax benefit on share based compensation expense516 498 
At March 31, 2025, the Company had $8.5 million of unrecognized share based compensation expense expected to be charged to earnings over a weighted-average period of 2.2 years.