Equity

6 Months Ended

Jun. 30, 2024

Stockholders' Equity Note [Abstract]

Equity

Equity

As of June 30, 2024 and December 31, 2023, the Company's charter had authorized for issuance a total of 280,000,000 shares of common stock and 50,000,000 shares of preferred stock.

During the six months ended June 30, 2024, the Company:

i.issued 14,122 shares of common stock in connection with stock options exercised;

ii.issued 1,891 shares of common stock through the Company's dividend reinvestment plan;

iii.issued 248,420 shares of common stock in connection with restricted stock grants and the conversion of performance awards to shares of common stock;

iv.issued 12,290 shares of common stock in connection with the conversion of deferred stock awards;

v.issued 9,875 shares of common stock through the Employee Stock Purchase Plan;

vi.withheld 92,333 shares of common stock to satisfy employees' tax withholding and other liabilities; and

vii.canceled 2,702 shares of restricted common stock upon forfeiture.

Deferred compensation granted under the Company's Second Amended and Restated 2009 Equity Incentive Plan (the "Plan") does not impact the Company's Condensed Consolidated Financial Statements until recognized as compensation cost.

The Company has a continuous equity program (the "CEP") under which the Company may sell (and/or enter into forward sale agreements for the sale of) up to $1,000,000,000 of its common stock from time to time. During the three and six months ended June 30, 2024 and 2023, the Company had no sales under this program. As of June 30, 2024, the Company had $705,961,000 remaining authorized for issuance under the CEP.

The Company has a stock repurchase program under which the Company may acquire shares of its common stock in open market or negotiated transactions up to an aggregate purchase price of $500,000,000 (the "Stock Repurchase Program"). During the three and six months ended June 30, 2024, the Company had no repurchases of shares under this program. During the three and six months ended June 30, 2023, the Company repurchased 4,800 and 11,800 shares of common stock, respectively, at an average price of $162.93 per share and $161.96 per share, respectively. As of June 30, 2024, the Company had $314,237,000 remaining authorized for purchase under this program.