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SHARE-BASED PAYMENTS | 6 Months Ended
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Jun. 30, 2023
Share-Based Payment Arrangement [Abstract] |
SHARE-BASED PAYMENTS | SHARE-BASED PAYMENTS (a) Employee Stock Incentive Plans Under the 2021 Stock Incentive Plan (the “2021 Plan”), share-based compensation expense for restricted stock units under the Company’s 2021 Plan was $10,231 and $14,159 during the three months ended June 30, 2023 and 2022, respectively and $23,543 and $31,019 during the six months ended June 30, 2023 and 2022, respectively. During the six months ended June 30, 2023, in connection with employee stock incentive plans, the Company granted 537,168 restricted stock units with a grant date fair value of $20,496. During the six months ended June 30, 2022, in connection with employee stock incentive plans, the Company granted 555,168 restricted stock units with a grant date fair value of $31,670 and 65,000 performance based restricted stock units with a grant date fair value of $2,329. The restricted stock units generally vest over a period of one to five years based on continued service. Performance based restricted stock units generally vest based on both the employee’s continued service and the achievement of a set threshold of the Company’s common stock price, as defined in the grant, during the two to three-year period following the grant. In determining the fair value of restricted stock units on the grant date, the fair value is adjusted for (a) estimated forfeitures, (b) expected dividends based on historical patterns and the Company’s anticipated dividend payments over the expected holding period and (c) the risk-free interest rate based on U.S. Treasuries for a maturity matching the expected holding period. (b) Employee Stock Purchase Plan In connection with the Company’s Employee Stock Purchase Plan ("Purchase Plan"), share based compensation was $126 and $43 for the three months ended June 30, 2023 and 2022, respectively, and $424 and $196 for the six months ended June 30, 2023 and 2022, respectively. As of June 30, 2023 and December 31, 2022, there were 301,582 and 362,986 shares reserved for issuance under the Purchase Plan, respectively. (c) Common Stock Since October 30, 2018, the Company’s Board of Directors has authorized annual share repurchase programs of up to $50,000 of its outstanding common shares. All share repurchases were effected on the open market at prevailing market prices or in privately negotiated transactions. During the six months ended June 30, 2023 and 2022, the Company repurchased 1,452,831 shares of its common stock for $53,688, which represents an average price of $36.95 per common share, and zero shares of its common stock, respectively. The shares repurchased under the program are retired. On March 3, 2023, the share repurchase program was reauthorized by the Board of Directors for share repurchases up to $50,000 of the Company's outstanding common shares and the reauthorized program expires in October 2023. On July 28, 2023, the Company issued 2,090,909 shares of common stock through a public offering at a price of $55.00 per share for net proceeds of approximately $115,000 after underwriting fees and costs. (d) Preferred Stock During the six months ended June 30, 2023 and 2022, the Company issued zero and 19 depository shares of the Series A Preferred Stock, respectively. There were 2,834 shares issued and outstanding as of June 30, 2023 and December 31, 2022. Total liquidation preference for the Series A Preferred Stock as of June 30, 2023 and December 31, 2022 was $70,854. Dividends on the Series A preferred paid during the six months ended June 30, 2023 and 2022 were $0.4296875 per depository share. During the six months ended June 30, 2023 and 2022, the Company issued 18 and 4 depository shares of the Series B Preferred Stock. There were 1,729 and 1,710 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively. Total liquidation preference for the Series B Preferred Stock as of June 30, 2023 and December 31, 2022 was $43,228 and $42,761, respectively. Dividends on the Series B preferred paid during the six months ended June 30, 2023 and 2022 were $0.4609375 per depository share.

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