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Stockholders' Equity (Tables)

9 Months Ended

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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