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EQUITY AND EPS | 12 Months Ended
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Dec. 31, 2022
Equity [Abstract] |
EQUITY AND EPS | EQUITY AND EPSCapital Stock. Common Stockholders are entitled to elect four of the nine members of the Board of Directors, while Preferred Stockholders are entitled to elect the remaining five members. All directors are elected annually for a one year term. Any vacancies on the Board are to be filled only by the shareholders and not by the Board. Shareholders who own 10 percent or more of the outstanding Common or Preferred Stock have the right to call a special meeting of stockholders. Common Stockholders are not entitled to vote with respect to a merger, dissolution, lease, exchange or sale of substantially all of the Company’s assets, or on an amendment to the Articles of Incorporation, unless such action would increase or decrease the authorized shares or par value of the Common or Preferred Stock, or change the powers, preferences or special rights of the Common or Preferred Stock so as to affect the Common Stockholders adversely. Generally, Common Stockholders and Preferred Stockholders vote as separate classes on all other matters requiring shareholder approval. EPS. The computations of basic and diluted EPS:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Operations: |  |  |  |  |
Net income(a) | $ | 108,872 |  |  | $ | 90,817 |  |  | $ | 40,345 |
Net loss attributable to noncontrolling interest | 590 |  |  | 490 |  |  | — |
Income attributable to participating securities (unvested shares and units) (b) | (871) |  |  | (712) |  |  | (261) |
Net income used in EPS calculation | $ | 108,591 |  |  | $ | 90,595 |  |  | $ | 40,084 |
Share information: |  |  |  |  |
Basic weighted average common shares(c) | 22,002,990 |  |  | 20,719,663 |  |  | 16,937,125 |
Diluted weighted average common shares(d) | 22,053,966 |  |  | 20,719,663 |  |  | 16,937,125 |
Basic EPS | $ | 4.94 |  |  | $ | 4.37 |  |  | $ | 2.37 |
Diluted EPS | $ | 4.92 |  |  | $ | 4.37 |  |  | $ | 2.37 |
(a)Net income attributable to all shareholders. (b)Participating securities included 177,398, 163,024, and 110,665 unvested restricted stock units (“RSUs”) for the years ended December 31, 2022, 2021, and 2020, respectively. (c)Under the two class method, basic weighted average common shares exclude outstanding unvested participating securities. (d)The impacts of the Convertible Senior Notes were included in the diluted weighted average common shares if the inclusion was dilutive. The Convertible Senior Notes would only have a dilutive impact if the average market price per share during the quarter and year to date period exceeds the conversion price of $96.24 per share. There was no dilutive impact for the years ended December 31, 2021, and 2020. Share Issuance. On April 1, 2021, as part of the consideration for the Merger, the Company issued 5,007,833 shares of common stock. Additionally, in September 2021, the parties finalized the purchase price adjustments, which increased stock consideration by an additional 1,373 shares from the preliminary amounts that were paid at closing. Share Repurchase. On February 25, 2019, the Board of Directors approved a $25,000 share repurchase authorization commencing February 27, 2019 through February 27, 2022. Under the share repurchase program, the company can repurchase stock from time to time for cash in open market purchases, block transactions, and privately negotiated transactions in accordance with applicable federal securities laws. The Company did not repurchase any shares under the share repurchase program during 2022, prior to its expiration on February 27, 2022. The Company did not renew the share repurchase program upon its expiration. Common Stock Share Activity.
| Shares Outstanding
| Capital Stock Preferred |  | Common Stock
Balance, December 31, 2020 | 437 |  | 16,915,862 |
Issuance of Common Stock | — |  |  | 5,060,339 |
Repurchase of Common Stock | — |  |  | (11,887) |
Balance, December 31, 2021 | 437 |  | 21,964,314 |
Issuance of Common Stock | — |  |  | 38,760 |
Repurchase of Common Stock | — |  |  | (9,032) |
Balance, December 31, 2022 | 437 |  | 21,994,042 |
Dividends and Dividend Equivalents.
Dividend and Dividend Equivalent Information (per Share and Unit)
Declaration date |  | Record date |  | Payment date |  | Declared |  | Paid |  | Dividend payment |  | Dividend equivalent payment(a)(b) |  | Total payment(b)
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |
February 22 |  | March 11 |  | March 25 |  | $ | 0.12 |  |  | $ | 0.12 |  |  | $ | 2,638 |  |  | $ | 23 |  |  | $ | 2,661 |
May 5 |  | May 20 |  | June 3 |  | 0.12 |  |  | 0.12 |  |  | 2,638 |  |  | 23 |  |  | 2,661 |
August 4 |  | August 19 |  | September 2 |  | 0.12 |  |  | 0.12 |  |  | 2,639 |  |  | 23 |  |  | 2,662 |
November 3 |  | November 18 |  | December 2 |  | 0.12 |  |  | 0.12 |  |  | 2,639 |  |  | 23 |  |  | 2,662 |
|  |  |  |  |  | $ | 0.48 |  |  | $ | 0.48 |  |  | $ | 10,554 |  |  | $ | 92 |  |  | $ | 10,646 |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |
February 23 |  | March 12 |  | March 26 |  | $ | 0.12 |  |  | $ | 0.12 |  |  | $ | 2,033 |  |  | $ | 19 |  |  | $ | 2,052 |
May 3 |  | May 21 |  | June 4 |  | 0.12 |  |  | 0.12 |  |  | 2,635 |  |  | 20 |  |  | 2,655 |
August 2 |  | August 20 |  | September 3 |  | 0.12 |  |  | 0.12 |  |  | 2,635 |  |  | 20 |  |  | 2,655 |
November 1 |  | November 19 |  | December 3 |  | 0.12 |  |  | 0.12 |  |  | 2,635 |  |  | 20 |  |  | 2,655 |
|  |  |  |  |  | $ | 0.48 |  |  | $ | 0.48 |  |  | $ | 9,938 |  |  | $ | 79 |  |  | $ | 10,017 |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |
February 24 |  | March 13 |  | March 27 |  | $ | 0.12 |  |  | $ | 0.12 |  |  | $ | 2,047 |  |  | $ | 13 |  |  | $ | 2,060 |
April 28 |  | May 22 |  | June 5 |  | 0.12 |  |  | 0.12 |  |  | 2,027 |  |  | 14 |  |  | 2,041 |
July 28 |  | August 21 |  | September 4 |  | 0.12 |  |  | 0.12 |  |  | 2,029 |  |  | 14 |  |  | 2,043 |
October 27 |  | November 20 |  | December 4 |  | 0.12 |  |  | 0.12 |  |  | 2,030 |  |  | 14 |  |  | 2,044 |
|  |  |  |  |  | $ | 0.48 |  |  | $ | 0.48 |  |  | $ | 8,133 |  |  | $ | 55 |  |  | $ | 8,188 |
(a) Dividend equivalent payments on unvested participating securities (see Note 11, Employee Benefit Plans). (b) Includes estimated forfeitures.

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