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Equity
 3 Months Ended
Mar. 31, 2024
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, 2024 and December 31, 2023, there were no shares of preferred stock issued or outstanding.

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, 2024.

ATM Common Stock Offering ProgramDateMaximum Aggregate Offering Price (in thousands)Aggregate Available as of March 31, 2024 (in thousands)
2022 $750 million ATMFebruary 17, 2022$750,000 $615,613 

On January 9, 2024, the Company sold 567,112 shares on a forward basis under the ATM common stock offering program at a sale price of $38.8818 per share (an aggregate of approximately $22.1 million gross sale price), or $38.5058 per share net of commissions. The Company did not receive any proceeds from the sale of such shares on a forward basis. The Company expects to fully physically settle the applicable forward sale agreement on one or more dates prior to the scheduled maturity date of January 9, 2025, at which point the Company would receive the proceeds net of certain costs; provided, however, the Company may elect to cash settle or net share settle such forward sale agreement at any time through the scheduled maturity date.

Subsequent to March 31, 2024, on April 1, 2024, the Company sold 227,146 shares on a forward basis under the ATM common stock offering program at a sale price of $39.1020 per share (an aggregate of approximately $8.9 million gross sale price), or $38.6621 per share net of commissions. The Company did not receive any proceeds from the sale of such shares on a forward basis. The Company expects to fully physically settle the applicable forward sale agreement on one or more dates prior to the scheduled maturity date of March 31, 2025, at which point the Company would receive the proceeds net of certain costs; provided, however, the Company may elect to cash settle or net share settle such forward sale agreement at any time through the scheduled maturity date.
Restricted Stock-Based Compensation

The Company granted restricted shares of common stock under the 2011 Plan on January 8, 2024 to certain employees of the Company, which will vest over four years in equal installments on January 1 of each year beginning on January 1, 2025, 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, 2024.

Unvested Restricted Shares of Common StockShares
Weighted Average Grant Date Fair Value per Share
Balance at December 31, 2023144,032 $35.73 
Granted41,911 $38.92 
Vested(1)
(59,232)$34.51 
Forfeited(192)$38.03 
Balance at March 31, 2024126,519 $37.35 
(1)The Company repurchased and retired 21,151 restricted shares of common stock that vested during the three months ended March 31, 2024.

The unrecognized compensation expense associated with the Company’s restricted shares of common stock at March 31, 2024 was approximately $4.0 million and is expected to be recognized over a weighted average period of approximately 2.6 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, 2024 and 2023.

 Three months ended March 31,
Vested Restricted Shares of Common Stock20242023
Vested restricted shares of common stock59,232 68,625 
Fair value of vested restricted shares of common stock (in thousands)$2,325 $2,217