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Stockholders' Equity (Tables) | 9 Months Ended
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Sep. 30, 2023
Equity [Abstract] |
Schedule of 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, 2023 and the twelve months ended December 31, 2022:
| NINE MONTHS ENDED SEPTEMBER 30, 2023 | TWELVE MONTHS ENDED DECEMBER 31, 2022
Balance, beginning of period | 380,589,894 |  | 150,457,433 |
Issuance of common stock | 7,397 |  | 229,618,304 |
Non-vested share-based awards, net of withheld shares | 262,821 |  | 514,157 |
Balance, end of period | 380,860,112 |  | 380,589,894 |
Schedule of 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, 2023 and 2022.
| THREE MONTHS ENDED SEPTEMBER 30, | NINE MONTHS ENDED SEPTEMBER 30,
Dollars in thousands, except per share data | 2023 | 2022 | 2023 | 2022
Weighted average common shares outstanding |  |  |  |
Weighted average common shares outstanding | 380,857,560 |  | 330,788,997 |  | 380,828,004 |  | 211,740,767 |
Non-vested shares | (1,932,221) |  | (1,983,742) |  | (1,941,897) |  | (1,933,957) |
Weighted average common shares outstanding - basic | 378,925,339 |  | 328,805,255 |  | 378,886,107 |  | 209,806,810 |
Weighted average common shares outstanding - basic | 378,925,339 |  | 328,805,255 |  | 378,886,107 |  | 209,806,810 |
Dilutive effect of forward equity shares | — |  | — |  | — |  | — |
Dilutive effect of OP Units | — |  | 3,167,668 |  | — |  | 1,067,493 |
Dilutive effect of employee stock purchase plan | — |  | 58,461 |  | — |  | 69,687 |
Weighted average common shares outstanding - diluted | 378,925,339 |  | 332,031,384 |  | 378,886,107 |  | 210,943,990 |
Net (loss) income | $ | (68,604) |  | $ | 28,616 |  | $ | (240,408) |  | $ | 76,973 |
Income allocated to participating securities | (636) |  | (610) |  | (1,868) |  | (1,817) |
Loss (income) attributable to non-controlling interest | 760 |  | (312) |  | 2,680 |  | (312) |
Adjustment to loss attributable to non-controlling interest for legally outstanding restricted units | (29) |  | — |  | (122) |  | — |
Net (loss) income applicable to common stockholders - basic | $ | (68,509) |  | $ | 27,694 |  | $ | (239,718) |  | $ | 74,844 |
Basic earnings per common share - net income | $ | (0.18) |  | $ | 0.08 |  | $ | (0.63) |  | $ | 0.36 |
Diluted earnings per common share - net income | $ | (0.18) |  | $ | 0.08 |  | $ | (0.63) |  | $ | 0.35 |
Summary of the Activity Under the Incentive Plan and RSU Activity | A summary of the activity under the Company's share-based incentive plans for the three and nine months ended September 30, 2023 and 2022 is included in the table below.
| THREE MONTHS ENDED SEPTEMBER 30, | NINE MONTHS ENDED SEPTEMBER 30,
| 2023 | 2022 | 2023 | 2022
Share-based awards, beginning of period | 1,932,221 |  | 1,941,709 |  | 1,795,128 |  | 1,562,028 |
Granted | — |  | 71,852 |  | 313,770 |  | 513,876 |
Vested | — |  | (7,434) |  | (152,314) |  | (68,481) |
Forfeited | — |  | (4,130) |  | (24,363) |  | (5,426) |
Share-based awards, end of period | 1,932,221 |  | 2,001,997 |  | 1,932,221 |  | 2,001,997 |
The following is a summary of the RSU activity during the three and nine months ended September 30, 2023:
| 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 | 363,250 |  | $ | 28.57 |  | 294,932 |  | $ | 33.04 |
Granted | — |  | — |  | 165,174 |  | 22.55 |
Vested/Forfeited | — |  | — |  | (17,606) |  | 33.04 |
Probability adjustment of 2022 & 2023 RSUs | (47,196) |  | 20.21 |  | (126,446) |  | 27.40 |
Non-vested, end of period | 316,054 |  | $ | 27.77 |  | 316,054 |  | $ | 27.77 |
Schedule of Stock Options, Valuation Assumptions |
|  | THREE MONTHS ENDED MARCH 31,
Volatility |  |  | 34.0 | %
Dividend assumption |  |  | Accrued
Expected term |  |  | 3 years
Risk-free rate |  |  | 4.42 | %
Stock price (per share) |  |  | $20.21
|  | THREE MONTHS ENDED MARCH 31,
Volatility |  |  | 34.0 | %
Dividend assumption |  |  | Accrued
Expected term |  |  | 3 years
Risk-free rate |  |  | 4.42 | %
Stock price (per share) |  |  | $20.21
Summary of Employee Stock Purchase Plan Activity | A summary of the activity under the ESPP for the three and nine months ended September 30, 2023 and 2022 is included in the table below.
| THREE MONTHS ENDED SEPTEMBER 30, | NINE MONTHS ENDED SEPTEMBER 30,
| 2023 | 2022 | 2023 | 2022
Outstanding and exercisable, beginning of period | 179,369 |  | 405,534 |  | 340,976 |  | 348,514 |
Granted | — |  | — |  | — |  | 255,960 |
Exercised | (2,580) |  | (4,576) |  | (7,397) |  | (17,094) |
Forfeited | (4,680) |  | (37,628) |  | (28,471) |  | (83,417) |
Expired | — |  | — |  | (132,999) |  | (140,633) |
Outstanding and exercisable, end of period | 172,109 |  | 363,330 |  | 172,109 |  | 363,330 |
Schedule of Unrecognized Compensation Cost, Nonvested Awards | The following table represents expected amortization of the Company's non-vested shares issued as of September 30, 2023:
Dollars in millions | FUTURE AMORTIZATION of non-vested shares
2023 | $ | 4.1 |
2024 | 13.3 |
2025 | 10.8 |
2026 | 8.0 |
2027 | 2.4 |
2028 and thereafter | 0.5 |
Total | $ | 39.1 |

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