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Stockholders' Equity
 12 Months Ended
Dec. 31, 2024
Stockholders' Equity  
Stockholders' Equity

18. Stockholders’ Equity

July 2024 Equity Offering

On July 24, 2024, Archrock sold, pursuant to a public underwriting offering, approximately 12.7 million shares of common stock, including approximately 1.7 million shares of common stock pursuant to an over-allotment option. Archrock received net proceeds of $255.7 million, after deducting underwriting discounts, commissions and offering expenses. Proceeds from this equity offering were used to fund a portion of the TOPS Acquisition.

TOPS Acquisition

On August 30, 2024, we completed the TOPS Acquisition and issued approximately 6.9 million shares of common stock to the sellers as part of the acquisition purchase price. The acquisition date fair value was $139.1 million and is reflected in common stock and additional paid-in capital in our consolidated statements of equity. See Note 4 (“Business Transactions”) for further details.

Share Repurchases

​

Share Repurchase Program

​

On April 27, 2023, our Board of Directors authorized a share repurchase program that allowed us to repurchase up to $50.0 million of outstanding common stock. Under the 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. On April 25, 2024, our Board of Directors approved an extension of the Share Repurchase Program upon expiry of the current authorization on April 27, 2024, for an additional 24-month period. In connection with the extension, the Board of Directors replenished the amount of shares authorized for repurchase under the Share Repurchase Program, resulting in available capacity of $50.0 million at that time. Through December 31, 2024, we had repurchased 1,483,200 common shares at an average price of $14.97 per share for an aggregate of $22.2 million. As of December 31, 2024, $37.9 million remained available for purchase under the Share Repurchase Program. The actual timing, manner, number, and value of shares repurchased under the program will be determined by us at our discretion.

​

Shares Withheld to Cover

​

The 2020 Plan allows us to withhold shares upon vesting of restricted stock at the then-current market price to cover taxes required to be withheld on the vesting date.

The following table summarizes shares repurchased:

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

Year Ended

​

​

​

December 31, 2024

(dollars in thousands, except per share amounts)

​

​

Total Number of Shares Repurchased

​

Average Price per Share

​

Total Cost of Shares Repurchased

Shares repurchased under the Share Repurchase Program

​

​

​

732,826

​

$

18.20

​

$

13,337

Shares withheld related to net settlement of equity awards

​

​

​

392,177

​

​

16.76

​

​

6,574

Total

​

​

​

1,125,003

​

$

17.70

​

$

19,911

​

​

​

​

​

​

​

​

​

​

​

​

    

​

Year Ended

​

​

​

December 31, 2023

(dollars in thousands, except per share amounts)

​

​

Total Number of Shares Repurchased

​

Average Price per Share

​

Total Cost of Shares Repurchased

Shares repurchased under the Share Repurchase Program

​

​

​

750,374

​

$

11.81

​

$

8,860

Shares withheld related to net settlement of equity awards

​

​

​

388,128

​

​

9.87

​

​

3,829

Total

​

​

​

1,138,502

​

$

11.15

​

$

12,689

​

At–the–Market Continuous Equity Offering Program

​

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 years ended December 31, 2024 and 2023.

Cash Dividends

The following table summarizes our dividends declared and paid in each of the quarterly periods of 2024, 2023 and 2022:

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​

​

​

​

​

​

​

​

    

Dividends per

    

​

(dollars in thousands, except per share amounts)

    

Common Share

    

Dividends Paid

2024

​

 

  

​

 

  

Q4

​

$

0.175

​

$

30,690

Q3

​

​

0.165

​

​

27,865

Q2

​

​

0.165

​

​

25,819

Q1

​

​

0.165

​

​

26,000

​

​

​

​

​

​

​

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

​

On January 30, 2025, our Board of Directors declared a quarterly dividend of $0.19 per share of common stock, or approximately $33.5 million, which was paid on February 19, 2025 to stockholders of record at the close of business on February 12, 2025.

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 26 (“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:

​

​

​

​

​

​

​

Year ended

(in thousands)

​

December 31, 2022

Beginning accumulated other comprehensive loss

​

$

(984)

Other comprehensive income, net of tax:

​

​

​

Loss recognized in other comprehensive income

​

 

(405)

Loss reclassified from accumulated other comprehensive loss to interest expense

​

 

1,389

Total other comprehensive income

​

 

984

Ending accumulated other comprehensive loss

​

$

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