Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2022

Reconciliation of common stock outstanding

The following table provides a reconciliation of the beginning and ending shares of common stock outstanding for the three months ended March 31, 2022 and the twelve months ended December 31, 2021:


	THREE MONTHS ENDED	TWELVE MONTHS ENDED
	MARCH 31, 2022	DECEMBER 31, 2021
Balance, beginning of period	150,457,433	139,487,375
Issuance of common stock	740,818	10,899,301
Non-vested share-based awards, net of withheld shares	407,161	70,757
Balance, end of period	151,605,412	150,457,433

At-the-market activity

The following table details the Company's forward at-the-market activity:


	WEIGHTED AVERAGE SALE PRICE per share		FORWARD SHARE CONTRACTS	SHARES SETTLED	SHARES REMAINING TO BE SETTLED	NET PROCEEDS in millions
Balance at December 31, 2021	$	—	—	—	727,400	$	—
1Q 2022	$	31.73	—	727,400	—	$	22.3

Earnings (loss) per share

The following table sets forth the computation of basic and diluted earnings per common share for the three months ended March 31, 2022 and 2021.


	THREE MONTHS ENDED MARCH 31,
Dollars in thousands, except per share data		2022		2021
Weighted average common shares outstanding
Weighted average common shares outstanding		150,834,888		140,567,352
Non-vested shares		(1,871,858)		(1,793,598)
Weighted average common shares outstanding - basic		148,963,030		138,773,754

Weighted average common shares outstanding - basic		148,963,030		138,773,754

Dilutive effect of employee stock purchase plan		88,234		97,064
Weighted average common shares outstanding - diluted		149,051,264		138,870,818

Net Income		$	42,227	$	24,022
Dividends paid on nonvested share-based awards		(605)		(540)
Net income applicable to common stockholders		$	41,622	$	23,482





Basic earnings per common share - net income		$	0.28	$	0.17


Diluted earnings per common share - net income		$	0.28	$	0.17

Summary of the activity under the incentive plan and restricted stock unit

A summary of the activity under the Company's share-based incentive plans for the three months ended March 31, 2022 and 2021 is included in the table below.


	THREE MONTHS ENDED MARCH 31,
		2022	2021
Share-based awards, beginning of period		1,562,028	1,766,061
Granted		415,184	165,723
Vested		(24,365)	(145,413)
Forfeited		(1,296)	—
Share-based awards, end of period		1,951,551	1,786,371

The following is a summary of the RSU activity during the three months ended March 31, 2022:


	THREE MONTHS ENDED MARCH 31,
		Restricted Stock Units	Weighted Average Grant Date Fair Value
Non-vested as of December 31, 2021		—	—
Granted		294,932	$	33.04
Vested		—	—
Non-vested as of March 31, 2022		294,932

Schedule of stock options, valuation assumptions


	THREE MONTHS ENDED MARCH 31,
Volatility		30.0	%
Dividend assumption		Accrued
Expected term in years		3 years
Risk-free rate		1.02	%
Stock price (per share)		$31.68

Summary of employee stock purchase plan activity

A summary of the activity under the Purchase Plan for the three months ended March 31, 2022 and 2021 is included in the table below.


	THREE MONTHS ENDED MARCH 31,
		2022	2021
Outstanding and exercisable, beginning of period		348,514	341,647
Granted		255,960	253,200
Exercised		(10,553)	(15,965)
Forfeited		(25,486)	(19,161)
Expired		(140,633)	(144,422)
Outstanding and exercisable, end of period		427,802	415,299