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Shareholders' Equity and Share-Based Compensation (Notes) | 12 Months Ended
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Dec. 31, 2023
Equity [Abstract] |
Shareholders' Equity and Share-based Compensation | SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION Preferred Stock. The Company’s Board of Directors has designated 6,600,000 shares of the Company’s preferred stock for issuance as Series C Preferred Stock, of which the Company has 4,460,000 of such shares outstanding as of December 31, 2023. The Series C Preferred Stock has no stated maturity, is not subject to any sinking fund or mandatory redemption, and will remain outstanding indefinitely unless redeemed, repurchased or converted into common stock pursuant to the terms of the Series C Preferred Stock. Except under certain limited circumstances described in Article IIIC of the Company’s Restated Articles of Incorporation, the Company may not redeem the Series C Preferred Stock prior to April 15, 2025. On or after that date, the Series C Preferred Stock may be redeemed at any time and from time to time at the Company's option at a cash redemption price of $25.00 per share plus any accumulated and unpaid dividends. Because the Series C Preferred Stock is redeemable only at the option of the issuer, it is classified as equity on the Company’s consolidated balance sheet. The Series C Preferred Stock pays a cumulative cash dividend equivalent to 6.900% of the $25.00 liquidation preference per share each year until April 15, 2025. The terms of the Series C Preferred Stock state that upon April 15, 2025 and thereafter, the Company will pay cumulative cash dividends at a percentage of the $25.00 liquidation value per share equal to an annual floating rate of 3-month LIBOR plus a spread of 5.461%. When 3-month LIBOR ceases to be a published, the fallback provision provided in the terms of the Series C Preferred Stock will allow for the Company to appoint a third-party independent financial institution of national standing to select an industry accepted alternative base rate. The Company paid its regular quarterly dividend of $0.43125 per share of Series C Preferred Stock on January 16, 2024 to shareholders of record as of January 1, 2024. Common Stock. During the year ended December 31, 2023, the Company issued 3,329,802 shares of its common stock through its at-the-market (“ATM”) program at an aggregate value of $42.6 million, net of broker commissions and fees. The Company currently pays a monthly dividend on its common stock. The Company’s timing, frequency, and amount of dividends declared on its common stock are determined by its Board of Directors. When declaring dividends, the Board of Directors considers the Company’s taxable income, the REIT distribution requirements of the Tax Code, and maintaining compliance with dividend requirements of the Series C Preferred Stock, along with other factors that the Board of Directors may deem relevant from time to time. Share-Based Compensation. The following tables present a rollforward of share-based awards for the periods indicated:
|  | Year Ended
|  | December 31,
|  | 2023 |  | 2022 |  | 2021
Type of Award |  | Shares |  | Weighted Average Grant Date Fair Value Per Share |  | Shares |  | Weighted Average Grant Date Fair Value Per Share |  | Shares |  | Weighted Average Grant Date Fair Value Per Share
Restricted stock: |  |  |  |  |  |  |  |  |  |  |  |
Awards outstanding, beginning of period |  | 133,951 |  |  | $ | 15.22 |  |  | 197,804 |  |  | $ | 15.27 |  |  | 281,761 |  |  | $ | 14.74 |
Granted |  | 74,017 |  |  | 11.27 |  |  | 71,216 |  |  | 15.60 |  |  | 40,027 |  |  | 19.02 |
Vested |  | (103,686) |  |  | 15.03 |  |  | (135,069) |  |  | 15.49 |  |  | (123,984) |  |  | 15.28 |
Awards outstanding, end of period |  | 104,282 |  |  | $ | 12.61 |  |  | 133,951 |  |  | $ | 15.22 |  |  | 197,804 |  |  | $ | 15.27 |
Target RSUs: (1) |  |  |  |  |  |  |  |  |  |  |  |
Awards outstanding, beginning of period |  | 86,666 |  |  | $ | 16.57 |  |  | 55,019 |  |  | $ | 19.40 |  |  | — |  |  | $ | — |
Granted |  | 341,044 |  |  | 12.55 |  |  | 73,767 |  |  | 15.19 |  |  | 55,019 |  |  | 19.40 |
Vested |  | (33,213) |  |  | 16.96 |  |  | (42,120) |  |  | 17.85 |  |  | — |  |  | — |
Awards outstanding, end of period |  | 394,497 |  |  | $ | 13.06 |  |  | 86,666 |  |  | $ | 16.57 |  |  | 55,019 |  |  | $ | 19.40 |
Target PSUs: (2) |  |  |  |  |  |  |  |  |  |  |  |
Awards outstanding, beginning of period |  | 201,284 |  |  | $ | 16.60 |  |  | 110,040 |  |  | $ | 19.04 |  |  | — |  |  | $ | — |
Granted |  | 160,277 |  |  | 11.97 |  |  | 147,542 |  |  | 14.83 |  |  | 110,040 |  |  | 19.04 |
Vested |  | (84,695) |  |  | 19.04 |  |  | (56,298) |  |  | 16.73 |  |  | — |  |  | — |
Awards outstanding, end of period |  | 276,866 |  |  | $ | 13.17 |  |  | 201,284 |  |  | $ | 16.60 |  |  | 110,040 |  |  | $ | 19.04 |
(1)The number of RSUs shown represent the target number of awards. Actual number of shares that will potentially settle may range from 0% if the recipient’s service-based vesting condition is not met to 100% if the service-based vesting condition is met. (2)The number of PSUs shown represent the target number of awards. Actual number of shares that will potentially settle may range from 0% to 200% based on the achievement of the performance goals defined in each grant award. As of December 31, 2023, the Company expects 79% of the remaining target PSUs will be settled on their vesting dates. The Company has DERs accrued for RSUs and PSUs of $0.4 million and $0.8 million, respectively, as of December 31, 2023 compared to $0.2 million and $0.4 million, respectively, as of December 31, 2022, which is included on the Company’s consolidated balance sheet within “accrued dividends payable.” Total share-based compensation expense recognized by the Company for the year ended December 31, 2023 was $4.8 million compared to $4.4 million for the year ended December 31, 2022 and $2.5 million for the year ended December 31, 2021. The following table discloses the Company’s remaining compensation expense related to stock awards it has granted as of December 31, 2023, which will be amortized over the period disclosed:
| December 31, 2023
($s in thousands) | Remaining Compensation Cost |  | WAVG Period of Recognition
Restricted stock | $ | 610 |  |  | 1.4 years
RSUs | 3,341 |  |  | 2.5 years
PSUs | 877 |  |  | 1.9 years
Total | $ | 4,828 |  |  | 2.2 years

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- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//505/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//718/tableOfContent + Details
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