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Stockholders' Equity | 3 Months Ended
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Mar. 31, 2025
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, 2025, and the twelve months ended December 31, 2024:
| THREE MONTHS ENDED MARCH 31, 2025 | TWELVE MONTHS ENDED DECEMBER 31, 2024
Balance, beginning of period | 350,532,006 |  | 380,964,433 |
Issuance of common stock | — |  | 8,623 |
Conversion of OP units to common stock | — |  | 194,767 |
Shares Repurchased | — |  | (30,794,250) |
Non-vested share-based awards, net of withheld shares and forfeitures | 464,163 |  | 158,433 |
Balance, end of period | 350,996,169 |  | 350,532,006 |
Common Stock Dividends During the three months ended March 31, 2025, the Company declared and paid common stock dividends totaling $0.31 per share. On May 1, 2025, the Company declared a quarterly common stock dividend in the amount of $0.31 per share payable on May 23, 2025 to stockholders of record on May 12, 2025. Common Stock Repurchases On October 29, 2024, the Company's Board of Directors authorized the repurchase of up to $300.0 million of outstanding shares of the Company's common stock, superseding the previous stock repurchase authorization. The stock repurchase authorization expires on October 28, 2025, and the Company may suspend or terminate repurchases at any time without prior notice. As of December 31, 2024, the Company had repurchased 3,679,162 shares for $63.0 million under this authorization. The Company has not repurchased shares in 2025. As of March 31, 2025, the Company had $237.0 million remaining under this authorization. Earnings Per Common Share The Company uses the two-class method of computing net earnings per common share. 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, 2025 and 2024.
| THREE MONTHS ENDED MARCH 31, |
Dollars in thousands, except per share data | 2025 | 2024 |  |
Weighted average common shares outstanding |  |  |  |
Weighted average common shares outstanding | 350,758,618 |  | 381,335,208 |  |  |
Non-vested shares | (1,219,619) |  | (1,880,401) |  |  |
Weighted average common shares outstanding - basic | 349,538,999 |  | 379,454,807 |  |  |
Weighted average common shares outstanding - basic | 349,538,999 |  | 379,454,807 |  |  |
Dilutive effect of OP Units | — |  | — |  |  |
Weighted average common shares outstanding - diluted | 349,538,999 |  | 379,454,807 |  |  |
Net loss | $ | (45,389) |  | $ | (315,220) |  |  |
Income allocated to participating securities | (612) |  | (693) |  |  |
Loss attributable to non-controlling interest | 516 |  | 4,384 |  |  |
Adjustment to loss attributable to non-controlling interest for legally outstanding restricted units | (17) |  | (1,341) |  |  |
Net loss applicable to common stockholders - basic and diluted | $ | (45,502) |  | $ | (312,870) |  |  |
Basic earnings per common share - net loss | $ | (0.13) |  | $ | (0.82) |  |  |
Diluted earnings per common share - net loss | $ | (0.13) |  | $ | (0.82) |  |  |
The effect of OP Units redeemable for 3,665,625 shares of common stock for the three months ended March 31, 2025 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 those periods. Stock Incentive Plan The Company's stock incentive plan (the "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, 2025, the Company made the following equity awards under the Incentive Plan: •During the first quarter of 2025, the Company granted non-vested stock awards to its named executive officers and other members of senior management with an aggregate grant date fair value of $7.9 million, which consisted of an aggregate of 477,226 non-vested shares of common stock with vesting periods ranging from three to eight years. •On February 11, 2025, the Company granted an aggregate of 275,735 restricted stock units ("RSUs") to members of senior management, subject to a three-year performance period, with an aggregate grant date fair value of $5.4 million. 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 $19.47 for the February 2025 grant using the following assumptions:
Volatility |  |  | 28.0 | %
Dividend assumption |  |  | Accrued
Expected term |  |  | 3 years
Risk-free rate |  |  | 4.35 | %
Stock price (per share) |  |  | $16.17
The Company records amortization expense based on the Monte Carlo simulation throughout the performance period. •On February 11, 2025, the Company granted an aggregate of 166,976 LTIP Series C units ("LTIP-C units") in the OP to its named executive officers with three-year forward-looking performance targets, a three-year vesting period and an aggregate grant date fair value of $1.6 million. 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 $9.88 for the February 2025 grant using the following assumptions:
Volatility |  |  | 28.0 | %
Dividend assumption |  |  | Accrued
Expected term |  |  | 3 years
Risk-free rate |  |  | 4.35 | %
Stock price (per share) |  |  | $16.17
The Company records amortization expense based on the Monte Carlo simulation throughout the performance period. The following table represents the summary of non-vested share-based awards under the Incentive Plan for the three months ended March 31, 2025, and 2024:
| THREE MONTHS ENDED MARCH 31, |
| 2025 | 2024 |  |
Share-based awards, beginning of period | 1,799,737 |  | 2,615,562 |  |  |
Granted 1 | 919,937 |  | 1,475,811 |  |  |
Vested | (39,970) |  | (28,414) |  |  |
Change in awards based on performance assessment | (59,762) |  | — |  |  |
Forfeited | — |  | (19,805) |  |  |
Share-based awards, end of period | 2,619,942 |  | 4,043,154 |  |  |
1 LTIP-C units are issued at the maximum number of units of the award and are reflected as such in this table until the performance conditions have been satisfied, and the exact number of awards are determinable. During the three months ended March 31, 2025 and 2024, the Company withheld 13,063 and 8,228 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 awards issued as of March 31, 2025:
Dollars in millions | FUTURE AMORTIZATION of non-vested shares
2025 | $ | 9.8 |
2026 | 10.4 |
2027 | 8.2 |
2028 | 1.7 |
2029 and thereafter | 0.6 |
Total | $ | 30.7 |
Subsequent Activity On April 15, 2025, the Company granted the following awards to it's CEO: •Non-vested stock awards with a grant date fair value of $5.7 million, which consisted of 366,242 non-vested shares of common stock with a vesting period of four years. •Non-vested stock awards with a grant date fair value of $1.2 million, which consisted of 74,522 non-vested shares of common stock with a vesting period of three years. •LTIP Series C units in the OP with three-year forward-looking performance targets and a three-year vesting period, which consisted of 347,770 units with an approximate grant date fair value of $3.9 million.

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