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Stockholders' Equity
 3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
Stockholders' Equity Stockholders' Equity
Common Stock    
The following table provides a reconciliation of the beginning and ending shares of common stock outstanding for the three months ended March 31, 2024 and the twelve months ended December 31, 2023:
THREE MONTHS ENDED MARCH 31, 2024TWELVE MONTHS ENDED DECEMBER 31, 2023
Balance, beginning of period380,964,433 380,589,894 
Issuance of common stock8,623 8,627 
Conversion of OP unit to Common stock194,767 190,544 
Non-vested share-based awards, net of withheld shares and forfeitures333,679 175,368 
Balance, end of period381,501,502 380,964,433 
Common Stock Dividends
During the three months ended March 31, 2024, the Company declared and paid common stock dividends totaling $0.31 per share. On April 30, 2024, the Company declared a quarterly common stock dividend in the amount of $0.31 per share payable on May 23, 2024 to stockholders of record on May 13, 2024.
Authorization to Repurchase Common Stock
On May 31, 2023, the Company’s Board of Directors authorized the repurchase of up to $500.0 million of outstanding shares of the Company’s common stock either in the open market or through privately negotiated transactions, subject to market conditions, regulatory constraints, and other customary conditions. The Company is not obligated under this authorization to repurchase any specific number of shares. This authorization supersedes all previous stock repurchase authorizations. In April 2024, the Company repurchased 2,966,764 shares of its common stock at a weighted average price of $14.07 for a total of $41.7 million under this authorization.
On April 30, 2024, the Company's Board of directors authorized the repurchase of up to $500.0 million of outstanding shares of the Company's common stock, superseding the previous stock repurchase authorization.
Earnings Per Common Share
The Company uses the two-class method of computing net earnings per common shares. The Company's non-vested share-based awards are considered participating securities pursuant to the two-class method.
The following table sets forth the computation of basic and diluted earnings per common share for the three months ended March 31, 2024 and 2023.
THREE MONTHS ENDED MARCH 31,
Dollars in thousands, except per share data20242023
Weighted average common shares outstanding
Weighted average common shares outstanding381,335,208 380,796,773 
Non-vested shares(1,880,401)(1,956,353)
Weighted average common shares outstanding - basic379,454,807 378,840,420 
Weighted average common shares outstanding - basic379,454,807 378,840,420 
Dilutive effect of forward equity shares— — 
Dilutive effect of OP Units— — 
Dilutive effect of employee stock purchase plan— — 
Weighted average common shares outstanding - diluted379,454,807 378,840,420 
Net loss$(315,220)$(88,078)
Income allocated to participating securities(693)(625)
Loss attributable to non-controlling interest4,384 953 
Adjustment to loss attributable to non-controlling interest for legally outstanding restricted units(1,341)(16)
Net loss applicable to common stockholders - basic$(312,870)$(87,766)
Basic earnings per common share - net loss$(0.82)$(0.23)
Diluted earnings per common share - net loss$(0.82)$(0.23)
The effect of OP Units redeemable for 3,681,225 shares and options under the Company's Employee Stock Purchase Plan (the "ESPP") to purchase 23,140 shares of the Company's common stock for the three months ended March 31, 2024 were excluded from the calculation of diluted loss per common share because the effect was anti-dilutive due to the loss from continuing operations incurred during that period.
Stock Incentive Plan
The Company's stock incentive plan ("Incentive Plan") permits the grant of incentive awards to its employees and directors in any of the following forms: options, stock appreciation rights, restricted stock, restricted or deferred stock units, performance awards, dividend equivalents, or other stock-based awards, including units in the OP.
Equity Incentive Plans
During the three months ended March 31, 2024, the Company made the following equity awards:
•Restricted Stock
During the first quarter of 2024, the Company granted non-vested stock awards to its named executive officers and other members of senior management and employees with an aggregate grant date fair value of $5.6 million, which consisted of an aggregate of 361,712 non-vested shares with vesting periods ranging from three to eight years.
•Restricted Stock Units ("RSUs")
On February 13, 2024, the Company granted an aggregate of 208,055 RSUs to members of senior management, with an aggregate grant date fair value of $3.5 million and a five-year vesting period.
Approximately 36% of the RSUs vest based on relative total shareholder return ("TSR") and were valued using independent specialists. The Company utilized a Monte Carlo simulation to calculate the weighted
average grant date fair value of $19.10 for the relative TSR component for the February 2024 grant using the following assumptions:
THREE MONTHS ENDED MARCH 31,
Volatility28.0 %
Dividend assumptionAccrued
Expected term 3 years
Risk-free rate4.44 %
Stock price (per share)$15.22
The remaining 64% of the RSUs vest based upon certain operating performance conditions. With respect to the operating performance conditions of the February 13, 2024 grant, the grant date fair value was $15.22 based on the Company's share price on the date of grant.
•LTIP Series C Units
On February 13, 2024, the Company granted an aggregate of 906,044 LTIP Series C units ("LTIP-C units) in the OP with three-year forward-looking performance targets, a five-year vesting period and an aggregate grant date fair value of $7.5 million.
Approximately 36% of the LTIP-C units vest based on relative TSR and were valued using independent specialists. The Company utilized a Monte Carlo simulation to calculate the weighted average grant date fair value of $9.62 for the relative TSR component for the February 2024 grant using the following assumptions:
THREE MONTHS ENDED MARCH 31,
Volatility28.0 %
Dividend assumptionAccrued
Expected term 3 years
Risk-free rate4.44 %
Stock price (per share)$15.22
The remaining 64% of the LTIP-C units vest based upon certain operating performance conditions. With respect to the operating performance conditions of the February 13, 2024 grant, the grant date fair value was $15.22 based on the Company's share price on the date of grant. The Company records amortization expense based on the probability of achieving certain operating performance conditions, which is evaluated throughout the performance period.
The following table represents the summary of non-vested share-based awards under the Incentive Plans for the three months ended March 31, 2024 and 2023:
THREE MONTHS ENDED MARCH 31,
 20242023
Share-based awards, beginning of period2,615,562 2,090,060 
Granted 1
1,475,811 1,075,261 
Vested(28,414)(113,766)
Forfeited(19,805)(26,063)
Share-based awards, end of period4,043,154 3,025,492 
1.LTIP-C units are issued at the maximum possible value of the award and are reflected as such in this table until the performance period has been satisfied and the exact number of awards are determinable.
During the three months ended March 31, 2024 and 2023, the Company withheld 8,228 and 38,632 shares of common stock, respectively, from participants to pay estimated withholding taxes related to shares that vested.
The following table represents expected amortization of the Company's non-vested shares issued as of March 31, 2024:
Dollars in millionsFUTURE AMORTIZATION
of non-vested shares
2024$11.5 
202513.3 
202610.6 
20275.7 
2028 and thereafter2.8 
Total$43.9