XML 27 R16.htm IDEA: XBRL DOCUMENT v3.25.1
Stockholders' Equity
 3 Months Ended
Mar. 31, 2025
Stockholders' Equity  
Stockholders' Equity

9. Stockholders’ Equity

​

July 2024 Equity Offering

On July 24, 2024, we sold, pursuant to a public underwriting offering, approximately 12.7 million shares, including approximately 1.7 million shares pursuant to an over-allotment option. We 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 condensed consolidated statements of equity. See Note 3 (“Business Transactions”) for further details.

Share Repurchases

Share Repurchase Program

Our Board of Directors authorized a share repurchase program in April 2023 that allowed us to repurchase up to $50.0 million of outstanding common stock over a twelve-month period. 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. An extension of the Share Repurchase Program was approved by our Board of Directors in April 2024 for an additional 24-month period and replenished the amount of shares authorized for repurchase, resulting in available capacity of $50.0 million at that time. Through March 31, 2025, we had repurchased 1,492,361 common shares at an average price of $15.02 per share for an aggregate of $22.4 million. 

​

Subsequent to March 31, 2025, our Board of Directors approved an increase in the Share Repurchase Program by an additional $50.0 million through April 27, 2026, resulting in available capacity of $65.2 million. The actual timing, manner, number, and value of shares repurchased under the program will be determined by us at our discretion. During the period from April 1, 2025 through May 1, 2025, we repurchased 968,057 common shares at an average price of $23.21 per share for an aggregate of $22.5 million.

​

Shares Withheld to Cover

The 2020 Plan allow 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 and shares withheld:

​

​

​

​

​

​

​

​

​

​

​

​

    

Three Months Ended

​

​

March 31, 2025

(dollars in thousands, except per share amounts)

​

Total Number of Shares

​

Average Price per Share

​

Total Cost of Shares

Shares repurchased under the Share Repurchase Program

​

​

9,161

​

$

24.39

​

$

223

Shares withheld related to net settlement of equity awards

​

​

504,367

​

​

29.69

​

​

14,974

Total

​

​

513,528

​

$

29.59

​

$

15,197

​

​

​

​

​

​

​

​

​

​

​

    

Three Months Ended

​

​

March 31, 2024

(dollars in thousands, except per share amounts)

​

Total Number of Shares

​

Average Price per Share

​

Total Cost of Shares

Shares repurchased under the Share Repurchase Program

​

​

82,972

​

$

14.83

​

$

1,230

Shares withheld related to net settlement of equity awards

​

​

385,980

​

​

16.71

​

​

6,451

Total

​

​

468,952

​

$

16.38

​

$

7,681

​

Cash Dividends

​

The following table summarizes our dividends declared and paid in each of the quarterly periods of 2025 and 2024:

​

​

​

​

​

​

​

​

​

    

Dividends per

    

​

(dollars in thousands, except per share amounts)

    

Common Share

    

  Dividends Paid

2025

​

 

  

​

 

  

Q1

​

$

0.190

​

$

34,185

​

​

​

​

​

​

​

2024

 

​

  

 

​

  

Q4

​

$

0.175

​

$

30,690

Q3

​

 

0.165

​

​

27,865

Q2

​

 

0.165

​

​

25,819

Q1

​

 

0.165

​

​

26,000

​

On April 24, 2025, our Board of Directors declared a quarterly dividend of $0.19 per share of common stock to be paid on May 13, 2025 to stockholders of record at the close of business on May 6, 2025.