Equity

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Equity

10. EQUITY

Common Shares

We completed the sale of 1,658,012 common shares during the three months ended March 31, 2021, through an at the market offering program pursuant to an Equity Distribution Agreement for the issuance and sale of up to $60.0 million of our common shares, which generated aggregate proceeds of $59.1 million, net of commissions and other associated costs. Proceeds were used to reduce outstanding debt on the Company’s Credit Facility during the three months ended March 31, 2021.

Treasury Shares

During the three months ended March 31, 2022, we distributed 9,299 treasury shares upon vesting of stock-based awards. During the three months ended March 31, 2022, we repurchased 75,019 of our common shares for $1.9 million, including rights to 2,738 shares valued at $0.1 million surrendered to us pursuant to the terms of a stock-based compensation plan in consideration of the participants' tax burdens resulting from the issuance of common shares under that plan. Such common shares, unless canceled, may be reissued for a variety of purposes such as future acquisitions, non-employee director stock awards or employee stock awards.

Dividend Policy

In March 2022, we paid a quarterly dividend of $0.01 per common share. In addition, on April 27, 2022 we declared a quarterly dividend of $0.01 per common share for shareholders of record on May 9, 2022 and payable on May 31, 2022.

Accumulated Other Comprehensive Income (Loss)

Amounts recognized, net of income tax, in accumulated other comprehensive loss consist of the following (in thousands):

	March 31, 2022			December 31, 2021
Pension and other post-retirement benefit plans - unrecognized    prior service costs and net actuarial loss	$	(5,595	)	$	(5,595	)
Interest rate swaps - net fair value loss		(1,158	)		(4,538	)
Total accumulated other comprehensive loss	$	(6,753	)	$	(10,133	)