Equity |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Stockholders' Equity Note [Abstract] | |
| Equity | Equity As of June 30, 2025 and December 31, 2024, 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, 2025, the Company: i.issued 8,759 shares of common stock in connection with stock options exercised; ii.issued 1,691 shares of common stock through the Company's dividend reinvestment plan; iii.issued 182,559 shares of common stock in connection with restricted stock grants and the conversion of performance awards to shares of common stock; iv.issued 9,126 shares of common stock through the Employee Stock Purchase Plan; v.withheld 72,998 shares of common stock to satisfy employees' tax withholding and other liabilities; and vi.canceled 1,423 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 2024, the Company entered into forward contracts under the CEP to sell 367,113 shares of common stock for approximate proceeds, net of fees, of $80,687,000, based on the gross weighted average price of $223.27 per share, with settlement of the forward contracts expected to occur on one or more dates not later than December 31, 2025. The final proceeds will be determined on the date(s) of settlement and are subject to certain customary adjustments for dividends and a daily interest factor. During the three and six months ended June 30, 2025, the Company had no sales under the CEP. As of June 30, 2025, the Company had $623,997,000 remaining authorized for issuance under the program, after consideration of the forward contracts. In addition to the CEP, during the year ended December 31, 2024, the Company completed an underwritten public offering of 3,680,000 shares of its common stock at a discount to the closing price of $226.52 per share, net of fees, offered in connection with forward contracts entered into with certain financial institutions acting as forward purchasers (the "September 2024 Equity Offering"). Assuming full physical settlement of the forward contracts, the Company will receive approximate proceeds, net of fees, of $808,606,000, based on the initial forward price. The final proceeds will be determined on the date(s) of settlement and are subject to certain customary adjustments for dividends and a daily interest factor. See Note 12, "Subsequent Events," for further discussion of equity activity subsequent to June 30, 2025. 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, 2025, the Company had no repurchases of shares under this program. As of June 30, 2025, the Company had $314,237,000 remaining authorized for purchase under this program.
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