Stockholders' Equity

6 Months Ended

Jun. 30, 2020

NOTE 7. — STOCKHOLDERS’ EQUITY

A summary of the changes in stockholders’ equity for the three and six months ended June 30, 2020 and 2019, is as follows (in thousands except per share amounts):

	Common Stock				Additional Paid-in		Dividends Paid In Excess
	Shares		Amount		Capital		Of Earnings			Total
BALANCE, MARCH 31, 2020		41,391	$	414	$	656,981	$	(70,920	)	$	586,475
Net earnings								10,973			10,973
Dividends declared — $0.37 per share								(15,768	)		(15,768	)
Shares issued pursuant to ATM Program, net		404		4		11,940		—			11,944
Shares issued pursuant to dividend reinvestment		1		—		16		—			16
Stock-based compensation/settlements		—		—		868		—			868
BALANCE, JUNE 30, 2020		41,796	$	418	$	669,805	$	(75,715	)	$	594,508

BALANCE, DECEMBER 31, 2019		41,368	$	414	$	656,127	$	(67,102	)	$	589,439
Net earnings								23,673			23,673
Cumulative-effect adjustment for the adoption of new accounting pronouncement (Note 2)								(886	)		(886	)
Dividends declared — $0.74 per share								(31,400	)		(31,400	)
Shares issued pursuant to ATM Program, net		404		4		11,912		—			11,916
Shares issued pursuant to dividend reinvestment		13		—		410		—			410
Stock-based compensation/settlements		11		—		1,356		—			1,356
BALANCE, JUNE 30, 2020		41,796	$	418	$	669,805	$	(75,715	)	$	594,508

	Common Stock				Additional Paid-in		Dividends Paid In Excess
	Shares		Amount		Capital		Of Earnings			Total
BALANCE, MARCH 31, 2019		40,883	$	409	$	638,877	$	(61,051	)	$	578,235
Net earnings								13,198			13,198
Dividends declared — $0.35 per share								(14,628	)		(14,628	)
Shares issued pursuant to ATM Program, net		213		2		6,678		—			6,680
Shares issued pursuant to dividend reinvestment		12		—		361		—			361
Stock-based compensation/settlements		—		—		665		—			665
BALANCE, JUNE 30, 2019		41,108	$	411	$	646,581	$	(62,481	)	$	584,511

BALANCE, DECEMBER 31, 2018		40,855	$	409	$	638,178	$	(57,423	)	$	581,164
Net earnings								24,125			24,125
Dividends declared — $0.70 per share								(29,183	)		(29,183	)
Shares issued pursuant to ATM Program, net		213		2		6,661		—			6,663
Shares issued pursuant to dividend reinvestment		24		—		718		—			718
Stock-based compensation/settlements		16		—		1,024		—			1,024
BALANCE, JUNE 30, 2019		41,108	$	411	$	646,581	$	(62,481	)	$	584,511

On March 2, 2020, our Board of Directors granted 176,050 restricted stock units (“RSU” or “RSUs”) under our Amended and Restated 2004 Omnibus Incentive Compensation Plan. On March 1, 2019, our Board of Directors granted 156,750 of RSUs under our Amended and Restated 2004 Omnibus Incentive Compensation Plan.

ATM Program

In March 2018, we established an at-the-market equity offering program (the “ATM Program”), pursuant to which we are able to issue and sell shares of our common stock with an aggregate sales price of up to $125,000,000 through a consortium of banks acting as agents. Sales of the shares of common stock may be made, as needed, from time to time in at-the-market offerings as defined in Rule 415 of the Securities Act, including by means of ordinary brokers’ transactions on the New York Stock Exchange or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or as otherwise agreed to with the applicable agent.

During the three and six months ended June 30, 2020, we issued a total of 404,000 shares of common stock and received net proceeds of $11,916,000 under the ATM Program. During the three and six months ended June 30, 2019, we issued 213,000 shares of common stock and received net proceeds of $6,663,000 under the ATM Program. Future sales, if any, will depend on a variety of factors to be determined by us from time to time, including among others, market conditions, the trading price of our common stock, determinations by us of the appropriate sources of funding for us and potential uses of funding available to us.

Dividends

For the six months ended June 30, 2020, we paid regular quarterly dividends of $31,189,000 or $0.74 per share. For the six months ended June 30, 2019, we paid regular quarterly dividends of $29,050,000 or $0.70 per share.

Dividend Reinvestment Plan

Our dividend reinvestment plan provides our common stockholders with a convenient and economical method of acquiring additional shares of common stock by reinvesting all or a portion of their dividend distributions. During the six months ended June 30, 2020 and 2019, we issued 13,027 and 23,571 shares of common stock, respectively, under the dividend reinvestment plan and received proceeds of $410,000 and $718,000, respectively.

Stock-Based Compensation

Compensation cost for our stock-based compensation plans using the fair value method was $1,600,000 and $1,139,000 for the six months ended June 30, 2020 and 2019, respectively, and is included in general and administrative expense in our consolidated statements of operations.