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Stockholders' Equity | 6 Months Ended
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Jun. 30, 2021
Equity [Abstract] |
Stockholders' Equity | NOTE 7. — STOCKHOLDERS’ EQUITY A summary of the changes in stockholders’ equity for the three and six months ended June 30, 2021 and 2020, is as follows (in thousands except per share amounts):
|  | Common Stock |  |  | Additional Paid-in |  |  | Dividends Paid In Excess |  |  |  |  |
|  | Shares |  |  | Amount |  |  | Capital |  |  | Of Earnings |  |  | Total |
BALANCE, MARCH 31, 2021 |  |  | 44,367 |  |  | $ | 444 |  |  | $ | 743,305 |  |  | $ | (63,206 | ) |  | $ | 680,543 |
Net earnings |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 12,890 |  |  |  | 12,890 |
Dividends declared — $0.39 per share |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (17,785 | ) |  |  | (17,785 | )
Shares issued pursuant to ATM Program, net |  |  | 289 |  |  |  | 2 |  |  |  | 9,310 |  |  |  | — |  |  |  | 9,312 |
Shares issued pursuant to dividend reinvestment |  |  | — |  |  |  | — |  |  |  | 18 |  |  |  | — |  |  |  | 18 |
Stock-based compensation/settlements |  |  | 47 |  |  |  | 1 |  |  |  | 787 |  |  |  | — |  |  |  | 788 |
BALANCE, JUNE 30, 2021 |  |  | 44,703 |  |  | $ | 447 |  |  | $ | 753,420 |  |  | $ | (68,101 | ) |  | $ | 685,766 |
BALANCE, DECEMBER 31, 2020 |  |  | 43,606 |  |  | $ | 436 |  |  | $ | 722,608 |  |  | $ | (63,443 | ) |  | $ | 659,601 |
Net earnings |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 30,817 |  |  |  | 30,817 |
Dividends declared — $0.78 per share |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (35,475 | ) |  |  | (35,475 | )
Shares issued pursuant to ATM Program, net |  |  | 1,032 |  |  |  | 10 |  |  |  | 29,568 |  |  |  | — |  |  |  | 29,578 |
Shares issued pursuant to dividend reinvestment |  |  | 1 |  |  |  | — |  |  |  | 36 |  |  |  | — |  |  |  | 36 |
Stock-based compensation/settlements |  |  | 64 |  |  |  | 1 |  |  |  | 1,208 |  |  |  | — |  |  |  | 1,209 |
BALANCE, JUNE 30, 2021 |  |  | 44,703 |  |  | $ | 447 |  |  | $ | 753,420 |  |  | $ | (68,101 | ) |  | $ | 685,766 |
|  | Common Stock |  |  | Additional Paid-in |  |  | Dividends Paid In Excess |  |  |  |  |
|  | Shares |  |  | Amount |  |  | Capital |  |  | Of Earnings |  |  | Total |
BALANCE, MARCH 31, 2020 |  |  | 41,391 |  |  | $ | 414 |  |  | $ | 656,981 |  |  | $ | (70,920 | ) |  | $ | 586,475 |
Net earnings |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 10,973 |  |  |  | 10,973 |
Dividends declared — $0.37 per share |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (15,768 | ) |  |  | (15,768 | )
Shares issued pursuant to ATM Program, net |  |  | 404 |  |  |  | 4 |  |  |  | 11,940 |  |  |  | — |  |  |  | 11,944 |
Shares issued pursuant to dividend reinvestment |  |  | 1 |  |  |  | — |  |  |  | 16 |  |  |  | — |  |  |  | 16 |
Stock-based compensation/settlements |  |  | — |  |  |  | — |  |  |  | 868 |  |  |  | — |  |  |  | 868 |
BALANCE, JUNE 30, 2020 |  |  | 41,796 |  |  | $ | 418 |  |  | $ | 669,805 |  |  | $ | (75,715 | ) |  | $ | 594,508 |
BALANCE, DECEMBER 31, 2019 |  |  | 41,368 |  |  | $ | 414 |  |  | $ | 656,127 |  |  | $ | (67,102 | ) |  | $ | 589,439 |
Net earnings |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 23,673 |  |  |  | 23,673 |
Cumulative-effect adjustment for the adoption of new accounting pronouncement (Note 2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (886 | ) |  |  | (886 | )
Dividends declared — $0.74 per share |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (31,400 | ) |  |  | (31,400 | )
Shares issued pursuant to ATM Program, net |  |  | 404 |  |  |  | 4 |  |  |  | 11,912 |  |  |  | — |  |  |  | 11,916 |
Shares issued pursuant to dividend reinvestment |  |  | 13 |  |  |  | — |  |  |  | 410 |  |  |  | — |  |  |  | 410 |
Stock-based compensation/settlements |  |  | 11 |  |  |  | — |  |  |  | 1,356 |  |  |  | — |  |  |  | 1,356 |
BALANCE, JUNE 30, 2020 |  |  | 41,796 |  |  | $ | 418 |  |  | $ | 669,805 |  |  | $ | (75,715 | ) |  | $ | 594,508 |
On March 1, 2021, our Board of Directors granted 192,550 restricted stock units (“RSU” or “RSUs”) under our Amended and Restated 2004 Omnibus Incentive Compensation Plan. On March 2, 2020 and December 14, 2020, our Board of Directors granted 176,050 and 15,000 of RSUs, respectively, under our Amended and Restated 2004 Omnibus Incentive Compensation Plan. ATM Program In March 2018, we established an at-the-market equity offering program (the “2018 ATM Program”), pursuant to which we are able to issue and sell shares of our common stock with an aggregate sales price of up to $125,000,000 through a consortium of banks acting as agents. The 2018 ATM Program was terminated in January 2021. In February 2021, we established a new at-the-market equity offering program (the “ATM Program”), pursuant to which we are able to issue and sell shares of our common stock with an aggregate sales price of up to $250,000,000 through a consortium of banks acting as agents. Sales of the shares of common stock may be made, as needed, from time to time in at-the-market offerings as defined in Rule 415 of the Securities Act, including by means of ordinary brokers’ transactions on the New York Stock Exchange or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or as otherwise agreed to with the applicable agent. During the three and six months ended June 30, 2021, we issued a total of 289,000 and 1,032,000 shares of common stock and received net proceeds of $9,312,000 and $29,578,000 under the ATM Program and the 2018 ATM Program. During the three and six months ended June 30, 2020, we issued a total of 404,000 shares of common stock and received net proceeds of $11,916,000 under the 2018 ATM Program. Future sales, if any, will depend on a variety of factors to be determined by us from time to time, including among others, market conditions, the trading price of our common stock, determinations by us of the appropriate sources of funding for us and potential uses of funding available to us. Dividends For the six months ended June 30, 2021, we paid regular quarterly dividends of $35,022,000 or $0.78 per share. For the six months ended June 30, 2020, we paid regular quarterly dividends of $31,189,000 or $0.74 per share. Dividend Reinvestment Plan Our dividend reinvestment plan provides our common stockholders with a convenient and economical method of acquiring additional shares of common stock by reinvesting all or a portion of their dividend distributions. During the six months ended June 30, 2021 and 2020, we issued 1,258 and 13,027 shares of common stock, respectively, under the dividend reinvestment plan and received proceeds of $36,000 and $410,000, respectively. Stock-Based Compensation Compensation cost for our stock-based compensation plans using the fair value method was $1,937,000 and $1,600,000 for the six months ended June 30, 2021 and 2020, respectively, and is included in general and administrative expense in our consolidated statements of operations.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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