XML 22 R10.htm IDEA: XBRL DOCUMENT v3.23.2
Equity
 6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
Equity Equity
On April 29, 2022, the Company entered into an equity distribution agreement to sell shares of its common stock having an aggregate gross sales price of up to $350.0 million from time to time depending on market conditions through an at-the-market equity program over the next three years. The Company intends to use the net proceeds from these sales, after deducting commissions on such sales and offering expenses, for general corporate purposes, which may include working capital, construction and acquisition expenditures, investments and repurchases, and redemptions of securities. The Company sold 1,699,849 shares of common stock through its at-the-market equity program and raised proceeds of $94.5 million, net of $1.0 million in commissions paid under the equity distribution agreement, during the three months ended June 30, 2023. During the three months ended June 30, 2022, the Company sold 574,634 shares of common stock through its at-the-market equity program and raised proceeds of $30.2 million net of $0.3 million in commissions paid under the equity distribution agreement.
The Company sold 2,025,891 shares of common stock through its at-the-market equity program and raised proceeds of $112.7 million net of $1.1 million in commissions paid under the equity distribution agreement during the six months ended June 30, 2023. During the six months ended June 30, 2022, the Company sold 574,634 shares of common stock through its at-the-market equity program and raised proceeds of $30.2 million net of $0.3 million in commissions paid under the equity distribution agreement.
As approved by the Company's stockholders at the 2022 Annual Meeting, effective July 26, 2022, the aggregate number of shares of common stock which the Company shall have authority to issue was increased from 68.0 million shares to 136.0 million shares. All of said 136.0 million shares shall be of one and the same series, namely shares with par value of $0.01 per share.
The Company’s changes in total equity for the six months ended June 30, 2023 and 2022 were as follows:
Six months ended June 30, 2023
 Common StockAdditional
Paid-in
Capital		Retained
Earnings		Noncontrolling InterestsTotal Equity
 SharesAmount
 (In thousands)
Balance at January 1, 202355,598 $556 $760,336 $556,698 $4,804 $1,322,394 
Net loss— — — (22,211)(123)(22,334)
Issuance of common stock420 4 18,922 — — 18,926 
Repurchase of common stock(27)— (1,542)— — (1,542)
Dividends paid on common stock ($0.2600 per share)
— — — (14,456)— (14,456)
Investment in business with noncontrolling interest
— — (111)— 111 — 
Balance at March 31, 202355,991 560 777,605 520,031 4,792 1,302,988 
Net income (loss)— — — 9,556 (109)9,447 
Issuance of common stock1,713 17 96,482 — — 96,499 
Repurchase of common stock(2)— (108)— — (108)
Dividends paid on common stock ($0.2600 per share)
— — — (14,571)— (14,571)
Investment in business with noncontrolling interest
— — (56)— 56 — 
Distribution to noncontrolling interest— — — — (288)(288)
Balance at June 30, 202357,702 577 873,923 515,016 4,451 1,393,967 
Six months ended June 30, 2022
 Common StockAdditional
Paid-in
Capital		Retained
Earnings		Noncontrolling InterestsTotal Equity
 SharesAmount
 (In thousands)
Balance at January 1, 202253,716 $537 $651,121 $514,873 $5,386 $1,171,917 
Net income (loss)— — — 1,086 (192)894 
Issuance of common stock85 1 1,106 — — 1,107 
Repurchase of common stock(28)— (1,674)— — (1,674)
Dividends paid on common stock ($0.2500 per share)
— — — (13,429)— (13,429)
Investment in business with noncontrolling interest
— — (54)— 54 — 
Balance at March 31, 202253,773 538 650,499 502,530 5,248 1,158,815 
Net income (loss)— — — 19,484 (269)19,215 
Issuance of common stock585 6 32,118 — — 32,124 
Repurchase of common stock(2)— (111)— — (111)
Dividends paid on common stock ($0.2500 per share)
— — — (13,452)— (13,452)
Investment in business with noncontrolling interest
— — (153)— 153 — 
Distribution to noncontrolling interest— — — — (348)(348)
Balance at June 30, 202254,356 544 682,353 508,562 4,784 1,196,243