Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2020

Reconciliation of beginning and ending common stock outstanding

The following table provides a reconciliation of the beginning and ending shares of common stock outstanding for the nine months ended September 30, 2020 and the year ended December 31, 2019:


	SEPTEMBER 30, 2020	DECEMBER 31, 2019
Balance, beginning of period	134,706,154	125,279,455
Issuance of common stock	1,292,324	9,251,440
Nonvested share-based awards, net of withheld shares	55,462	175,259
Balance, end of period	136,053,940	134,706,154

Earnings (loss) per share

The following table sets forth the computation of basic and diluted earnings per common share for the three and nine months ended September 30, 2020 and 2019.


	THREE MONTHS ENDED SEPTEMBER 30,				NINE MONTHS ENDED SEPTEMBER 30,
Dollars in thousands, except per share data	2020		2019		2020		2019
Weighted average common shares outstanding
Weighted average common shares outstanding	136,048,781		129,865,985		135,393,798		128,348,638
Non-vested shares	(1,739,364)		(1,775,911)		(1,731,658)		(1,777,743)
Weighted average common shares outstanding - basic	134,309,417		128,090,074		133,662,140		126,570,895

Weighted average common shares outstanding - basic	134,309,417		128,090,074		133,662,140		126,570,895
Dilutive effect of forward equity shares	—		—		—		—
Dilutive effect of employee stock purchase plan	47,810		78,610		74,029		85,690
Weighted average common shares outstanding - diluted	134,357,227		128,168,684		133,736,169		126,656,585

Net Income	$	8,230	$	2,601	$	88,058	$	11,975
Dividends paid on nonvested share-based awards	(522)		(534)		(1,561)		(1,603)
Net income applicable to common stockholders	$	7,708	$	2,067	$	86,497	$	10,372





Basic earnings per common share - net income	$	0.06	$	0.02	$	0.65	$	0.08


Diluted earnings per common share - net income	$	0.06	$	0.02	$	0.65	$	0.08

Summary of the activity under the incentive plan

A summary of the activity under the Company's share-based incentive plans for the three and nine months ended September 30, 2020 and 2019 is included in the table below.


	THREE MONTHS ENDED SEPTEMBER 30,		NINE MONTHS ENDED SEPTEMBER 30,
	2020	2019	2020	2019
Share-based awards, beginning of period	1,739,258	1,778,134	1,754,066	1,769,863
Granted	188	—	79,025	89,767
Vested 1	—	(204,548)	(93,645)	(286,044)

Share-based awards, end of period	1,739,446	1,573,586	1,739,446	1,573,586

1The Company's former Executive Chairman, David R. Emery, died on September 30, 2019 resulting in the accelerated vesting of 204,548 outstanding nonvested share-based awards.

Summary of employee stock purchase plan activity

A summary of the activity under the Purchase Plan for the three and nine months ended September 30, 2020 and 2019 is included in the table below.


	THREE MONTHS ENDED SEPTEMBER 30,		NINE MONTHS ENDED SEPTEMBER 30,
	2020	2019	2020	2019
Outstanding and exercisable, beginning of period	361,719	363,218	332,659	328,533
Granted	—	—	212,716	235,572
Exercised	(3,504)	(9,927)	(17,871)	(28,943)
Forfeited	(6,659)	(11,762)	(36,154)	(51,559)
Expired	—	—	(139,794)	(142,074)
Outstanding and exercisable, end of period	351,556	341,529	351,556	341,529