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Stockholders' Equity
 6 Months Ended
Jun. 30, 2021
Equity [Abstract]  
Stockholders' equity Stockholders' Equity
Common Stock    
The following table provides a reconciliation of the beginning and ending shares of common stock outstanding for the six months ended June 30, 2021 and the year ended December 31, 2020:
SIX MONTHS ENDEDTWELVE MONTHS ENDED
JUNE 30, 2021DECEMBER 31, 2020
Balance, beginning of period139,487,375 134,706,154 
Issuance of common stock5,890,468 4,637,445 
Nonvested share-based awards, net of withheld shares 151,729 143,776 
Balance, end of period145,529,572 139,487,375 
At-The-Market Equity Offering Program
The Company has in place an at-the-market equity offering program to sell up to an aggregate of $500.0 million of the Company’s common stock from time to time. The following table details the Company's at-the-market activity, including forward transactions:
WEIGHTED AVERAGE SALE PRICE
per share		SHARES PRICEDSHARES SETTLEDSHARES REMAINING TO BE SETTLEDNET PROCEEDS
in millions
Balance at December 31, 2020
$— — — 1,823,259 $— 
1Q 2021
$30.09 215,532 2,038,791 — $62.7 
2Q 2021
$30.99 5,835,400 3,827,971 2,007,429 $116.1 
July 2021
$31.06 1,670,186 — 3,677,615 $— 
The 3.7 million shares remaining to be settled in forward equity arrangements are expected to be settled by July 2022, and the Company expects gross proceeds of $114.8 million, depending on the timing of settlement. Expected net proceeds are calculated by reducing the initial price by adjustments provided in the forward equity arrangements. After accounting for these settlements, the Company has approximately $58.2 million remaining available to be sold under the current sales agreements at the date of this filing.
Common Stock Dividends
During the six months ended June 30, 2021, the Company declared and paid common stock dividends totaling $0.6050 per share. On August 3, 2021, the Company declared a quarterly common stock dividend in the amount of $0.3025 per share payable on August 31, 2021 to stockholders of record on August 16, 2021.
Earnings Per Common Share
The Company uses the two-class method of computing net earnings per common shares. The Company's non-vested share-based awards are considered participating securities pursuant to the two-class method.
During the three months ended June 30, 2021, the Company entered into forward sale agreements to sell approximately 5.8 million shares of common stock through the Company's at-the-market equity offering program. The Company considered the accounting guidance governing financial instruments and derivatives to account for these agreements and concluded that it was not a liability as it did not embody obligations to repurchase our shares of common stock nor did it embody obligations to issue a variable number of shares for which the monetary value was predominately fixed, varying with something other than the fair value of the shares, or varying inversely in relation to the shares. In addition, the Company evaluated whether the agreements met the derivative and hedging guidance scope exception to be accounted for as an equity instrument and concluded that the agreements can be classified as equity.
The Company used the treasury method to determine the dilution from the forward equity agreements during the period of time prior to settlement. The number of weighted-average shares outstanding used in the computation of earnings per common share for the three and six months ended June 30, 2021 included the effect from the assumed issuance of 2.0 million shares of common stock pursuant to the settlement of the forward equity agreements at the contractual price, less the assumed repurchase of the common stock at the average market price using the proceeds, adjusted for costs to borrow. For the three and six months ended June 30, 2021, no weighted-average incremental shares of common stock were excluded from the computation of weighted-average common shares outstanding - diluted.
The following table sets forth the computation of basic and diluted earnings per common share for the three and six months ended June 30, 2021 and 2020.
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
Dollars in thousands, except per share data2021202020212020
Weighted average common shares outstanding
Weighted average common shares outstanding143,700,491 135,367,081 142,142,577 135,062,708 
Non-vested shares(1,783,278)(1,733,435)(1,788,410)(1,727,762)
Weighted average common shares outstanding - basic141,917,213 133,633,646 140,354,167 133,334,946 
Weighted average common shares outstanding - basic141,917,213 133,633,646 140,354,167 133,334,946 
Dilutive effect of forward equity shares61,064 — 27,896 2,149 
Dilutive effect of employee stock purchase plan70,711 62,266 85,714 83,217 
Weighted average common shares outstanding - diluted142,048,988 133,695,912 140,467,777 133,420,312 
Net Income$23,096 $75,513 $47,118 $79,828 
Dividends paid on nonvested share-based awards(539)(521)(1,080)(1,039)
Net income applicable to common stockholders$22,557 $74,992 $46,038 $78,789 
Basic earnings per common share - net income $0.16 $0.56 $0.33 $0.59 
Diluted earnings per common share - net income $0.16 $0.56 $0.33 $0.59 

Incentive Plans
During the six months ended June 30, 2021, the Company made the following stock awards:
•On January 1, 2021, the Company granted non-vested stock awards to certain officers with a grant date fair value of $0.6 million, which consisted of an aggregate 21,396 non-vested shares through its salary deferral program.
•On February 10, 2021, the Company granted non-vested stock awards to its four named executive officers, five senior vice presidents, and five first vice presidents with a grant date fair value totaling $3.8 million, which consisted of an aggregate 124,648 non-vested shares, with a five-year vesting period.
•Also, on February 10, 2021, the Company granted a performance-based award to its officers, excluding the four named executive officers, five senior vice presidents, and five first vice presidents totaling $0.6 million, which consisted of an aggregate 19,679 non-vested shares.
•On May 11, 2021, the Company granted non-vested stock awards to its eight directors with a grant date fair value totaling $1.2 million, which consisted of an aggregate 36,682 non-vested shares, with a one-year vesting period.
•On June 21, 2021, the Company granted a non-vested stock award to an employee, which consisted of 1,296 non-vested shares as a discretionary grant.
A summary of the activity under the Company's share-based incentive plans for the three and six months ended June 30, 2021 and 2020 is included in the table below.
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
 2021202020212020
Share-based awards, beginning of period1,786,371 1,724,761 1,766,061 1,754,066 
Granted37,978 39,493 203,701 78,837 
Vested(46,041)(24,996)(191,454)(93,645)
Share-based awards, end of period1,778,308 1,739,258 1,778,308 1,739,258 
During the six months ended June 30, 2021 and 2020, the Company withheld 51,972 and 23,563 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 and six months ended June 30, 2021 and 2020 is included in the table below.
THREE MONTHS ENDED JUNE 30,SIX MONTHS ENDED JUNE 30,
 2021202020212020
Outstanding and exercisable, beginning of period415,299 370,696 341,647 332,659 
Granted— — 253,200 212,716 
Exercised(3,012)(2,463)(18,977)(14,367)
Forfeited(22,873)(6,514)(42,034)(29,495)
Expired— — (144,422)(139,794)
Outstanding and exercisable, end of period389,414 361,719 389,414 361,719