Equity

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Equity

Note 8. Equity

Common Stock

Our charter provides for the issuance of up to 500,000,000 shares of common stock with a par value of $0.01 per share. We had 140,055,714 common shares issued and 139,620,078 and 139,840,088 common shares outstanding as of June 30, 2022 and December 31, 2021, respectively.

The following table provides a summary of the number of common shares outstanding during the six months ended June 30, 2022 and 2021, including redeemable common stock:

	Six Months Ended
Common Stock Outstanding	June 30, 2022			June 30, 2021
Beginning balance		139,840,088			132,848,720
Conversion of fully vested RSUs to common shares		-			584,767
Repurchase of common shares		(220,010	)		-
Ending balance		139,620,078			133,433,487

Repurchased Shares

We entered into an agreement (the “10b5-1 Purchase Plan”) with Morgan & Stanley Co. LLC, pursuant to which Morgan Stanley & Co. LLC, as our agent, will buy in the open market up to $25.0 million of our common stock in the aggregate during the period beginning on December 6, 2021 and ending at the earlier of 12 months and the date on which all the capital committed to the 10b5-1 Purchase Plan is expended. The 10b5-1 Purchase Plan will require Morgan Stanley & Co. LLC to purchase shares of our common stock on our behalf when the market price per share is below the book value per common share, subject to certain daily limits prescribed by the 10b5-1 Purchase Plan. For the period from December 6, 2021 through June 30, 2022, we repurchased 435,636 shares of common stock under the repurchase program at an average price per share of $16.93 for a total of $7.4 million.

Dividends

The following table details our dividend activity for common and preferred stock ($ in thousands, except per share data):

	For the Quarter Ended
	March 31, 2022				June 30, 2022
	Amount		Per Share		Amount		Per Share
Dividends declared - common stock	$	51,672	$	0.37	$	51,659	$	0.37
Record Date - common stock	March 31, 2022				June 30, 2022
Payment Date - common stock	April 15, 2022				July 15, 2022

	For the Quarter Ended
	March 31, 2021				June 30, 2021
	Amount		Per Share		Amount		Per Share
Dividends declared - common stock	$	50,000	$	0.37	$	50,000	$	0.37
Dividends declared - preferred stock(1)	$	4	$	0.03	$	4	$	0.03
Record Date - common stock	March 19, 2021				June 16, 2021
Payment Date - common stock	April 1, 2021				July 7, 2021

Includes 125 preferred units issued at a price of $1,000 per unit and entitled to a 12.5% dividend paid semi-annually that were redeemed on December 15, 2021 at a price of $1,000 per unit.