Stockholders' Equity and Noncontrolling Interests

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Stockholders' Equity and Noncontrolling Interests

NOTE 7: Stockholders' Equity and Noncontrolling Interests

Stockholders’ Equity

On March 11, 2024, our board of directors declared a dividend of $0.16 per share on our common stock, which was paid on April 19, 2024 to common stockholders of record as of March 29, 2024.

On May 18, 2022, our Board of Directors authorized a common stock repurchase program (the "Stock Repurchase Program") covering up to $250,000 in shares of our common stock. Under the Stock Repurchase Program, we, in our discretion, may purchase our shares from time to time in the open market or in privately negotiated transactions. The amount and timing of the purchases will depend on a number of factors, including the price and availability of our shares, trading volumes and general market conditions. The Stock Repurchase Program has no time limit and may be suspended or discontinued at any time. During the three months ended March 31, 2024, and 2023, we had no repurchases of shares under the Stock Repurchase Program. As of March 31, 2024, we had $250,000 in shares of our common stock remaining authorized for purchase under the Stock Repurchase Program.

On June 14, 2023, we replaced our previous shelf registration statement with our new shelf registration statement. On July 28, 2023, we entered into an equity distribution agreement pursuant to which we may from time to time offer and sell shares of our common stock under our shelf registration statement having an aggregate offering price of up to $450,000 (the “ATM Program”) in negotiated transactions or transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act of 1933, as amended (the “Securities Act”). Under the ATM Program, we may also enter into one or more forward sale transactions for the sale of shares of our common stock on a forward basis. There were no forward sale transactions as of March 31, 2024, and no shares of our common stock were sold under the ATM Program during the three months ended March 31, 2024.

Noncontrolling Interest

During the three months ended March 31, 2024, holders of IROP units exchanged 4,928 units for 4,928 shares of our common stock. As of March 31, 2024, 5,941,643 IROP units held by unaffiliated third parties remain outstanding.

On March 11, 2024, our board of directors declared a dividend of $0.16 per IROP unit, which was paid on April 19, 2024 to IROP unit holders of record as of March 29, 2024.