XML 27 R15.htm IDEA: XBRL DOCUMENT v3.24.3
Earnings Per Share and Equity Transactions
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Earnings Per Share and Equity Transactions Earnings Per Share and Equity Transactions
Basic earnings per share ("EPS") is computed by dividing net income or loss attributed to common shares by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that may occur from awards issued pursuant to stock-based compensation plans.
The following table reconciles the amounts used in calculating basic and diluted EPS:
Three months ended September 30Nine months ended September 30
2024202320242023
Numerator:
Net (loss) income attributed to common shares - basic
and diluted		$(539)$(822)$3,859 $2,379 
Denominator:
Weighted average common shares outstanding - basic68,526,238 67,531,335 68,101,901 67,521,110 
Dilutive effect of unvested restricted shares (a) (b)— — 557,418 199,375 
Weighted average common shares outstanding - diluted68,526,238 67,531,335 68,659,319 67,720,485 
Basic and diluted earnings per common share:
Net (loss) income per common share - basic$(0.01)$(0.01)$0.06 $0.04 
Net (loss) income per common share - diluted$(0.01)$(0.01)$0.06 $0.04 
(a)For the three months ended September 30, 2024 and 2023, the Company has excluded the anti-dilutive effect of stock-based compensation arrangements.
(b)For the nine months ended September 30, 2023, the Company has excluded the anti-dilutive effect of market-based awards granted in 2023.

ATM Program
On March 7, 2022, the Company established an at-the-market equity offering program (the "ATM Program") through which the Company may sell from time to time up to an aggregate of $250.0 million of its common stock. In connection with the ATM Program, the Company may sell shares of its common stock to or through sales agents, or may enter into separate forward sale agreements with one of the agents, or one of their respective affiliates, as a forward purchaser. During the three and nine months ended September 30, 2024 and 2023, no shares were issued under the ATM program. As of September 30, 2024, $244.6 million of common stock remains available for issuance under the ATM Program.
Share Repurchase Program
On February 23, 2022, the Company established a share repurchase program (the "SRP") of up to $150.0 million of the Company's outstanding shares of common stock. The SRP may be suspended or discontinued at any time, and does not obligate the Company to repurchase any dollar amount or particular amount of shares. As of September 30, 2024, the Company has not repurchased any common stock under the SRP.
Common Stock Offering
On September 25, 2024, the Company completed an underwritten public offering of its common stock at a price to the public of $28.00 per share. The Company issued and sold 9,200,000 shares of its common stock, including 1,200,000 shares issued in connection with the full exercise of the underwriters' over-allotment option. The Company received $247.3 million of net proceeds, after deducting $10.3 million in underwriting discounts and commissions.