EQUITY (Tables)
|
6 Months Ended |
Jun. 30, 2025 |
|---|
| Table Text Block Supplement [Abstract] |
|
| Schedule of Common Shares Activity |
The following table summarizes the Company's common shares activity for the six months ended June 30, 2025:
|
|
|
|
|
Common Stock |
|
Shares |
|
Shares as of December 31, 2024 |
|
|
16,192,345 |
|
Shares Issued - DRP |
|
|
10,691 |
|
Shares Issued - ATM |
|
|
27,620 |
|
Shares Issued - RSU Settlement |
|
|
8,525 |
|
Shares Issued - Time Restricted |
|
|
26,430 |
|
Shares Issued - Performance Restricted |
|
|
26,430 |
|
Forfeited Shares - Time Restricted |
|
|
(396 |
) |
Forfeited Shares - Performance Restricted |
|
|
(250 |
) |
Shares as of June 30, 2025 |
|
|
16,291,395 |
|
|
| Schedule of Time Restricted Shares and Performance Restricted Share |
The Time Restricted Shares and Performance Restricted Shares activity during the six months ended June 30, 2025 in conjunction with the Stock Plan is presented in the following table:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Restricted Shares |
|
|
Performance Restricted Shares |
|
|
|
Units |
|
|
Weighted
Average
Stock
Price |
|
|
Units |
|
|
Weighted
Average
Stock
Price |
|
Restricted Shares as of December 31, 2024 |
|
|
19,933 |
|
|
$ |
48.09 |
|
|
|
41,200 |
|
|
$ |
50.28 |
|
Granted |
|
|
26,430 |
|
|
$ |
52.65 |
|
|
|
26,430 |
|
|
$ |
52.65 |
|
Shares Issued |
|
|
(20,797 |
) |
|
$ |
50.57 |
|
|
|
— |
|
|
$ |
— |
|
Forfeited |
|
|
(396 |
) |
|
$ |
47.42 |
|
|
|
(250 |
) |
|
$ |
50.35 |
|
Restricted Shares as of June 30, 2025 |
|
|
25,170 |
|
|
$ |
50.85 |
|
|
|
67,380 |
|
|
$ |
51.21 |
|
|
| Schedule of Unvested Restricted Stock Units Roll Forward |
The equity and liability portions of Restricted Stock Units activity during the six months ended June 30, 2025 in conjunction with the Stock Plan is presented in the following table:
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|
|
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|
|
|
|
|
|
|
|
|
|
|
|
Restricted Stock Units |
|
(Equity Portion) |
|
|
(Liability Portion) |
|
|
|
Units |
|
|
Weighted
Average
Stock
Price |
|
|
Units |
|
|
Weighted
Average
Stock
Price |
|
Restricted Stock Units as of December 31, 2024 |
|
|
36,636 |
|
|
$ |
44.15 |
|
|
|
15,701 |
|
|
$ |
54.19 |
|
Restricted Stock Units Granted |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
Dividend Equivalents Earned |
|
|
527 |
|
|
$ |
55.54 |
|
|
|
226 |
|
|
$ |
55.54 |
|
Restricted Stock Units Settled |
|
|
(8,525 |
) |
|
$ |
43.32 |
|
|
|
(3,654 |
) |
|
$ |
58.97 |
|
Restricted Stock Units as of June 30, 2025 |
|
|
28,638 |
|
|
$ |
44.61 |
|
|
|
12,273 |
|
|
$ |
52.15 |
|
|
| Schedule of Earnings Per Share, Basic and Diluted |
The following table reconciles basic and diluted earnings per share:
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|
|
|
|
|
|
|
|
|
Three Months |
|
|
Six Months Ended |
|
Earnings Per Share (millions, except shares and per share data) |
|
June 30, 2025 |
|
|
June 30, 2025 |
|
Net Income |
|
$ |
4.0 |
|
|
$ |
31.5 |
|
Less allocation of earnings and dividends to participating securities |
|
|
— |
|
|
|
0.2 |
|
Net income allocated to common shareholders |
|
$ |
4.0 |
|
|
$ |
31.3 |
|
|
|
|
|
|
|
|
Weighted average common shares outstanding, gross |
|
|
16,278,433 |
|
|
|
16,262,222 |
|
Less average participating securities |
|
|
106,568 |
|
|
|
98,821 |
|
Weighted average number of shares outstanding used in the calculation of basic earnings per share |
|
|
16,171,865 |
|
|
|
16,163,401 |
|
Add dilutive effect of: |
|
|
|
|
|
|
Restricted stock and restricted stock units |
|
|
3,246 |
|
|
|
6,653 |
|
Adjusted weighted average number of shares outstanding used in the calculation of diluted earnings per common share |
|
|
16,175,111 |
|
|
|
16,170,054 |
|
|
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
|
Basic |
|
$ |
0.25 |
|
|
$ |
1.94 |
|
Diluted |
|
$ |
0.25 |
|
|
$ |
1.94 |
|
|