Shareholders' Equity

3 Months Ended

Mar. 31, 2022

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders’ Equity

Common Share Issuances:

See Note 7 for information regarding equity issuances related to share-based compensation.

Common Share Repurchases:

On March 1, 2021, our Board of Trustees authorized the repurchase of up to $150.0 million of our outstanding common shares through June 30, 2022. On December 14, 2021, our Board of Trustees authorized the repurchase of up to an additional $150.0 million of our outstanding common shares through December 31, 2022. On March 15, 2022, our Board of Trustees authorized the repurchase of up to an additional $150.0 million of our outstanding common shares through June 30, 2023. During the three months ended March 31, 2022, we repurchased 2,851,030 of our common shares under the 2021 authorizations, at a weighted average price of $25.83 per share, for a total investment of $73.6 million. As of March 31, 2022, we have $202.2 million of remaining authorization available under our share repurchase program.

During the three months ended March 31, 2022 and 2021, certain of our employees and former employees surrendered 159,566 and 210,334 common shares owned by them, respectively, to satisfy their statutory tax withholding obligations in connection with the vesting of such common shares pursuant to our equity compensation plans.

Common Share and Unit Distribution:

In February 2022, the number of earned awards for recipients of the Company’s restricted stock units granted in January 2019 was determined. Pursuant to the terms of such awards, we paid a one-time catch-up cash distribution to these recipients in the aggregate amount of $1.5 million for distributions to common shareholders declared by our Board of Trustees during such awards’ performance measurement period.

Preferred Share Distributions:

In 2022, our Board of Trustees declared distributions on our series D preferred shares to date as follows:

Declaration Date	Record Date	Payment Date	Series D Dividend Per Share
January 11, 2022	January 28, 2022	February 15, 2022	$	0.40625
April 11, 2022	April 29, 2022	May 16, 2022	$	0.40625