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Stockholders' Equity (Tables) | 6 Months Ended
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Jun. 30, 2022
Equity [Abstract] |
Reconciliation of common stock outstanding | The following table provides a reconciliation of the beginning and ending shares of common stock outstanding for the six months ended June 30, 2022 and the twelve months ended December 31, 2021:
| SIX MONTHS ENDED JUNE 30, 2022 | TWELVE MONTHS ENDED DECEMBER 31, 2021
Balance, beginning of period | 150,457,433 |  | 139,487,375 |
Issuance of common stock | 745,483 |  | 10,899,301 |
Non-vested share-based awards, net of withheld shares | 434,001 |  | 70,757 |
Balance, end of period | 151,636,917 |  | 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 |
2Q 2022 | $ | — |  | — |  | — |  | — |  | $ | — |
Earnings (loss) per share | The following table sets forth the computation of basic and diluted earnings per common share for the three and six months ended June 30, 2022 and 2021.
| THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30,
Dollars in thousands, except per share data | 2022 | 2021 | 2022 | 2021
Weighted average common shares outstanding |  |  |  |
Weighted average common shares outstanding | 151,620,897 |  | 143,700,491 |  | 151,230,064 |  | 142,142,577 |
Non-vested shares | (1,945,042) |  | (1,783,278) |  | (1,908,652) |  | (1,788,410) |
Weighted average common shares outstanding - basic | 149,675,855 |  | 141,917,213 |  | 149,321,412 |  | 140,354,167 |
Weighted average common shares outstanding - basic | 149,675,855 |  | 141,917,213 |  | 149,321,412 |  | 140,354,167 |
Dilutive effect of forward equity shares | — |  | 61,064 |  | — |  | 27,896 |
Dilutive effect of employee stock purchase plan | 62,694 |  | 70,711 |  | 75,394 |  | 85,714 |
Weighted average common shares outstanding - diluted | 149,738,549 |  | 142,048,988 |  | 149,396,806 |  | 140,467,777 |
Net Income | $ | 6,130 |  | $ | 23,096 |  | $ | 48,357 |  | $ | 47,118 |
Dividends paid on nonvested share-based awards | (601) |  | (539) |  | (1,207) |  | (1,080) |
Net income applicable to common stockholders | $ | 5,529 |  | $ | 22,557 |  | $ | 47,150 |  | $ | 46,038 |
Basic earnings per common share - net income | $ | 0.04 |  | $ | 0.16 |  | $ | 0.32 |  | $ | 0.33 |
Diluted earnings per common share - net income | $ | 0.04 |  | $ | 0.16 |  | $ | 0.32 |  | $ | 0.33 |
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 and six months ended June 30, 2022 and 2021 is included in the table below.
| THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30,
| 2022 | 2021 | 2022 | 2021
Share-based awards, beginning of period | 1,951,551 |  | 1,786,371 |  | 1,562,028 |  | 1,766,061 |
Granted | 26,840 |  | 37,978 |  | 442,024 |  | 203,701 |
Vested | (36,682) |  | (46,041) |  | (61,047) |  | (191,454) |
Forfeited | — |  | — |  | (1,296) |  | — |
Share-based awards, end of period | 1,941,709 |  | 1,778,308 |  | 1,941,709 |  | 1,778,308 |
The following is a summary of the RSU activity during the three and six months ended June 30, 2022:
| THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30,
| Restricted Stock Units | Weighted Average Grant Date Fair Value | Restricted Stock Units | Weighted Average Grant Date Fair Value
Non-vested, beginning of period | 294,932 |  | — |  | — |  | — |
Granted | — |  | — |  | 294,932 |  | $ | 33.04 |
Vested | — |  | — |  | — |  | — |
Non-vested as of June 30, 2022 | 294,932 |  | — |  | 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 and six months ended June 30, 2022 and 2021 is included in the table below.
| THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30,
| 2022 | 2021 | 2022 | 2021
Outstanding and exercisable, beginning of period | 427,802 |  | 415,299 |  | 348,514 |  | 341,647 |
Granted | — |  | — |  | 255,960 |  | 253,200 |
Exercised | (1,965) |  | (3,012) |  | (12,518) |  | (18,977) |
Forfeited | (20,303) |  | (22,873) |  | (45,789) |  | (42,034) |
Expired | — |  | — |  | (140,633) |  | (144,422) |
Outstanding and exercisable, end of period | 405,534 |  | 389,414 |  | 405,534 |  | 389,414 |

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