Stockholders' Equity

12 Months Ended

Dec. 31, 2021

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, 2021, 2020, and 2019 as follows: 

	YEAR ENDED DECEMBER 31,
	2021	2020	2019
Balance, beginning of year	139,487,375	134,706,154	125,279,455
Issuance of common stock	10,899,301	4,637,445	9,251,440
Non-vested share-based awards, net of withheld shares and forfeitures	70,757	143,776	175,259
Balance, end of year	150,457,433	139,487,375	134,706,154

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. On August 6, 2021 and November 5, 2021, the Company entered into sales agreements with twelve investment banks to allow sales under its at-the-market equity offering program of up to an aggregate of $750.0 million of common stock. The Company's previous at-the-market equity program to sell up to an aggregate of $500.0 million ended in August 2021 and all remaining shares to be issued under the prior program were settled in December 2021. The following table details the Company's at-the-market activity, including forward transactions:

	WEIGHTED AVERAGE SALE PRICE per share		SHARES PRICED	SHARES SETTLED	SHARES REMAINING TO BE SETTLED	NET PROCEEDS in millions
2020	$	31.50	6,430,572	4,607,313	1,823,259	$	141.5
2021	$	31.09	9,763,680	10,859,539	727,400	$	330.3

The 0.7 million shares remaining to be settled in forward equity arrangements are expected to be settled by October 2022 for expected gross proceeds of $23.1 million. After accounting for these settlements, the Company has approximately $686.0 million remaining available to be sold under the current sales agreements at the date of this filing.

Dividends Declared

During 2021, the Company declared and paid common stock dividends aggregating $1.21 per share ($0.3025 per share per quarter).

On February 15, 2022, the Company declared a quarterly common stock dividend in the amount of $0.31 per share payable on March 15, 2022 to stockholders of record on February 28, 2022.

Authorization to Repurchase Common Stock

On May 4, 2021, the Company’s Board of Directors authorized the repurchase of up to $50.0 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 the year ended December 31, 2020, the Company entered into two treasury rate locks that were settled for an aggregate amount of $4.3 million concurrent with the Company’s issuance of its Senior Notes due 2030. This amount will be reclassified out of accumulated other comprehensive over the 10-year term of the notes. 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, 2021 and 2020:

	INTEREST RATE SWAPS as of December 31,
Dollars in thousands	2021		2020
Beginning balance	$	(17,832)	$	(6,175)
Other comprehensive loss before reclassifications	4,472		3,472
Amounts reclassified from accumulated other comprehensive income (loss)	3,379		(10,862)
Losses on settlement of treasury rate locks arising during the period	—		(4,267)
Net current-period other comprehensive (loss)	7,851		(11,657)
Ending balance	$	(9,981)	$	(17,832)

The following table represents the details regarding the reclassifications from accumulated other comprehensive income (loss) during the year ended December 31, 2021 (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	$	594	Interest Expense
Amounts reclassified from accumulated other comprehensive income (loss) related to current interest rate swaps	3,878		Interest Expense
	$	4,472