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Equity | 3 Months Ended
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Mar. 31, 2022
Stockholders' Equity Note [Abstract] |
Equity | Equity Preferred Stock The Company is authorized to issue up to 20,000,000 shares of preferred stock, par value $0.01 per share. As of March 31, 2022 and December 31, 2021, there were no shares of preferred stock issued or outstanding. The following table summarizes the dividends declared on the Company’s outstanding shares of preferred stock during the year ended December 31, 2021.
Quarter Ended 2021 |  | Declaration Date |  | Series C Preferred Stock Per Share |  | Payment Date
March 31 |  | January 11, 2021 |  | $ | 0.4296875 |  |  | March 31, 2021
Total |  |  |  | $ | 0.4296875 |  |  |
Common Stock The Company is authorized to issue up to 300,000,000 shares of common stock, par value $0.01 per share. The following table summarizes the terms of the Company’s at-the market (“ATM”) common stock offering program as of March 31, 2022.
ATM Common Stock Offering Program |  | Date |  | Maximum Aggregate Offering Price (in thousands) |  | Aggregate Available as of March 31, 2022 (in thousands)
2022 $750 million ATM |  | February 17, 2022 |  | $ | 750,000 |  |  | $ | 750,000 |
The following tables summarize the activity under the ATM common stock offering program during the three months ended March 31, 2022 and year ended December 31, 2021.
|  | Three months ended March 31, 2022
ATM Common Stock Offering Program |  | Shares Sold |  | Weighted Average Price Per Share |  |  |  |  |  | Net Proceeds (in thousands)
2019 $600 million ATM(1) |  | 128,335 |  |  | $ | 45.03 |  |  |  |  |  |  | $ | 5,721 |
Total/weighted average |  | 128,335 |  |  | $ | 45.03 |  |  |  |  |  |  | $ | 5,721 |
(1)This program ended before March 31, 2022.
|  | Year ended December 31, 2021
ATM Common Stock Offering Program(1) |  | Shares Sold |  | Weighted Average Price Per Share |  | Net Proceeds (in thousands)
2019 $600 million ATM(2) |  | 5,110,002 |  |  | $ | 37.53 |  |  | $ | 189,974 |
Total/weighted average |  | 5,110,002 |  |  | $ | 37.53 |  |  | $ | 189,974 |
(1)Excludes shares of common stock sold under the ATM common stock offering program on a forward basis or issued upon physical settlement of the related forward sale agreements during the period. (2)This program ended before March 31, 2022. In connection with the Company’s underwritten public offering that closed in November 2021, on December 3, 2021, the Company executed a forward sale agreement for the sale of an additional 1,200,000 shares of common stock on a forward basis at a price of $41.87 per share. The Company did not initially receive any proceeds from the sale of shares on a forward basis. On March 29, 2022, the Company physically settled in full the forward sales agreement by issuing 1,200,000 shares of common stock for net proceeds of approximately $49.7 million , or $41.39 per share. The following tables summarize the dividends declared on the Company’s outstanding shares of common stock during the three months ended March 31, 2022 and the year ended December 31, 2021.
Month Ended 2022 |  | Declaration Date |  | Record Date |  | Per Share |  | Payment Date
March 31 |  | January 10, 2022 |  | March 31, 2022 |  | $ | 0.121667 |  |  | April 18, 2022
February 28 |  | January 10, 2022 |  | February 28, 2022 |  | 0.121667 |  |  | March 15, 2022
January 31 |  | January 10, 2022 |  | January 31, 2022 |  | 0.121667 |  |  | February 15, 2022
Total |  |  |  |  |  | $ | 0.365001 |  |  |
Month Ended 2021 |  | Declaration Date |  | Record Date |  | Per Share |  | Payment Date
December 31 |  | October 13, 2021 |  | December 31, 2021 |  | $ | 0.120833 |  |  | January 18, 2022
November 30 |  | October 13, 2021 |  | November 30, 2021 |  | 0.120833 |  |  | December 15, 2021
October 31 |  | October 13, 2021 |  | October 29, 2021 |  | 0.120833 |  |  | November 15, 2021
September 30 |  | July 13, 2021 |  | September 30, 2021 |  | 0.120833 |  |  | October 15, 2021
August 31 |  | July 13, 2021 |  | August 31, 2021 |  | 0.120833 |  |  | September 15, 2021
July 31 |  | July 13, 2021 |  | July 30, 2021 |  | 0.120833 |  |  | August 16, 2021
June 30 |  | April 12, 2021 |  | June 30, 2021 |  | 0.120833 |  |  | July 15, 2021
May 31 |  | April 12, 2021 |  | May 28, 2021 |  | 0.120833 |  |  | June 15, 2021
April 30 |  | April 12, 2021 |  | April 30, 2021 |  | 0.120833 |  |  | May 17, 2021
March 31 |  | January 11, 2021 |  | March 31, 2021 |  | 0.120833 |  |  | April 15, 2021
February 28 |  | January 11, 2021 |  | February 26, 2021 |  | 0.120833 |  |  | March 15, 2021
January 31 |  | January 11, 2021 |  | January 29, 2021 |  | 0.120833 |  |  | February 16, 2021
Total |  |  |  |  |  | $ | 1.449996 |  |  |
On April 14, 2022, the Company’s board of directors declared dividends of the Company’s outstanding shares of common stock for the months ending April 30, 2022, May 31, 2022, and June 30, 2022 at a monthly rate of $0.121667 per share. Restricted Shares of Common Stock The Company granted restricted shares of common stock under the 2011 Plan on January 10, 2022 to certain employees of the Company, which will vest in equal installments on an annual basis over four years (beginning on January 1, 2023), subject to the recipient’s continued employment. The following table summarizes activity related to the Company’s unvested restricted shares of common stock during the three months ended March 31, 2022 and the year ended December 31, 2021.
Unvested Restricted Shares of Common Stock |  | Shares |  | Weighted Average Grant Date Fair Value per Share
Balance at December 31, 2020 |  | 184,890 |  |  | $ | 27.70 |
Granted |  | 90,304 |  |  | $ | 29.77 |
Vested |  | (79,140) |  | (1) | $ | 27.01 |
Forfeited |  | (10,339) |  |  | $ | 30.32 |
Balance at December 31, 2021 |  | 185,715 |  |  | $ | 28.86 |
Granted |  | 58,580 |  |  | $ | 44.19 |
Vested |  | (73,556) |  | (1) | $ | 28.03 |
Forfeited |  | (6,373) |  |  | $ | 34.72 |
Balance at March 31, 2022 |  | 164,366 |  |  | $ | 34.47 |
(1)The Company repurchased and retired 25,836 and 27,706 restricted shares of common stock that vested during the three months ended March 31, 2022 and the year ended December 31, 2021, respectively. The unrecognized compensation expense associated with the Company’s restricted shares of common stock at March 31, 2022 was approximately $4.9 million and is expected to be recognized over a weighted average period of approximately 2.8 years. The following table summarizes the fair value at vesting for the restricted shares of common stock that vested during the three months ended March 31, 2022 and 2021.
|  | Three months ended March 31, |  |
Vested Restricted Shares of Common Stock |  | 2022 |  | 2021 |  |  |  |  |  |
Vested restricted shares of common stock |  | 73,556 |  |  | 72,788 |  |  |  |  |  |  |
Fair value of vested restricted shares of common stock (in thousands) |  | $ | 3,528 |  |  | $ | 2,280 |  |  |  |  |  |  |

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI https://asc.fasb.org/topic&trid=2208762 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 16 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 6 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008 + Details
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