XML 33 R17.htm IDEA: XBRL DOCUMENT v3.22.0.1
EQUITY AND EPS
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
EQUITY AND EPS EQUITY AND EPSCapital Stock. Common Stockholders are entitled to elect four of the nine members of the Board of Directors, while Preferred Stockholders are entitled to elect the remaining five members. All directors are elected annually for a one year term. Any vacancies on the Board are to be filled only by the shareholders and not by the Board. Shareholders who own 10 percent or more of the outstanding Common or Preferred Stock have the right to call a special meeting of stockholders. Common Stockholders are not entitled to vote with respect to a merger, dissolution, lease, exchange or sale of substantially all of the Company’s assets, or on an amendment to the Articles of Incorporation, unless such action would increase or decrease the authorized shares or par value of the Common or Preferred Stock, or change the powers, preferences or special rights of the Common or Preferred Stock so as to affect the Common Stockholders adversely. Generally, Common Stockholders and Preferred Stockholders vote as separate classes on all other matters requiring shareholder approval.
EPS. The computations of basic and diluted EPS:
Year Ended December 31,
 202120202019
Operations:
Net income(a)
$90,817 $40,345 $38,793 
Net loss attributable to noncontrolling interest490 — — 
Income attributable to participating securities (unvested shares and units) (b)
(712)(261)(253)
Net income used in EPS calculation$90,595 $40,084 $38,540 
Share information:
Basic weighted average common shares(c)
20,719,663 16,937,125 17,012,288 
Diluted weighted average common shares(D)
20,982,453 16,937,125 17,012,288 
Basic EPS$4.37 $2.37 $2.27 
Diluted EPS$4.34 $2.37 $2.27 
(a)Net income attributable to all shareholders.
(b)Participating securities included RSUs of 163,024, 110,665, and 111,365 for the years ended December 31, 2021, 2020, and 2019, respectively.
(c)Under the two class method, basic weighted average common shares exclude outstanding unvested participating securities.
(d)Diluted weighted average common shares included the dilutive effect of Convertible Senior Notes of 262,790 shares for the year end December 31, 2021. There was no dilutive impact for the years ended December 31, 2020 and 2019.

Share Issuance. On April 1, 2021, as part of the consideration for the Merger, the Company issued 5,007,833 shares of common stock. Additionally, in September 2021, the parties finalized the purchase price adjustments, which increased stock consideration by an additional 1,373 shares from the preliminary amounts that were paid at closing.

Share Repurchase. On February 25, 2019, the Board of Directors approved a $25,000 share repurchase authorization commencing February 27, 2019 through February 27, 2022. Under the share repurchase program, the company can repurchase stock from time to time for cash in open market purchases, block transactions, and privately negotiated transactions in accordance with applicable federal securities laws. This share repurchase program may be modified, suspended, or terminated by the company at any time without prior notice. During the year ended December 31, 2021, the Company did not repurchase any shares of MGP Common Stock and has $20,947 remaining under the share repurchase plan. During the year ended December 31, 2020, the Company repurchased approximately 159,104 shares of MGP Common Stock for $4,053.
Common Stock Share Activity.
Shares Outstanding
Capital Stock PreferredCommon Stock
Balance, December 31, 201943717,028,125 
Issuance of Common Stock— 57,278 
Repurchase of Common Stock— (169,541)
Balance, December 31, 202043716,915,862 
Issuance of Common Stock— 5,060,339 
Repurchase of Common Stock— (11,887)
Balance, December 31, 202143721,964,314 
Dividends and Dividend Equivalents.
Dividend and Dividend Equivalent Information (per Share and Unit)
Declaration dateRecord datePayment dateDeclaredPaidDividend payment
Dividend equivalent payment(a)(b)
Total payment(b)
2021 
February 23March 12March 26$0.12 $0.12 $2,033 $19 $2,052 
May 3May 21June 40.12 0.12 2,635 20 2,655 
August 2August 20September 30.12 0.12 2,635 20 2,655 
November 1November 19December 30.12 0.12 2,635 20 2,655 
$0.48 $0.48 $9,938 $79 $10,017 
2020
February 24March 13March 27$0.12 $0.12 $2,047 $13 $2,060 
April 28May 22June 50.12 0.12 2,027 14 2,041 
July 28August 21September 40.12 0.12 2,029 14 2,043 
October 27November 20December 40.12 0.12 2,030 14 2,044 
$0.48 $0.48 $8,133 $55 $8,188 
2019
February 25March 13March 29$0.10 $0.10 $1,701 $13 $1,714 
April 29May 15May 310.10 0.10 1,702 11 1,713 
July 29August 14August 300.10 0.10 1,703 11 1,714 
October 29November 14November 260.10 0.10 1,703 12 1,715 
$0.40 $0.40 $6,809 $47 $6,856 
(a) Dividend equivalent payments on unvested participating securities (see Note 11).
(b) Includes estimated forfeitures.