Equity and EPS

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Equity and EPS

Equity and EPS

The computations of basic and diluted EPS:

	Quarter Ended June 30,				Year to Date Ended June 30,
	2022		2021		2022		2021
Operations:
Net income(a)	$	25,362	$	20,059	$	62,733	$	35,486
Net loss attributable to noncontrolling interest	198		76		264		76
Income attributable to participating securities (unvested shares and units)(b)	(217)		(150)		(535)		(299)
Net income used in EPS calculation	$	25,343	$	19,985	$	62,462	$	35,263
Basic and diluted weighted average common shares(c)	22,002,385		21,916,721		21,995,779		19,436,143
Basic and diluted EPS	$	1.15	$	0.91	$	2.84	$	1.81

(a)Net income attributable to all shareholders.

(b)Participating securities included 189,297 and 166,674 unvested restricted stock units (“RSUs”), at June 30, 2022 and 2021, respectively.

(c)Under the two-class method, basic and diluted weighted average common shares at June 30, 2022 and 2021 exclude unvested participating securities.

Share Issuance. On April 1, 2021, as part of the consideration for the Merger, the Company issued 5,007,833 shares of common stock. 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, MGP’s 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 could have repurchased stock from time to time for cash in open market purchases, block transactions, and privately negotiated transactions in accordance with applicable federal securities laws. The Company did not repurchase any shares during the year to date ended June 30, 2022. The Company did not renew the share repurchase program upon its expiration.

Common Stock Share Activity.

	Shares Outstanding
	Capital Stock Preferred	Common Stock
Balance, December 31, 2021	437	21,964,314
Issuance of Common Stock	—	29,807
Repurchase of Common Stock (a)	—	(9,021)
Balance, March 31, 2022	437	21,985,100
Issuance of Common Stock	—	7,655
Repurchase of Common Stock(a)	—	(4)
Balance, June 30, 2022	437	21,992,751

	Shares Outstanding
	Capital Stock Preferred	Common Stock
Balance, December 31, 2020	437	16,915,862
Issuance of Common Stock	—	35,114
Repurchase of Common Stock (a)	—	(10,376)
Balance, March 31, 2021	437	16,940,600
Issuance of Common Stock	—	5,022,122
Repurchase of Common Stock(a)	—	(1,489)
Balance, June 30, 2021	437	21,961,233

(a)The Common Stock repurchases were for tax withholding on equity based compensation