XML 26 R12.htm IDEA: XBRL DOCUMENT
v3.22.4

Earnings per Share | 12 Months Ended
--- | ---
Dec. 31, 2022
Earnings Per Share [Abstract] |
Earnings per Share | NOTE 3. EAR NINGS PER SHARE The following table reconciles the number of shares used in calculating basic and diluted earnings per share for the year ended December 31:
(in thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
Basic weighted-average shares outstanding |  |  | 72,740 |  |  |  | 67,352 |  |  |  | 67,237 |
Incremental shares due to: |  |  |  |  |  |  |  |  |
Performance shares |  |  | 149 |  |  |  | 307 |  |  |  | 289 |
Restricted stock units |  |  | 33 |  |  |  | 60 |  |  |  | 42 |
Diluted weighted-average shares outstanding |  |  | 72,922 |  |  |  | 67,719 |  |  |  | 67,568 |
For stock-based awards, the dilutive effect is calculated using the treasury stock method. Under this method, the dilutive effect is computed as if the awards were exercised at the beginning of the period (or at time of issuance, if later) and assumes the related proceeds were used to repurchase common stock at the average market price during the period. Related proceeds include future compensation cost associated with the stock award. At December 31, 2022, 2021 and 2020, there were approximately 119,000, 48,600, and 1,100 stock-based awards, respectively, which were excluded from the calculation of earnings per share because they were anti-dilutive. Anti-dilutive stock-based awards could be dilutive in future periods. SHARE REPURCHASE PROGRAM On August 30, 2018, our board of directors authorized management to repurchase up to $100.0 million of common stock with no time limit set for the repurchase (the 2018 Repurchase Program). During the year ended December 31, 2022, and 2020, we repurchased 103,010 and 489,850 shares of our common stock (at a total consideration of $4.5 million and $15.4 million), respectively, under the 2018 Repurchase Program. We did no t repurchase any shares under the 2018 Repurchase Program during the year ended December 31, 2021. On August 31, 2022, our board of directors authorized management to repurchase up to $200.0 million of our common stock with no set time limit for the repurchase (the 2022 Repurchase Program). Concurrently, the board of directors terminated the remaining repurchase authorization under the 2018 Repurchase Program. Shares under the 2022 Repurchase Program may be repurchased in open market transactions, and in 2022, were purchased pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Securities and Exchange Act of 1934. The 2022 Repurchase Program may be suspended, terminated or modified at any time for any reason. During the year ended December 31, 2022, we repurchased 1,096,283 shares of our common stock for total consideration of $50.0 million under the 2022 Repurchase Program. As such, total aggregate repurchases under the 2018 and 2022 Repurchase Programs were 1,199,293 shares for total consideration of $54.5 million during the year ended December 31, 2022. At December 31, 2022, we had remaining authorization of $150.0 million for future stock repurchases under the 2022 Repurchase Program. Transaction costs are not counted against authorized funds. We record share purchases upon trade date, as opposed to the settlement date. We retire shares upon repurchase. Any excess repurchase price over par is recorded in accumulated deficit. There were no unsettled repurchases at December 31, 2022 and 2021. DIVIDENDS Generally, a REIT must distribute its taxable income each year and there is a 20% limit on the value of our PotlatchDeltic TRS, including ca sh, that can be retained. As a result of strong financial results in the first half of 2022, on December 2, 2022, our board of directors approved a special cash dividend of $0.95 per share, or $75.7 million in aggregat e, that was paid on December 30, 2022. On December 31, 2021, we paid a special cash dividend of $4.00 per share, or $276.3 million in aggregate as a result of large cash balances in both our REIT and TRS during 2021 driven by record lumber and indexed sawlog prices. On February 10, 2023, the board of directors approved a quarterly cash dividend of $0.45 per share payable on March 31, 2023, to stockholders of record as of March 3, 2023.

X
- References No definition available. + Details
Name: | us-gaap_EarningsPerShareAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI https://asc.fasb.org/topic&trid=2144383 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3630-109257 + Details
Name: | us-gaap_EarningsPerShareTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration