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Shareholders' Equity | 9 Months Ended
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Sep. 30, 2025
Equity [Abstract] |
Shareholders' Equity | Shareholders' Equity Dividends For the three months ended September 30, 2025, and 2024, the Company declared quarterly dividends on our common stock totaling approximately $8.4 million and $8.1 million, respectively. For the nine months ended September 30, 2025, and 2024, the Company declared quarterly dividends on its common stock totaling approximately $24.9 million and $23.2 million, respectively. Share-Based Compensation The Company's stockholders approved the Amended and Restated 2021 Long Term Incentive Plan (the "A&R LTIP") which authorized up to 2,337,022 shares of common stock that may be granted as awards under the A&R LTIP. In March 2025, the Company introduced performance-based restricted stock awards in addition to time-based restricted stock awards to further align the compensation of the Company's executive officers with the long-term growth and the interests of its shareholders. Performance-based restricted stock awards represent 30% of total executive award value and may be earned based on the Company’s achievement of total shareholder return relative to its peer group during the applicable three-year performance period. Payouts for the executive officers can range from 0% to 200% of the target and have cliff-vesting after three years. As a result, the Company has reduced the remaining shares available to be granted as awards under the A&R LTIP by 168,406 shares (the full 200%), which assumes the highest percentage payout for the performance-based restricted stock awards. As of September 30, 2025, the A&R LTIP had 345,302 shares remaining that are available for future awards. 2021 Long-Term Incentive Plan The following table presents the Company's restricted stock activity during the nine months ended September 30, 2025, under the A&R LTIP:
Amended and Restated 2021 Long-Term Incentive Plan
|  | Restricted Shares |  | Weighted Average Grant Date Fair Value
Unvested at December 31, 2024 |  | 387,915 |  |  | $ | 26.57 |
Granted |  | 478,390 |  |  | $ | 30.06 |
Vested |  | (151,373) |  |  | $ | 23.18 |
Forfeited |  | (6,311) |  |  | $ | 27.31 |
Unvested at September 30, 2025 |  | 708,621 |  |  | $ | 29.64 |
For the three months ended September 30, 2025, and 2024, the total share-based compensation expense was $2.7 million and $1.7 million, respectively. For the nine months ended September 30, 2025, and 2024, the total share-based compensation expense was $6.7 million. Share-based compensation expense is included in general and administrative costs in the Company's accompanying condensed consolidated statements of operations for the restricted stock awards granted under the A&R LTIP. Approximately $17.1 million of additional share-based compensation expense is expected to be recognized over the weighted average life of 26 months for the unvested restricted stock awards as of September 30, 2025. At-The-Market Equity Sales Program The Company's Equity Distribution Agreement in connection with an ATM allows the Company to 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 nine months ended September 30, 2025, the Company did not execute any sales under the ATM program. As of September 30, 2025, 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.

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