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Stockholders' Equity
 6 Months Ended
Jun. 30, 2022
Equity [Abstract]  
Stockholders' Equity Stockholders' Equity
Common Stock    
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, 2022TWELVE MONTHS ENDED DECEMBER 31, 2021
Balance, beginning of period150,457,433 139,487,375 
Issuance of common stock745,483 10,899,301 
Non-vested share-based awards, net of withheld shares 434,001 70,757 
Balance, end of period151,636,917 150,457,433 
At-The-Market Equity Offering Program
On August 6, 2021 and November 5, 2021, the Company entered into equity distribution agreements with 12 investment banks to allow for issuance and sale under its at-the-market equity offering program of up to an aggregate of $750.0 million of common stock. These agreements are no longer in effect following the closing of the Merger on July 20, 2022. The following table details the Company's forward at-the-market activity:
WEIGHTED AVERAGE SALE PRICE
per share		FORWARD SHARE CONTRACTSSHARES SETTLEDSHARES REMAINING TO BE SETTLEDNET PROCEEDS
in millions
Balance at December 31, 2021
$— — — 727,400 $— 
1Q 2022
$31.73 — 727,400 — $22.3 
2Q 2022
$— — — — $— 
Common Stock Dividends
During the six months ended June 30, 2022, the Company declared and paid common stock dividends totaling $0.62 per share. On July 1, 2022, the Company declared a prorated quarterly common stock dividend in the amount of $0.2010 per share payable on July 19, 2022 to stockholders of record on July 14, 2022. The remaining quarterly common stock dividend portion of $0.1090 per share was declared August 2, 2022 and is payable on August 30, 2022 to stockholders of record on August 15, 2022.
Earnings Per Common Share
The Company uses the two-class method of computing net earnings per common shares. The Company's non-vested share-based awards are considered participating securities pursuant to the two-class method.
During the three and six months ended June 30, 2022, the Company did not enter into any forward sale agreements to sell shares of common stock through the Company's at-the market equity offering program.
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 data2022202120222021
Weighted average common shares outstanding
Weighted average common shares outstanding151,620,897 143,700,491 151,230,064 142,142,577 
Non-vested shares(1,945,042)(1,783,278)(1,908,652)(1,788,410)
Weighted average common shares outstanding - basic149,675,855 141,917,213 149,321,412 140,354,167 
Weighted average common shares outstanding - basic149,675,855 141,917,213 149,321,412 140,354,167 
Dilutive effect of forward equity shares— 61,064 — 27,896 
Dilutive effect of employee stock purchase plan62,694 70,711 75,394 85,714 
Weighted average common shares outstanding - diluted149,738,549 142,048,988 149,396,806 140,467,777 
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 

Incentive Plans
Restricted Common Shares
During the six months ended June 30, 2022, the Company made the following stock awards:
•During the first quarter of 2022, the Company granted non-vested stock awards to its named executive officers and other members of senior management and employees with a grant date fair value of
$13.0 million, which consisted of an aggregate of 415,184 non-vested shares with vesting periods ranging from three to eight years.
•During the second quarter of 2022, the Company granted non-vested stock awards to its eight directors with a grant date fair value of $0.8 million, which consisted of an aggregate of 26,840 non-vested shares, with a one-year vesting period.
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,
 2022202120222021
Share-based awards, beginning of period1,951,551 1,786,371 1,562,028 1,766,061 
Granted26,840 37,978 442,024 203,701 
Vested(36,682)(46,041)(61,047)(191,454)
Forfeited— — (1,296)— 
Share-based awards, end of period1,941,709 1,778,308 1,941,709 1,778,308 

During the six months ended June 30, 2022 and 2021, the Company withheld 6,727 and 51,972 shares of common stock, respectively, from participants to pay estimated withholding taxes related to shares that vested.
Restricted Stock Units
Prior to 2022, the Company granted long-term incentive awards, comprised of restricted stock, based on backward-looking performance measured at the end of the calendar year. The Company adopted a new incentive compensation structure effective January 2022, comprised of restricted stock and restricted stock units ("RSUs"). The RSUs are granted at the beginning of the year with three-year forward-looking performance targets.
On January 3, 2022, the Company granted restricted stock units to its named executive officers and certain other members of senior management and officers, with a grant date fair value of $9.7 million, which consisted of an aggregate 294,932 RSUs with a five-year vesting period.
Approximately 43% of the RSUs vest based on two market performance conditions. Relative and absolute total shareholder return ("TSR") awards containing these market performance conditions were valued using independent specialists. The Company utilized a Monte Carlo simulation to calculate the weighted average grant date fair values of $30.56 for the absolute TSR component and $41.30 for the relative TSR component for the January 2022 grant using the following assumptions:
THREE MONTHS ENDED MARCH 31,
Volatility30.0 %
Dividend assumptionAccrued
Expected term in years3 years
Risk-free rate1.02 %
Stock price (per share)$31.68
The remaining 57% of the restricted stock units vest upon certain operating performance conditions. With respect to the operating performance conditions of the January grant, the grant date fair value was $31.68 based on the Company's share price on the date of grant. The combined weighted average grant date fair value of the January restricted stock units was $33.04 per share.
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 UnitsWeighted Average Grant Date Fair ValueRestricted Stock UnitsWeighted Average Grant Date Fair Value
Non-vested, beginning of period294,932 — — — 
Granted— — 294,932 $33.04 
Vested— — — — 
Non-vested as of June 30, 2022294,932 — 294,932 
Employee Stock Purchase Plan
In addition to the share-based incentive plans, the Company maintains the Employee Stock Purchase Plan. 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,
 2022202120222021
Outstanding and exercisable, beginning of period427,802 415,299 348,514 341,647 
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 period405,534 389,414 405,534 389,414