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Stockholders' Equity and Noncontrolling Interests
 9 Months Ended
Sep. 30, 2022
Equity [Abstract]  
Stockholders' Equity and Noncontrolling Interests
NOTE 7: Stockholders' Equity and Noncontrolling Interests
Stockholders’ Equity
On September 12, 2022, our board of directors declared a dividend of $0.14 per share on our common stock, which was paid on October 21, 2022 to common stockholders of record as of September 30, 2022.
On May 18, 2022, our board of directors declared a dividend of $0.14 per share on our common stock, which was paid on July 22, 2022 to common stockholders of record as of July 1, 2022.
On March 14, 2022, our board of directors declared a dividend of $0.12 per share on our common stock, which
was paid on April 22, 2022 to common stockholders of record as of April 1, 2022.
On November 13, 2020, we entered into an equity distribution agreement pursuant to which we may from time to time offer and sell shares of our common stock having an aggregate offering price of up to $150,000 (the “ATM Program”) in negotiated transactions or transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act of 1933, as amended. Under the ATM Program, we may also enter into one or more forward sale transactions for the sale of shares of our common stock on a forward basis. We entered into forward sale transactions under the ATM Program on November 1, 2021 and on March 7, 2022 each for the forward sale of 1,000,000 shares of our common stock.
On May 18, 2022, our Board of Directors authorized a common stock repurchase program (the "Stock Repurchase Program") covering up to $250,000 in shares of our common stock. Under the Stock Repurchase Program, we, in our discretion, may purchase our shares from time to time in the open market or in privately negotiated transactions. The amount and timing of the purchases will depend on a number of factors, including the price and availability of our shares, trading volumes and general market conditions. The Stock Repurchase Program has no time limit and may be suspended or discontinued at any time. During the three and nine months ended September 30, 2022, we had no repurchases of shares under the Stock Repurchase Program. As of September 30, 2022, we had $250,000 remaining authorized for purchase under the Stock Repurchase Program.
On September 28, 2022, we physically settled in full 2,000,000 shares that were previously sold on a forward basis under the ATM Program. The forward shares were settled at the current weighted average sales price of $24.97 per share and we received proceeds, net of sales commissions, of approximately $49,935. No forward sale transactions under the ATM Program were entered into during the three months ended September 30, 2022 and there were no forward sale transactions that had not been settled as of September 30, 2022. As of September 30, 2022, approximately $56,836 remained available for issuance under the ATM Program.
Prior to the September 28, 2022 physical settlement, we evaluated the accounting for the forward sale transactions under FASB ASC Topic 480 “Distinguishing Liabilities from Equity” and FASB ASC Topic 815 “Derivatives and Hedging”. As the forward sale transactions were considered indexed to our own equity and since they met the equity classification conditions in ASC 815-40-25, the forward sale transactions were classified as equity.
Noncontrolling Interest
During the three and nine months ended September 30, 2022, holders of IROP units exchanged 0 and 890,669 units for 0 and 890,669 shares of our common stock, respectively. As of September 30, 2022, 6,091,171 IROP units held by unaffiliated third parties remain outstanding.
On September 12, 2022, our board of directors declared a dividend of $0.14 per unit, which was paid on October 21, 2022 to IROP LP unit holders of record as of September 30, 2022.
On May 18, 2022, our board of directors declared a dividend of $0.14 per unit, which was paid on July 22, 2022 to IROP LP unit holders of record as of July 1, 2022.
On March 14, 2022, our board of directors declared a dividend of $0.12 per unit, which was paid on April 22,
2022 to IROP LP unit holders of record as of April 1, 2022.