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Stockholders' Equity (Tables) | 9 Months Ended
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Sep. 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 nine months ended September 30, 2022 and the twelve months ended December 31, 2021:
| NINE MONTHS ENDED SEPTEMBER 30, 2022 | TWELVE MONTHS ENDED DECEMBER 31, 2021
Balance, beginning of period | 150,457,433 |  | 139,487,375 |
Issuance of common stock | 229,615,152 |  | 10,899,301 |
Non-vested share-based awards, net of withheld shares | 499,705 |  | 70,757 |
Balance, end of period | 380,572,290 |  | 150,457,433 |
Earnings (loss) per share | The following table sets forth the computation of basic and diluted earnings per common share for the three and nine months ended September 30, 2022 and 2021.
| THREE MONTHS ENDED SEPTEMBER 30, | NINE MONTHS ENDED SEPTEMBER 30,
Dollars in thousands, except per share data | 2022 | 2021 | 2022 | 2021
Weighted average common shares outstanding |  |  |  |
Weighted average common shares outstanding | 330,788,997 |  | 145,594,127 |  | 211,740,767 |  | 143,305,737 |
Non-vested shares | (1,983,742) |  | (1,776,508) |  | (1,933,957) |  | (1,784,544) |
Weighted average common shares outstanding - basic | 328,805,255 |  | 143,817,619 |  | 209,806,810 |  | 141,521,193 |
Weighted average common shares outstanding - basic | 328,805,255 |  | 143,817,619 |  | 209,806,810 |  | 141,521,193 |
Dilutive effect of forward equity shares | — |  | — |  | — |  | 14,036 |
Dilutive effect of OP Units | 3,167,668 |  | — |  | 1,067,493 |  | — |
Dilutive effect of employee stock purchase plan | 58,461 |  | — |  | 69,687 |  | 78,200 |
Weighted average common shares outstanding - diluted | 332,031,384 |  | 143,817,619 |  | 210,943,990 |  | 141,613,429 |
Net Income (loss) attributable to common stockholders | $ | 28,304 |  | $ | (2,066) |  | $ | 76,661 |  | $ | 45,052 |
Dividends paid on nonvested share-based awards | (610) |  | (537) |  | (1,817) |  | (1,617) |
Net income (loss) applicable to common stockholders- basic | $ | 27,694 |  | $ | (2,603) |  | $ | 74,844 |  | $ | 43,435 |
Net income attributable to OP units | 312 |  | — |  | 312 |  | — |
Net income (loss) applicable to common stockholders - diluted | $ | 28,006 |  | $ | (2,603) |  | $ | 75,156 |  | $ | 43,435 |
Basic earnings per common share - net income | $ | 0.08 |  | $ | (0.02) |  | $ | 0.36 |  | $ | 0.31 |
Diluted earnings per common share - net income | $ | 0.08 |  | $ | (0.02) |  | $ | 0.35 |  | $ | 0.31 |
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 nine months ended September 30, 2022 and 2021 is included in the table below.
| THREE MONTHS ENDED SEPTEMBER 30, | NINE MONTHS ENDED SEPTEMBER 30,
| 2022 | 2021 | 2022 | 2021
Share-based awards, beginning of period | 1,941,709 |  | 1,778,308 |  | 1,562,028 |  | 1,766,061 |
Granted | 71,852 |  | — |  | 513,876 |  | 203,701 |
Vested | (7,434) |  | — |  | (68,481) |  | (191,454) |
Forfeited | (4,130) |  | (2,957) |  | (5,426) |  | (2,957) |
Share-based awards, end of period | 2,001,997 |  | 1,775,351 |  | 2,001,997 |  | 1,775,351 |
The following is a summary of the RSU activity during the three and nine months ended September 30, 2022:
| THREE MONTHS ENDED SEPTEMBER 30, | NINE MONTHS ENDED SEPTEMBER 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 September 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 |  |  | 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 ESPP for the three and nine months ended September 30, 2022 and 2021 is included in the table below.
| THREE MONTHS ENDED SEPTEMBER 30, | NINE MONTHS ENDED SEPTEMBER 30,
| 2022 | 2021 | 2022 | 2021
Outstanding and exercisable, beginning of period | 405,534 |  | 389,414 |  | 348,514 |  | 341,647 |
Granted | — |  | — |  | 255,960 |  | 253,200 |
Exercised | (4,576) |  | (5,323) |  | (17,094) |  | (24,300) |
Forfeited | (37,628) |  | (18,961) |  | (83,417) |  | (60,995) |
Expired | — |  | — |  | (140,633) |  | (144,422) |
Outstanding and exercisable, end of period | 363,330 |  | 365,130 |  | 363,330 |  | 365,130 |

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