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Equity
 3 Months Ended
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 2021Declaration DateSeries C
Preferred Stock Per Share		Payment Date
March 31January 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 ProgramDateMaximum Aggregate Offering Price (in thousands)Aggregate Available as of March 31, 2022 (in thousands)
2022 $750 million ATMFebruary 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 ProgramShares
Sold		Weighted Average Price Per ShareNet Proceeds (in thousands)
2019 $600 million ATM(1)
128,335 $45.03 $5,721 
Total/weighted average128,335 $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 ShareNet Proceeds (in thousands)
2019 $600 million ATM(2)
5,110,002 $37.53 $189,974 
Total/weighted average5,110,002 $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 2022Declaration DateRecord DatePer SharePayment Date
March 31January 10, 2022March 31, 2022$0.121667 April 18, 2022
February 28January 10, 2022February 28, 20220.121667 March 15, 2022
January 31January 10, 2022January 31, 20220.121667 February 15, 2022
Total $0.365001  

Month Ended 2021Declaration DateRecord DatePer SharePayment Date
December 31October 13, 2021December 31, 2021$0.120833 January 18, 2022
November 30October 13, 2021November 30, 20210.120833 December 15, 2021
October 31October 13, 2021October 29, 20210.120833 November 15, 2021
September 30July 13, 2021September 30, 20210.120833 October 15, 2021
August 31July 13, 2021August 31, 20210.120833 September 15, 2021
July 31July 13, 2021July 30, 20210.120833 August 16, 2021
June 30April 12, 2021June 30, 20210.120833 July 15, 2021
May 31April 12, 2021May 28, 20210.120833 June 15, 2021
April 30April 12, 2021April 30, 20210.120833 May 17, 2021
March 31January 11, 2021March 31, 20210.120833 April 15, 2021
February 28January 11, 2021February 26, 20210.120833 March 15, 2021
January 31January 11, 2021January 29, 20210.120833 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 StockShares
Weighted Average Grant Date Fair Value per Share
Balance at December 31, 2020184,890 $27.70 
Granted90,304 $29.77 
Vested(79,140)(1)$27.01 
Forfeited(10,339)$30.32 
Balance at December 31, 2021185,715 $28.86 
Granted58,580 $44.19 
Vested(73,556)(1)$28.03 
Forfeited(6,373)$34.72 
Balance at March 31, 2022164,366 $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 Stock20222021
Vested restricted shares of common stock73,556 72,788 
Fair value of vested restricted shares of common stock (in thousands)$3,528 $2,280