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Stockholders' Equity
 12 Months Ended
Dec. 31, 2023
Stockholders' Equity  
Stockholders' Equity

17. Stockholders’ Equity

2023 Share Repurchase Program

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In April 2023, our Board of Directors authorized the 2023 Share Repurchase Program, which allows us to repurchase up to $50.0 million of outstanding common stock.  Under the 2023 Share Repurchase Program, shares of our common stock may be repurchased periodically, including in the open market, privately negotiated transactions, or otherwise in accordance with applicable federal securities laws, at any time until April 27, 2024. The actual timing, manner, number, and value of shares repurchased under the program will be determined by us at our discretion.

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The following table summarizes shares repurchased under the 2023 Share Repurchase Program during the year ended December 31, 2023:

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​

​

​

​

​

    

Year Ended

(dollars in thousands, except per share amounts)

​

December 31, 2023

Total cost of shares repurchased

​

$

8,860

Average price per share

​

$

11.81

Total number of shares repurchased

​

 

750,374

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At–the–Market Continuous Equity Offering Program

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In February 2021, we entered into the ATM Agreement, pursuant to which we may offer and sell shares of our common stock from time to time for an aggregate offering price of up to $50.0 million. We use the net proceeds of these offerings, after deducting sales agent fees and offering expenses, for general corporate purposes. Offerings of common stock pursuant to the ATM Agreement will terminate upon the earlier of (i) the sale of all shares of common stock subject to the ATM Agreement or (ii) the termination of the ATM Agreement by us or by each of the sales agents. Any sales agent may also terminate the ATM Agreement but only with respect to itself.

During the year ended December 31, 2022, we sold 447,020 shares of common stock for net proceeds of $4.2 million, pursuant to the ATM Agreement. There were no shares of common stock sold during the year ended December 31, 2023.

Cash Dividends

The following table summarizes our dividends declared and paid in each of the quarterly periods of 2023, 2022 and 2021:

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​

​

​

​

​

​

​

    

Dividends per

    

​

(dollars in thousands, except per share amounts)

    

Common Share

    

Dividends Paid

2023

​

 

  

​

 

  

Q4

​

$

0.155

​

$

24,190

Q3

​

​

0.155

​

​

24,250

Q2

​

​

0.150

​

​

23,504

Q1

​

​

0.150

​

​

23,852

​

​

​

​

​

​

​

2022

 

​

  

 

​

  

Q4

​

$

0.145

​

$

22,589

Q3

​

 

0.145

​

 

22,559

Q2

​

 

0.145

​

 

22,494

Q1

​

 

0.145

​

 

22,673

​

​

​

​

​

​

​

2021

 

​

  

 

​

  

Q4

​

$

0.145

​

$

22,351

Q3

​

 

0.145

​

 

22,506

Q2

​

 

0.145

​

 

22,331

Q1

​

 

0.145

​

 

22,155

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On January 25, 2024, our Board of Directors declared a quarterly dividend of $0.165 per share of common stock, or approximately $25.9 million, which was paid on February 13, 2024 to stockholders of record at the close of business on February 6, 2024.

Accumulated Other Comprehensive Loss

Components of comprehensive income are net income (and all changes in equity during a period except those resulting from transactions with owners.  Our accumulated other comprehensive loss consists of changes in the fair value of our interest rate swap derivative instruments, net of tax. See Note 25 (“Derivatives and Hedging”) for further details on our interest rate swap derivative instruments.

The following table presents the changes in accumulated other comprehensive loss, net of tax:

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​

​

​

​

​

​

​

​

​

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Year Ended December 31, 

(in thousands)

​

2023

    

2022

    

2021

Beginning accumulated other comprehensive loss

​

$

—

​

$

(984)

​

$

(5,006)

Other comprehensive income, net of tax:

​

​

​

​

​

​

​

​

​

Loss recognized in other comprehensive income

​

 

—

​

 

(405)

​

 

(962)

Loss reclassified from accumulated other comprehensive loss to interest expense

​

 

—

​

 

1,389

​

 

4,984

Total other comprehensive income

​

 

—

​

 

984

​

 

4,022

Ending accumulated other comprehensive loss

​

$

—

​

$

—

​

$

(984)

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