Shareholders' Equity and Share-Based Compensation (Notes)

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Shareholders' Equity and Share-based Compensation

SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION

Preferred Stock. The Company's articles of incorporation authorize the issuance of up to 50,000,000 shares of preferred stock, par value $0.01 per share. The Company’s Board of Directors has designated 6,600,000 shares for issuance as Series C Preferred Stock, of which the Company has 4,460,000 of such shares outstanding as of March 31, 2021. During the first quarter of 2021, the Company redeemed the remaining 2,788,330 outstanding shares of its 7.625% Series B Cumulative Redeemable Preferred Stock at an aggregate redemption price of approximately $25.15 per share, which included accumulated and unpaid dividends declared as of the redemption date February 15, 2021. The excess of the $25.00 liquidation price per share over the carrying value of the preferred stock redeemed resulted in a charge of $(2,987) to net income to common shareholders for the three months ended March 31, 2021.

The Series C Preferred Stock has no stated maturity, is not subject to any sinking fund or mandatory redemption, and will remain outstanding indefinitely unless redeemed or otherwise repurchased or converted into common stock pursuant to the terms of the Series C Preferred Stock. Except under certain limited circumstances described in Article IIIC of the Company’s Restated Articles of Incorporation, as amended, the Company may not redeem the Series C Preferred Stock prior to April 15, 2025. On or after that date, the Series C Preferred Stock may be redeemed at any time and from time to time at the Company's option at a cash redemption price of $25.00 per share plus any accumulated and unpaid dividends. Because the Series C Preferred Stock is redeemable only at the option of the issuer, it is classified as equity on the Company’s consolidated balance sheet.

The Series C Preferred stock pays a cumulative cash dividend equivalent to 6.900% of the $25.00 liquidation preference per share each year until April 15, 2025 upon which date and thereafter, the Company will pay cumulative cash dividends at a percentage of the $25.00 liquidation value per share equal to an annual floating rate of three-month LIBOR plus a spread of 5.461%. The Company paid its regular quarterly dividend of $0.43125 per share of Series C Preferred Stock on April 15, 2021 to shareholders of record as of April 1, 2021.

Common Stock. The following table summarizes information regarding monthly dividend declarations on the Company’s common stock during the three months ended March 31, 2021:

	Three Months Ended
	March 31, 2021
Declaration Date	Amount Declared		Record Date	Payment Date
January 13, 2021	$	0.13	January 25, 2021	February 1, 2021
February 11, 2021	0.13		February 22, 2021	March 1, 2021
March 11, 2021	0.13		March 22, 2021	April 1, 2021

Stock and Incentive Plans. The Company’s 2020 Stock and Incentive Plan reserves for issuance up to 2,300,000 common shares for eligible employees, non-employee directors, consultants, and advisors to the Company to be granted in the form of stock options, restricted stock, restricted stock units, stock appreciation rights, performance units, and performance cash awards. Awards previously granted under the 2018 Plan or any other prior equity plan will remain outstanding and valid in accordance with their terms, but no new awards will be granted under the 2018 Plan or any other prior equity plan. Total stock-based compensation expense recognized by the Company for the three months ended March 31, 2021 was $452 compared to $307 for the three months ended March 31, 2020. The following table presents a rollforward of the restricted stock activity for the periods indicated:

	Three Months Ended
	March 31, 2021			March 31, 2020
	Shares	Weighted Average Grant Date Fair Value Per Share		Shares	Weighted Average Grant Date Fair Value Per Share
Restricted stock outstanding as of beginning of period	281,761	$	14.74	119,213	$	18.56
Granted	16,722	19.03		67,511	17.10
Vested	(59,024)	18.02		(48,569)	19.02
Restricted stock outstanding as of end of period	239,459	$	14.23	138,155	$	17.69

As of March 31, 2021, the grant date fair value of the Company’s remaining nonvested restricted stock is $2,626 which will be amortized into compensation expense over a weighted average period of 2.1 years.