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Shareholders' Equity
 9 Months Ended
Sep. 30, 2023
Equity [Abstract]  
Shareholders' Equity Shareholders' Equity
Dividends
For the three months ended September 30, 2023 and 2022, the Company declared quarterly dividends on its common stock totaling approximately $6.7 million and $6.2 million, respectively. For the nine months ended September 30, 2023 and 2022, the Company declared quarterly dividends on its common stock totaling approximately $20.4 million and $18.5 million, respectively.
Equity-Based Compensation
On April 21, 2023, at the Company's annual meeting of stockholders, the Company's stockholders approved the Amended and Restated 2021 Long Term Incentive Plan (the "A&R LTIP") that increased the total number of shares of Common Stock, par value $0.001 per share, by 950,000 shares that may be utilized for awards pursuant to the Plan from 1,387,022 to 2,337,022. The A&R LTIP is included as an exhibit to the Current Report on Form 8-K filed with the Securities and Exchange Commission on April 24, 2023. The A&R LTIP had 1,366,843 shares available as of September 30, 2023.
2021 Long-Term Incentive Plan
The following table presents the Company's restricted stock activity during the nine months ended September 30, 2023 under the A&R LTIP:
2021 Long-Term Incentive Plan
Restricted SharesWeighted Average Grant Date Fair Value
Unvested at December 31, 2022
536,209 $18.39 
Granted 32,736 $37.32 
Vested (169,149)$18.15 
Forfeited(9,160)$19.81 
Unvested at September 30, 2023
390,636 $19.71 
For the three months ended September 30, 2023 and 2022, the total equity-based compensation expense was $1.1 million and $0.8 million, respectively. For the nine months ended September 30, 2023 and 2022, the total equity-based compensation expense was $3.6 million and $2.7 million, respectively. Equity-based compensation expense is included in general and administrative costs on the Company's condensed consolidated statements of operations for the restricted share awards granted under the A&R LTIP. Approximately $5.8 million of additional equity-based compensation expense will be recognized over the weighted average life of 20 months for the unvested restricted share awards as of September 30, 2023 granted under the A&R LTIP.
ATM Program
On September 1, 2023, the Company entered into an Equity Distribution Agreement in connection with an at-the-market equity sales program (ATM) pursuant to which the Company may offer and sell from time to time up to an aggregate $50 million in shares of the Company's common stock through its agents. The offer and sale of the shares has been registered under the Securities Act of 1933, as amended (Securities Act), pursuant to the Company’s registration statement on Form S-3, as amended. A prospectus supplement related to the offering of the shares, as defined in Rule 415(a)(4) promulgated under the Securities Act was filed September 1, 2023. The Company intends to use the net proceeds from any offering for working capital purposes and other general corporate purposes, including, but not limited to, financing of capital expenditures, repayment or refinancing of outstanding debt, financing acquisitions or investments, financing other business opportunities, and general working capital purposes.
During the period ended September 30, 2023, the Company executed sales under the ATM program of 8,939 shares which generated proceeds of approximately $0.3 million, net of approximately $9 thousand of fees. The Company incurred approximately $194 thousand of expenses associated with establishing the ATM program and filing of the related prospectus supplement. As of September 30, 2023, the Company had remaining capacity to sell up to an additional $49.7 million of common stock under the ATM program.