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Other Data
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Other Data Other Data
Taxable Income (unaudited)
The Company has elected to be taxed as a REIT, as defined under the Internal Revenue Code. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its taxable income to its stockholders.
As a REIT, the Company generally will not be subject to federal income tax on taxable income it distributes currently to its stockholders. Accordingly, no provision for federal income taxes has been made in the accompanying Consolidated Financial Statements. If the Company fails to qualify as a REIT for any taxable year, then it will be subject to federal income taxes at regular corporate rates, including any applicable alternative minimum tax, and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies as a REIT, it may be subject to certain state and local taxes on its income and property and to federal income and excise tax on its undistributed taxable income.
Earnings and profits (as defined under the Internal Revenue Code), the current and accumulated amounts of which determine the taxability of distributions to stockholders, vary from net income attributable to common stockholders and taxable income because of different depreciation recovery periods, depreciation methods, and other items.
On a tax-basis, the Company’s gross real estate assets totaled approximately $5.0 billion, $4.7 billion, and $4.4 billion as of December 31, 2021, 2020 and 2019, respectively.
The following table reconciles the Company’s consolidated net income attributable to common stockholders to taxable income for the three years ended December 31, 2021: 
 YEAR ENDED DECEMBER 31,
Dollars in thousands202120202019
Net income$66,659 $72,195 $39,185 
Reconciling items to taxable income
Depreciation and amortization69,958 80,624 67,953 
Gain or loss on disposition of depreciable assets(26,631)(23,898)(15,689)
Impairments5,043 — — 
Straight-line rent(4,331)7,485 (11,535)
Receivable allowances2,000 2,494 1,942 
Share-based compensation(2,024)5,387 2,628 
Other8,702 (2,182)12,631 
52,717 69,910 57,930 
Taxable income 1
$119,376 $142,105 $97,115 
Dividends paid$175,456 $162,557 $155,358 
1Before REIT dividend paid deduction.

Characterization of Distributions (unaudited)
Distributions in excess of earnings and profits generally constitute a return of capital. The following table gives the characterization of the distributions on the Company’s common stock for the three years ended December 31, 2021.
For the three years ended December 31, 2021, there were no preferred shares outstanding. As such, no dividends were distributed related to preferred shares for those periods.
 
202120202019
 PER SHARE%PER SHARE%PER SHARE%
Common stock
Ordinary income 1
$0.75 62.0 %$0.77 64.5 %$0.79 65.7 %
Return of capital0.36 8.0 %0.11 9.0 %0.40 33.9 %
Unrecaptured section 1250 gain0.10 30.0 %0.32 26.5 %0.01 0.4 %
Common stock distributions$1.21 100.0 %$1.20 100.0 %$1.20 100.0 %
1Reporting year ordinary income is also Code Section 199A eligible per the The Tax Cut and Jobs Act of 2017.
State Income Taxes
The Company must pay certain state income taxes, which are typically included in general and administrative expense on the Company’s Consolidated Statements of Income.
The State of Texas gross margins tax on gross receipts from operations is disclosed in the table below as an income tax because it is considered such by the Securities and Exchange Commission.
State income tax expense and state income tax payments for the three years ended December 31, 2021 are detailed in the table below: 
YEAR ENDED DECEMBER 31,
Dollars in thousands202120202019
State income tax expense
Texas gross margins tax $564 $546 $550 
Other8 8 6 
Total state income tax expense$572 $554 $556 
State income tax payments, net of refunds and collections$560 $557 $549