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Shareholders' Equity
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Shareholders' Equity Shareholders' Equity
Dividends
For the three months ended June 30, 2024 and 2023, the Company declared quarterly dividends on its common stock totaling approximately $7.8 million and $6.8 million, respectively. For the six months ended June 30, 2024 and 2023, the Company declared quarterly dividends on its common stock totaling approximately $15.1 million and $13.7 million, respectively.
Share-Based Compensation
In April 2023, the Company's stockholders approved the Amended and Restated 2021 Long Term Incentive Plan (the "A&R LTIP"), which increased the total number of shares of common stock that may be utilized for awards pursuant to the A&R LTIP by 950,000 shares, from 1,387,022 to 2,337,022. The A&R LTIP had 929,374 shares available for future awards as of June 30, 2024.
2021 Long-Term Incentive Plan
The following table presents the Company's restricted stock activity during the six months ended June 30, 2024 under the A&R LTIP:
Amended and Restated 2021 Long-Term Incentive Plan
Restricted SharesWeighted Average Grant Date Fair Value
Unvested at December 31, 2023
521,997 $24.37 
Granted 167,929 $28.83 
Vested (98,299)$26.78 
Forfeited(21,677)$28.11 
Unvested at June 30, 2024
569,950 $25.41 
For the three months ended June 30, 2024 and 2023, the total share-based compensation expense was $3.3 million and $1.2 million, respectively. For the six months ended June 30, 2024 and 2023, the total share-based compensation expense was $5.0 million and $2.5 million, respectively. Share-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 $10.7 million of additional share-based compensation expense will be recognized over the weighted average life of 25 months for the unvested restricted share awards as of June 30, 2024.
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. During the three and six months ended June 30, 2024,
the Company did not execute any sales under the ATM program. As of June 30, 2024, the Company had remaining capacity to sell up to an additional $49.7 million of common stock under the ATM program.
2024 Equity Offering
On April 8, 2024, the Company issued and sold 1,015,000 shares of common stock at a price of $27.00 per share. Net proceeds from the 2024 Equity Offering were approximately $25.4 million, after deducting underwriting discounts and commissions and expenses. The proceeds were used for financing an acquisition, repayment of outstanding debt and general corporate purposes.