Equity

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Equity

Equity

The Company currently has a shelf registration statement on file with the SEC, under which the Company may issue and sell any combination of common stock and debt securities. The Company may sell such securities if warranted by market conditions and the Company's capital requirements.

In August 2020, the Company amended the Distribution Agreement dated February 22, 2019, with J.P. Morgan Securities LLC and MUFG Securities Americas Inc., as sales agents. This agreement, as amended, allows the offering, issuance and sale of up to 6.4 million shares of the Company's common stock in connection with an "at-the-market" offering. The common stock may be offered for sale, from time to time, in accordance with the terms and conditions of this agreement. As of September 30, 2022, the Company had capacity to issue up to 3.6 million additional shares of common stock under the "at-the-market" offering program.

Details of the Company's "at-the-market" offering activity was as follows:

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2022		2021			2022		2021
	(In millions)
Shares issued	—		1.0			—		2.8
Net proceeds *	$	—	$	34.2	**	$	(.1)	$	88.8	**

*    Net proceeds include issuance costs of $— and $149,000 for the three and nine months ended September 30, 2022, respectively, and $425,000 and $1.2 million for the three and nine months ended September 30, 2021, respectively.

**    Net proceeds were used for capital expenditures.