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SHAREHOLDERS' EQUITY | 12 Months Ended
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Dec. 31, 2023
SHAREHOLDERS' EQUITY [Abstract] |
SHAREHOLDERS' EQUITY |
12. | SHAREHOLDERS’ EQUITY
Authorized, issued and outstanding common shares roll-forward is as follows:
|  | Authorized Shares |  |  | Issued and Outstanding Shares |  |  | Common Stock |
Balance as of January 1, 2021 |  |  | 360,000,000 |  |  |  | 151,446,112 |  |  |  | 1,514 |
$60 million 2020 ATM |  |  | - |  |  |  | 22,025,979 |  |  |  | 220 |
$60 million 2021 ATM |  |  | - |  |  |  | 10,222,105 |  |  |  | 102 |
Balance as of December 31, 2021 |  |  | 360,000,000 |  |  |  | 183,694,196 |  |  |  | 1,836 |
$60 million 2021 ATM |  |  | - |  |  |  | 10,764,990 |  |  |  | 108 |
$60 million 2022 ATM |  |  | - |  |  |  | 14,337,258 |  |  |  | 143 |
Balance as of December 31, 2022 |  |  | 360,000,000 |  |  |  | 208,796,444 |  |  |  | 2,087 |
$60 million 2022 ATM |  |  | - |  |  |  | - |  |  |  | - |
Balance as of December 31, 2023 |  |  | 360,000,000 |  |  |  | 208,796,444 |  |  |  | 2,087 |
On October 16, 2020, the Company entered into an equity distribution agreement with B. Riley FBR, Inc., acting as a sales agent, under which we may, from time to time, offer and sell shares of our common stock through an At-the-Market Offering (the “$60 million 2020 ATM”) program having an aggregate offering price of up to $60,000,000. In 2021, the Company raised $60.0 million and $58.5 million in gross and net proceeds, respectively by issuing 22,025,979 common shares and this ATM was fully utilized. The 2020 $60 million ATM program was terminated on October 14, 2021. On September 29, 2021, the Company entered into a new equity distribution agreement with B. Riley Securities, Inc, acting as sales agent, under which the Company may, from time to time, offer and sell common stock through an At-the-Market Offering (the “$60 million 2021 ATM”) program having an aggregate offering price of up to $60,000,000. As of December 31, 2021, the Company had raised gross and net proceeds (after deducting sales commissions and other fees and expenses) of $22.3 million and $21.7 million, respectively, by issuing and selling 10,222,105 common shares. In the period from January 1 through to February 14, 2022, the Company raised gross and net proceeds of $16.9 million and $16.5 million, respectively, by issuing and selling 10,764,990 common shares. The $60 million 2021 ATM was terminated on February 14, 2022, after having utilized $39.2 million of the program. On February 14, 2022, the Company entered into a new equity distribution agreement with B. Riley Securities, Inc, acting as sales agent, under which the Company may, from time to time, offer and sell common stock through an At-the-Market Offering (the “$60 million 2022 ATM”) program having an aggregate offering price of up to $60,000,000. In 2022, the Company raised gross and net proceeds of $33.6 million and $32.7 million, respectively, by selling and issuing 14,337,258 commons shares. No common shares have been issued in 2023 and the remaining available balance under this ATM is $26.4 million. Based on the share price of the Company of $3.80 as of April 19, 2024, it would have resulted in 6,958,723 new shares being issued, if fully utilizing the remaining balance available of the $60 million 2022 ATM. Additional Paid-in Capital Included in Additional Paid-in Capital is the Company’s Share Premium Fund as defined by Bermuda law. The Share Premium Fund cannot be distributed without complying with certain legal procedures designed to protect the creditors of the Company, including public notice to its creditors and a subsequent period for creditor notice of concern, regarding the Company’s intention, following shareholder approval, to transfer such funds to the Company’s Contributed Surplus Account and thereby make such funds available for distribution. The Share Premium Fund was $167.1 million and $167.1 million as of December 31, 2023 and 2022, respectively. Credits to Additional Paid in Capital are a result of accounting for the Company’s share-based compensation program and issuance of shares. Contributed Surplus Account The Company’s Contributed Surplus Account as defined by Bermuda law, consists of amounts previously recorded as share premium, transferred to Contributed Surplus Account when resolutions are adopted by the Company’s shareholders to make Share Premium Fund distributable or available for other purposes. As indicated by the laws governing the Company, the Contributed Surplus Account can be used for dividend distribution and to cover accumulated losses from its operations. For the year ended December 31, 2023, the Company declared dividends of $102.3 million that was charged to the Contributed Surplus Account. The Company paid out $89.8 million of the declared dividends in 2023 and the remaining $12.5 million was paid out in January 2024. For the year ended December 31, 2022, the Company paid a dividend of $22.7 million that was charged to the Contributed Surplus Account. The Company’s Contributed Surplus account was $404.8 million and $507.1 million as of December 31, 2023 and 2022, respectively. Shareholders’ Rights Plan On June 16, 2017, the Board of Directors adopted a new shareholders’ rights agreement and declared a dividend of one preferred share purchase right to purchase one one-thousandth of a Series A Participating Preferred Share of the Company for each outstanding common share, par value $0.01 per share. The dividend was payable on June 26, 2017, to shareholders of record on that date. Each right entitles the registered holder to purchase from us one one-thousandth of a Series A Participating Preferred Share of the Company at an exercise price of $30.00, subject to adjustment. The Company can redeem the rights at any time prior to a public announcement that a person or group has acquired ownership of 15% or more of the Company’s common shares. As at December 31, 2023, no shares were issued pursuant to the plan. This shareholders’ rights plan was designed to enable us to protect shareholder interests in the event that an unsolicited attempt is made for a business combination with, or a takeover of, the Company. Our shareholders’ rights plan is not intended to deter offers that the Board determines are in the best interests of our shareholders.

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