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Equity
 6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
Equity
13. Equity
Stock Repurchase Program
In October 2021, the Board of Directors of the Company authorized the repurchase of up to $400 million of common stock. In February 2023, the Board of Directors replenished the repurchase program and expanded the limit to $500 million of common stock in aggregate, effective March 31, 2023. Under this repurchase program, shares of common stock may be repurchased from time to time in open market transactions, in privately negotiated transactions or otherwise, including through Rule 10b5-1 plans. The timing and actual number of shares of common stock repurchased will depend on a variety of factors, including legal requirements, price, and economic and market conditions. This repurchase program may be suspended or discontinued at any time and does not have a specified expiration date. During the six months ended June 30, 2023 and 2022, the Company paid an aggregate of $160.8 million and $105.3 million, respectively, to repurchase and retire approximately 5.2 million and 2.4 million shares, respectively, with all of the repurchases done via open market and brokered transactions. As of June 30, 2023, $440.0 million of repurchase capacity remained under the program.
The IRA also enacted a 1% excise tax on certain actual and deemed stock repurchases by publicly traded U.S. corporations effective January 1, 2023. The value of repurchases subject to the tax is reduced by the value of any stock issued by the corporation during the tax year, including stock issued or provided to the employees of the corporation. The excise tax is accounted for in equity as an additional repurchase cost.
Shares Issued in Connection with Acquisitions
In August 2022, the Company issued 0.6 million shares of common stock, which represented $25.0 million of the purchase price paid in the acquisition of Abingworth. In March 2022, the Company issued 4.2 million shares of common stock, which represented $194.5 million of the purchase price paid in the acquisition of management contracts related to a portfolio of assets from CBAM. See Note 4 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.
Shares Issued for Performance Allocation Related Compensation
In October 2021, the Company commenced a program under which, at the Company’s discretion, up to 20% of realized performance allocations and incentive fee related compensation over a certain threshold amount may be distributed in fully vested, newly issued shares of the Company’s common stock. Shares issued under the program are accounted for as performance allocations and incentive fee related compensation and do not result in incremental compensation expense. In the third quarter of 2022, the Company paused the issuance of shares pursuant to this program and the Company did not issue shares for performance allocation related compensation during the three and six months ended June 30, 2023. During the three and six months ended June 30, 2022, the Company distributed 134,696 and 771,157, fully vested, newly issued common shares, respectively, related to previously accrued performance allocations and incentive fee related compensation of $5.2 million and $36.5 million, respectively.
Dividends
The table below presents information regarding the quarterly dividends on the common shares, which were made at the sole discretion of the Board of Directors of the Company.
Dividend Record DateDividend Payment DateDividend per Common ShareDividend to Common Stockholders
(Dollars in millions, except per share data)
May 10, 2022May 17, 2022$0.325 $117.6 
August 9, 2022August 16, 20220.325 118.3 
November 18, 2022November 25, 20220.325 118.2 
February 22, 2023March 1, 20230.325 118.4 
Total 2022 Dividend Year$1.30 $472.5 
May 16, 2023May 23, 2023$0.35 $126.7 
August 15, 2023August 23, 20230.35 126.6 
Total 2023 Dividend Year (through Q2 2023)$0.70 $253.3 
The Board of Directors will take into account general economic and business conditions, as well as the Company’s strategic plans and prospects, business and investment opportunities, financial condition and obligations, legal, tax and regulatory restrictions, other constraints on the payment of dividends by the Company to its common stockholders or by subsidiaries to the Company, and other such factors as the Board of Directors may deem relevant. In addition, the terms of the Company’s credit facility provide certain limits on the Company’s ability to pay dividends.