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Equity and Dividends
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Equity and Dividends Equity and Dividends
Share Repurchase Plan

Beginning in April 2022, our Board of Directors has authorized a stock repurchase plan. No common stock was repurchased under this plan during 2023. During the year ended December 31, 2022, we repurchased through open market transactions 2,468,354 shares of common stock for an average price of $61.56 per share, excluding commissions. All shares received were constructively retired upon receipt, and the excess of the purchase price over the par value per share was recorded to “Retained earnings” in the Consolidated Balance Sheet.

On February 16, 2024, our Board of Directors renewed the stock repurchase plan pursuant to which we may purchase up to $160.0 million in shares of our issued and outstanding common stock, par value $0.01 per share. The stock repurchase plan is effective for a period of one year and does not require us to repurchase any specific number of shares. It may be suspended or discontinued at any time. Shares may be repurchased from time-to-time in open market transactions at prevailing market prices, in privately negotiated transactions or by other means in accordance with the terms of Rule 10b-18 of the Securities Exchange Act of 1934 as amended (the “Exchange Act”) and shall be made in accordance with all applicable laws and regulations in effect. The timing and number of shares repurchased, if any, will depend on a variety of factors, including price, general market and economic conditions, alternative investment opportunities and other corporate considerations.

At-the-Market (“ATM”) Equity Program

Our ATM equity offering sales agreement allows us to sell, from time to time, up to an aggregate sales price of $500 million of the Company’s common shares through the ATM equity program. No shares were issued during the years ended December 31, 2023 and 2022. During the year ended December 31, 2021, we issued 661,951 common shares through the ATM equity program with an average price of $73.62, resulting in net proceeds after transaction costs of approximately $47.9 million.

Dividends

The following table summarizes dividends declared or paid by the Board of Directors during the years ended December 31, 2023 and 2022:


Year Ended December 31, 2023
Date of DeclarationDate of RecordDate Paid/PayableQuarterly Dividend
February 17, 2023March 31, 2023May 5, 2023$0.90
May 5, 2023June 30, 2023August 4, 2023$0.90
August 4, 2023September 29, 2023November 3, 2023$0.90
November 3, 2023December 29, 2023January 26, 2024$0.90
Year Ended December 31, 2022
Date of DeclarationDate of RecordDate Paid/PayableQuarterly Dividend
February 16, 2022March 31, 2022May 6, 2022$0.90
May 6, 2022June 30, 2022August 5, 2022$0.90
August 5, 2022September 30, 2022November 4, 2022$0.90
November 6, 2022December 30, 2022January 27, 2023$0.90

On February 16, 2024, the Board of Directors declared a $0.90 per share dividend to common stockholders of record on March 28, 2024, payable May 3, 2024.