XML 84 R18.htm IDEA: XBRL DOCUMENT v3.25.0.1
Shareholders' Equity
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Shareholders' Equity Shareholders' Equity
Dividends
Cash dividends for the periods presented were declared for all issued and outstanding common shares, including vested and unvested shares under the long-term incentive plan in effect during the period of dividend declaration. The portion of the cash attributable to the unvested restricted shares issued under the Amended and Restated 2021 Long-Term Incentive Plan (the "A&R LTIP") is included in accrued liabilities and other non-current liabilities in our consolidated balance sheets and will be paid in cash once the unvested restricted shares fully vest. See Note 10 - Long-Term Debt for discussion over the Company's restrictions on certain payments, including dividends.
The table below summarizes the following cash distributions declared to common shareholders during the periods presented below:
Quarter Ended
Per Share Distribution
Total Distribution
(In thousands)
2024
December 31, 2024$0.38 $7,795 
September 30, 2024$0.36 $8,104 
June 30, 2024$0.36 $7,770 
March 31, 2024$0.36 $7,329 
2023
December 31, 2023$0.36 $7,477 
September 30, 2023$0.34 $6,737 
June 30, 2023$0.34 $6,846 
March 31, 2023$0.34 $6,851 
Share-Based Compensation
On April 21, 2023, at the Company's annual meeting of stockholders, the Company's stockholders approved 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 had 920,951 shares available as of December 31, 2024.
2021 Long-Term Incentive Plan
The A&R LTIP will provide for potential grants of: (i) incentive stock options qualified as such under U.S. federal income tax laws ("ISO's"); (ii) stock options that do not qualify as incentive stock options; (iii) stock appreciation rights, or SARs; (iv) restricted stock awards; (v) restricted stock units, or RSUs, (vi) stock awards; (vii) performance awards; (viii) dividend equivalents; (ix) other stock-based awards; (x) cash awards; and (xi) substitute awards, all of which will collectively be referred to as the "Awards".
The A&R LTIP authorizes the Compensation Committee to administer the plan and designate eligible persons as participants, determine the type or types of Awards to be granted to an eligible person, determine the number of shares of stock or amount of cash to be covered by the Awards, approve the forms of award agreements for use under the plan, determine the terms and conditions of any Award, modify, waive or adjust any term or condition of an Award that has been granted, among other responsibilities delegated by the Company's Board.
Restricted Shares: The Company granted 183,605 and 346,869 restricted shares to executives, employees and independent directors of the Company during the years ended December 31, 2024, and 2023, respectively. The holders of these restricted shares receive dividends, in arrears, once the shares vest. The Company has accrued for these dividends which are recorded in accrued liabilities and other non-current liabilities. All current restricted shares granted have a service period between 3 and 36 months. The Company estimates the fair values of the restricted shares as of the closing price of the Company's common stock on the grant date of the award, with the expense amortized on a straight-line basis and recognized over the vesting period.
The following table presents the Company's restricted stock activity during the year ended December 31, 2024, under the A&R LTIP:
2021 Long-Term Incentive Plan
Restricted Shares
Weighted Average Grant Date Fair Value
Unvested at December 31, 2023
521,997 $24.37 
Granted(1)
183,605 $28.75 
Vested(2)
(288,757)$24.43 
Forfeited(28,930)$27.83 
Unvested at December 31, 2024
387,915 $26.57 
_____________________
(1)For the year ended December 31, 2023, the weighted average fair value of restricted shares granted during the year was $28.68.
(2)For the years ended December 31, 2024, and 2023, the total fair value of restricted shares vested during the year was $7.1 million and $6.4 million, respectively.
For the years ended December 31, 2024, and 2023, the total share-based compensation expense was $8.1 million and $7.0 million, respectively. For the years ended December 31, 2024, and 2023, share based compensation expense also included expense associated with equity awards attributable to separation agreements with former Company executives. Share-based compensation expense is included in general and administrative costs in the Company's consolidated statements of operations for the restricted share awards granted under the A&R LTIP. If shares are subject to forfeiture, the Company will recognize any forfeited shares as a reduction to share-based compensation expense in our consolidated statements of operations and a decrease to shareholders' equity in our consolidated balance sheets. Any unpaid dividends on forfeited shares will be recognized as a decrease to accrued liabilities and other non-current liabilities and an increase to shareholders' equity in our consolidated balance sheets. Approximately $7.8 million of additional share-based compensation expense will be recognized over the weighted average life of 22 months for the unvested restricted share awards as of December 31, 2024, granted under the A&R LTIP.
At-The-Market Equity Sales Program ("ATM")
On September 1, 2023, the Company entered into an Equity Distribution Agreement in connection with an 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 our agents. During the year ended December 31, 2024, the Company did not execute any sales under the ATM program. As of December 31, 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.