XML 36 R18.htm IDEA: XBRL DOCUMENT v3.25.0.1
Earnings Per Share and Equity Transactions
 12 Months Ended
Dec. 31, 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:
Year ended December 31
202420232022
Numerator:
Net income attributed to common shares - basic and diluted$13,658 $5,269 $52,233 
Denominator:
Weighted average common shares outstanding - basic70,394,448 67,531,898 67,406,233 
Dilutive effect of unvested restricted shares616,120 281,282 119,702 
Weighted average common shares outstanding - diluted71,010,568 67,813,180 67,525,935 
Basic and diluted earnings per common share:
Net income per common share - basic$0.19 $0.08 $0.77 
Net income per common share - diluted$0.19 $0.08 $0.77 
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. As of December 31, 2024, $236.7 million of common stock remains available for issuance under the ATM Program.
The following table summarizes the Company's activity under the ATM Program:
Number of
Shares Issued		Weighted
Average Price		Gross ProceedsCommissionsNet Proceeds
Quarter ended December 31, 2023
208,040$26.13$5,437 $68 $5,369 
Quarter ended December 31, 2024
254,082$30.96$7,866 $99 $7,767 
Share Repurchase Programs
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 December 31, 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.