A summary of the changes in stockholders’ equity for the three months ended March 31, 2021 and 2020, 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, DECEMBER 31, 2020		43,606	$	436	$	722,608	$	(63,443	)	$	659,601
Net earnings								17,927			17,927
Dividends declared — $0.39 per share								(17,690	)		(17,690	)
Shares issued pursuant to ATM Program, net		743		8		20,258		—			20,266
Shares issued pursuant to dividend reinvestment		1		—		18		—			18
Stock-based compensation/settlements		17		—		421		—			421
BALANCE, MARCH 31, 2021		44,367	$	444	$	743,305	$	(63,206	)	$	680,543

	Common Stock				Additional Paid-in			Dividends Paid In Excess
	Shares		Amount		Capital			Of Earnings			Total
BALANCE, DECEMBER 31, 2019		41,368	$	414	$	656,127		$	(67,102	)	$	589,439
Net earnings									12,700			12,700
Cumulative-effect adjustment for the adoption of new accounting pronouncement (Note 2)									(886	)		(886	)
Dividends declared — $0.37 per share									(15,632	)		(15,632	)
Shares issued pursuant to ATM Program, net		—		—		(27	)		—			(27	)
Shares issued pursuant to dividend reinvestment		12		—		394			—			394
Stock-based compensation/settlements		11		—		487			—			487
BALANCE, MARCH 31, 2020		41,391	$	414	$	656,981		$	(70,920	)	$	586,475

On March 1, 2021, our Board of Directors granted 192,550 restricted stock units (“RSU” or “RSUs”) under our Amended and Restated 2004 Omnibus Incentive Compensation Plan. On March 2, 2020 and December 14, 2020, our Board of Directors granted 176,050 and 15,000 of RSUs, respectively, under our Amended and Restated 2004 Omnibus Incentive Compensation Plan.

In March 2018, we established an at-the-market equity offering program (the “2018 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. The 2018 ATM Program was terminated in January 2021.

In February 2021, we established a new 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 $250,000,000 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 months ended March 31, 2021, we issued a total of 743,000 shares of common stock and received net proceeds of $20,266,000 under the 2018 ATM Program and the ATM Program. During the three months ended March 31, 2020, no shares of common stock were issued under the 2018 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.

For the three months ended March 31, 2021, we paid regular quarterly dividends of $17,332,000 or $0.39 per share. For the three months ended March 31, 2020, we paid regular quarterly dividends of $15,557,000 or $0.37 per share.

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 three months ended March 31, 2021 and 2020, we issued 649 and 12,309 shares of common stock, respectively, under the dividend reinvestment plan and received proceeds of $18,000 and $394,000, respectively.

Compensation cost for our stock-based compensation plans using the fair value method was $905,000 and $732,000 for the three months ended March 31, 2021 and 2020, respectively, and is included in general and administrative expense in our consolidated statements of operations.