Equity and EPS

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Equity and EPS

Equity and EPS

The computations of basic and diluted EPS:

	Quarter Ended September 30,				Year to Date Ended September 30,
	2022		2021		2022		2021
Operations:
Net income(a)	$	23,628	$	23,673	$	86,361	$	59,159
Net loss attributable to noncontrolling interest	180		203		444		279
Income attributable to participating securities (unvested shares and units)(b)	(188)		(175)		(688)		(471)
Net income used in EPS calculation	$	23,620	$	23,701	$	86,117	$	58,967
Share information:
Basic weighted average common shares(c)	22,008,381		21,981,201		22,000,026		20,293,818
Diluted weighted average common shares(c)(d)	22,228,814		21,981,201		22,000,026		20,293,818
Basic EPS	$	1.07	$	1.08	$	3.91	$	2.91
Diluted EPS	$	1.06	$	1.08	$	3.91	$	2.91

(a)Net income attributable to all shareholders.

(b)Participating securities included 176,398 and 163,024 unvested restricted stock units (“RSUs”), at September 30, 2022 and 2021, respectively.

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

(d)The impacts of the Convertible Senior Notes were included in the diluted weighted average common shares if the inclusion was dilutive. The Convertible Senior Notes would only have a dilutive impact if the average market price per share during the quarter and year to date period exceeds the conversion price of $96.24 per share.

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 under the share repurchase program during 2022, prior to its expiration on February 27, 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
Issuance of Common Stock	—	606
Repurchase of Common Stock(a)	—	(2)
Balance, September 30, 2022	437	21,993,355

	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
Issuance of Common Stock	—	2,361
Repurchase of Common Stock(a)	—	(20)
Balance, September 30, 2021	437	21,963,574

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