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Stockholders' Equity (Tables)

9 Months Ended

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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