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Stockholders' Equity
 12 Months Ended
Dec. 31, 2019
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
Common Stock
The Company had no preferred shares outstanding and had common shares outstanding for the three years ended December 31, 2019 as follows: 
 
YEAR ENDED DECEMBER 31,
 
2019

2018

2017

Balance, beginning of year
$
125,279,455

$
125,131,593

$
116,416,900

Issuance of common stock
9,251,440

26,203

8,395,607

Non-vested share-based awards, net of withheld shares and forfeitures
175,259

121,659

319,086

Balance, end of year
$
134,706,154

$
125,279,455

$
125,131,593



Equity Offering
On March 19, 2019, the Company issued 3,737,500 shares of common stock, par value $0.01 per share, at $31.40 per share in an underwritten public offering pursuant to the Company's existing effective registration statement. The net proceeds of the offering, after underwriting discounts and offering expenses, were approximately $115.8 million.

At-The-Market Equity Offering Program
The Company has in place an at-the-market equity offering program to sell shares of the Company’s common stock from time to time in at-the-market sales transactions. The following table details the shares sold under this program.
 
SHARES SOLD

SALE PRICE
per share
NET PROCEEDS
in millions

2019
5,470,673

$32.01 - $33.77
$
179.1

2018
—

NA
$
—

2017
—

NA
$
—


The Company had 398,024 authorized shares remaining available to be sold under the current sales agreements as of January 31, 2020 and no shares were sold related to this program during 2017 or 2018.

Dividends Declared
During 2019, the Company declared and paid common stock dividends aggregating $1.20 per share ($0.30 per share per quarter).
On February 11, 2020, the Company declared a quarterly common stock dividend in the amount of $0.30 per share payable on March 9, 2020 to stockholders of record on February 24, 2020.

Authorization to Repurchase Common Stock
On April 30, 2019, the Company’s Board of Directors authorized the repurchase of up to $50 million of outstanding shares of the Company’s common stock either in the open market or through privately negotiated transactions, subject to market conditions, regulatory constraints, and other customary conditions. The Company is not obligated under this authorization to repurchase any specific number of shares. This authorization supersedes all previous stock repurchase authorizations. As of the date of these Consolidated Financial Statements, the Company has not repurchased any shares of its common stock under this authorization.

Accumulated Other Comprehensive Loss
During each of the two years ended December 31, 2019 and 2018, the Company entered into interest rate swaps to hedge the variable cash flows associated with existing variable-rate debt. The Company continues to amortize the 2015 settlement of forward-starting interest rate swaps. This amount will be reclassified out of accumulated other comprehensive loss impacting net income over the 10-year term of the associated senior note issuance. See Note 10 for more information regarding the Company's derivative instruments.
The following table represents the changes in accumulated other comprehensive loss during the years ended December 31, 2019 and 2018:
 
INTEREST RATE SWAPS
as of December 31,
Dollars in thousands
2019

2018

Beginning balance
$
(902
)
$
(1,299
)
Other comprehensive loss before reclassifications
319

424

Amounts reclassified from accumulated other comprehensive income (loss)
(5,592
)
(27
)
Net current-period other comprehensive (loss) income
(5,273
)
397

Ending balance
$
(6,175
)
$
(902
)


The following table represents the details regarding the reclassifications from Accumulated other comprehensive income (loss) during the year ended December 31, 2019 (dollars in thousands):
DETAILS ABOUT ACCUMULATED OTHER COMPREHENSIVE
INCOME (LOSS) COMPONENTS
AMOUNT RECLASSIFIED
from accumulated other comprehensive income (loss)

AFFECTED LINE ITEM
in the statement where net
income is presented
Amounts reclassified from accumulated other comprehensive income (loss) related to settled interest rate swaps
$
168

Interest Expense
Amounts reclassified from accumulated other comprehensive income (loss) related to current interest rate swaps
151

Interest Expense
 
$
319