Shareholders' Equity

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Shareholders' Equity

Shareholders' Equity

Dividends

For the three months ended March 31, 2024 and 2023, the Company declared quarterly dividends on its common stock totaling approximately $7.3 million and $6.9 million, respectively.

Share-Based Compensation

In April 2023, the Company's stockholders approved the Amended and Restated 2021 Long Term Incentive Plan (the "A&R LTIP"), which increased the total number of shares of common stock that may be utilized for awards pursuant to the A&R LTIP by 950,000 shares, from 1,387,022 to 2,337,022. The A&R LTIP had 1,076,095 shares available for future awards as of March 31, 2024.

2021 Long-Term Incentive Plan

The following table presents the Company's restricted stock activity during the three months ended March 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	—	$	—
Vested	(15,285)	$	24.39
Forfeited	(469)	$	20.27
Unvested at March 31, 2024	506,243	$	24.82

For the three months ended March 31, 2024 and 2023, the total share-based compensation expense was $1.7 million and $1.3 million, respectively. Share-based compensation expense is included in general and administrative costs on the Company's condensed consolidated statements of operations for the restricted share awards granted under the A&R LTIP. Approximately $9.4 million of additional share-based compensation expense will be recognized over the weighted average life of 25 months for the unvested restricted share awards as of March 31, 2024.

ATM Program

On September 1, 2023, the Company entered into an Equity Distribution Agreement in connection with an at-the-market equity sales program ("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 its agents. The offer and sale of the shares has been registered under the Securities Act of 1933, as amended ("Securities Act"), pursuant to the Company’s registration statement on Form S-3, as amended. A prospectus supplement related to the offering of the shares, as defined in Rule 415(a)(4) promulgated under the Securities Act, was also filed. The Company intends to use the net proceeds from any offering for working capital purposes and other general corporate purposes, including, but not limited to, financing of capital expenditures, repayment or refinancing of

outstanding debt, financing acquisitions or investments, financing other business opportunities, and general working capital purposes.

During the three months ended March 31, 2024, the Company did not execute any sales under the ATM program. As of March 31, 2024, the Company had remaining capacity to sell up to an additional $49.7 million of common stock under the ATM program.