Stockholders' Equity

3 Months Ended

Mar. 31, 2020

Common Stock

The following table provides a reconciliation of the beginning and ending shares of common stock outstanding for the three months ended March 31, 2020 and the year ended December 31, 2019:



	MARCH 31, 2020	DECEMBER 31, 2019
Balance, beginning of period	134,706,154	125,279,455
Issuance of common stock	210,271	9,251,440
Nonvested share-based awards, net of withheld shares	15,781	175,259
Balance, end of period	134,932,206	134,706,154

At-The-Market Equity Offering Program

On February 14, 2020, the Company entered into sales agreements with six investment banks to allow sales under its at-the-market equity offering program of up to an aggregate of $500.0 million of common stock. During the first quarter of 2020, the Company sold 196,250 shares under the Company's at-the-market equity offering program generating approximately $7.0 million in net proceeds at prices to the public ranging from $33.00 to $36.15 per share (weighted average of $36.09 per share). No shares were sold from March 18, 2020 through the date of this filing. The Company had $492.9 million remaining available to be sold under the current sales agreements at the date of this filing.

Common Stock Dividends

During the three months ended March 31, 2020, the Company declared and paid common stock dividends totaling $0.30 per share. On May 5, 2020, the Company declared a quarterly common stock dividend in the amount of $0.30 per share payable on May 29, 2020 to stockholders of record on May 15, 2020.

Earnings Per Common Share

The Company uses the two-class method of computing net earnings per common shares. The Company's nonvested share-based awards are considered participating securities pursuant to the two-class method. The following table sets forth the computation of basic and diluted earnings per common share for the three months ended March 31, 2020 and 2019.



	THREE MONTHS ENDED MARCH 31,
Dollars in thousands, except per share data	2020			2019
Weighted average common shares outstanding
Weighted average common shares outstanding	134,758,335			125,908,335
Non-vested shares	(1,722,090		)	(1,778,700		)
Weighted average common shares outstanding - basic	133,036,245			124,129,635

Weighted average common shares outstanding - basic	133,036,245			124,129,635
Dilutive effect of employee stock purchase plan	113,321			102,132
Weighted average common shares outstanding - diluted	133,149,566			124,231,767

Net Income	$	4,315		$	4,891
Dividends paid on nonvested share-based awards	(517		)	(536		)
Net income applicable to common stockholders	$	3,798		$	4,355

Basic earnings per common share - net income	$	0.03		$	0.04
Diluted earnings per common share - net income	$	0.03		$	0.04

Incentive Plans

A summary of the activity under the Company's share-based incentive plans for the three months ended March 31, 2020 and 2019 is included in the table below.



	THREE MONTHS ENDED MARCH 31,
	2020		2019
Share-based awards, beginning of period	1,754,066		1,769,863
Granted	39,344		64,771
Vested	(68,649	)	(50,507	)
Share-based awards, end of period	1,724,761		1,784,127

During the three months ended March 31, 2020 and 2019, the Company withheld 23,563 and 19,546 shares of common stock, respectively, from participants to pay estimated withholding taxes related to shares that vested.

In addition to the share-based incentive plans, the Company maintains the 2000 Employee Stock Purchase Plan (the "Purchase Plan"). A summary of the activity under the Purchase Plan for the three months ended March 31, 2020 and 2019 is included in the table below.



	THREE MONTHS ENDED MARCH 31,
	2020		2019
Outstanding and exercisable, beginning of period	332,659		328,533
Granted	212,716		235,572
Exercised	(11,904	)	(14,630	)
Forfeited	(22,981	)	(16,625	)
Expired	(139,794	)	(142,074	)
Outstanding and exercisable, end of period	370,696		390,776