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Stockholders' Equity (Tables)

6 Months Ended

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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