| Summary of Changes in Stockholders' Equity |
A summary of the changes in stockholders’ equity for the three and six months ended June 30, 2026 and 2025 is as follows (in thousands except per share amounts):
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Common Stock |
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Additional
Paid-in |
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|
Dividends
Paid in Excess |
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Shares |
|
|
Amount |
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Capital |
|
|
of Earnings |
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Total |
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Balance, March 31, 2026 |
|
|
60,467 |
|
|
$ |
605 |
|
|
$ |
1,250,223 |
|
|
$ |
(161,410 |
) |
|
$ |
1,089,418 |
|
Net earnings |
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|
— |
|
|
|
— |
|
|
|
— |
|
|
|
22,585 |
|
|
|
22,585 |
|
Accumulated other comprehensive income |
|
|
— |
|
|
|
— |
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|
|
— |
|
|
|
— |
|
|
|
— |
|
Dividends declared — $0.485 per share |
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— |
|
|
|
— |
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|
|
— |
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(30,934 |
) |
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|
(30,934 |
) |
Shares issued pursuant to ATM Program, net |
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1,461 |
|
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|
14 |
|
|
|
39,776 |
|
|
|
— |
|
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|
39,790 |
|
Shares issued pursuant to dividend reinvestment |
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— |
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— |
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17 |
|
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|
— |
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|
17 |
|
Stock-based compensation and settlements |
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4 |
|
|
|
— |
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|
1,628 |
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|
|
— |
|
|
|
1,628 |
|
Balance, June 30, 2026 |
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|
61,932 |
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|
$ |
619 |
|
|
$ |
1,291,644 |
|
|
$ |
(169,759 |
) |
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$ |
1,122,504 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
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Balance, December 31, 2025 |
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59,816 |
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|
$ |
598 |
|
|
$ |
1,229,340 |
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|
$ |
(157,809 |
) |
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$ |
1,072,129 |
|
Net earnings |
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|
|
|
|
|
|
|
|
|
|
49,214 |
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|
49,214 |
|
Accumulated other comprehensive income |
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|
— |
|
|
|
— |
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|
|
— |
|
|
|
— |
|
|
|
— |
|
Dividends declared — $0.97 per share |
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|
— |
|
|
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— |
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|
— |
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(61,164 |
) |
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(61,164 |
) |
Shares issued pursuant to ATM Program, net |
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2,111 |
|
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21 |
|
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|
59,691 |
|
|
|
— |
|
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|
59,712 |
|
Shares issued pursuant to dividend reinvestment |
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— |
|
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|
— |
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|
33 |
|
|
|
— |
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|
33 |
|
Stock-based compensation and settlements |
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5 |
|
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|
— |
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|
2,580 |
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|
— |
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|
2,580 |
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Balance, June 30, 2026 |
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61,932 |
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$ |
619 |
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$ |
1,291,644 |
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|
$ |
(169,759 |
) |
|
$ |
1,122,504 |
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|
|
|
|
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|
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Common Stock |
|
|
Accumulated
Other
Comprehensive |
|
|
Additional
Paid-in |
|
|
Dividends
Paid In Excess |
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|
|
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|
Shares |
|
|
Amount |
|
|
Income |
|
|
Capital |
|
|
Of Earnings |
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Total |
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Balance, March 31, 2025 |
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55,441 |
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|
$ |
554 |
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|
$ |
(2,237 |
) |
|
$ |
1,099,862 |
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|
$ |
(137,059 |
) |
|
$ |
961,120 |
|
Net earnings |
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— |
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|
— |
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|
— |
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|
— |
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|
14,014 |
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|
14,014 |
|
Accumulated other comprehensive income |
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|
— |
|
|
|
— |
|
|
|
183 |
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|
|
— |
|
|
|
— |
|
|
|
183 |
|
Dividends declared — $0.47 per share |
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— |
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— |
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|
— |
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|
— |
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(27,394 |
) |
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|
(27,394 |
) |
Shares issued pursuant to equity offering, net |
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1,150 |
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12 |
|
|
|
— |
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|
32,751 |
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|
— |
|
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|
32,763 |
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Shares issued pursuant to ATM Program, net |
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— |
|
|
|
— |
|
|
|
— |
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(70 |
) |
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|
— |
|
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|
(70 |
) |
Shares issued pursuant to dividend reinvestment |
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1 |
|
|
|
— |
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|
— |
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16 |
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|
|
— |
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|
16 |
|
Stock-based compensation/settlements |
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— |
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|
— |
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|
— |
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|
|
1,790 |
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|
— |
|
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|
1,790 |
|
Balance, June 30, 2025 |
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56,592 |
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|
$ |
566 |
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|
$ |
(2,054 |
) |
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$ |
1,134,349 |
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$ |
(150,439 |
) |
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$ |
982,422 |
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|
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|
|
|
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Balance, December 31, 2024 |
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55,027 |
|
|
$ |
550 |
|
|
$ |
(1,864 |
) |
|
$ |
1,088,390 |
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|
$ |
(124,993 |
) |
|
$ |
962,083 |
|
Net earnings |
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— |
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|
— |
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|
— |
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|
— |
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|
|
28,800 |
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|
28,800 |
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Accumulated other comprehensive loss |
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— |
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|
— |
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(190 |
) |
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|
— |
|
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|
— |
|
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|
(190 |
) |
Dividends declared — $0.94 per share |
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— |
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— |
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|
— |
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|
— |
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(54,246 |
) |
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|
(54,246 |
) |
Shares issued pursuant to equity offering, net |
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1,150 |
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12 |
|
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|
— |
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|
32,751 |
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|
— |
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|
|
32,763 |
|
Shares issued pursuant to ATM Program, net |
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|
407 |
|
|
|
4 |
|
|
|
— |
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|
|
10,938 |
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|
— |
|
|
|
10,942 |
|
Shares issued pursuant to dividend reinvestment |
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1 |
|
|
|
— |
|
|
|
— |
|
|
|
32 |
|
|
|
— |
|
|
|
32 |
|
Stock-based compensation/settlements |
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|
7 |
|
|
|
— |
|
|
|
— |
|
|
|
2,238 |
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|
|
— |
|
|
|
2,238 |
|
Balance, June 30, 2025 |
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|
56,592 |
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|
$ |
566 |
|
|
$ |
(2,054 |
) |
|
$ |
1,134,349 |
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$ |
(150,439 |
) |
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$ |
982,422 |
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On March 2, 2026, our Board of Directors granted 276,225 restricted stock units (“RSU” or “RSUs”), under our Third Amended and Restated 2004 Omnibus Incentive Compensation Plan. On March 1, 2025, our Board of Directors granted 293,605 RSUs under our Third Amended and Restated 2004 Omnibus Incentive Compensation Plan.
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| Summary of Activity under ATM Program in connection with Forward Sale Agreements |
The following table summarizes activity under our ATM Program in connection with forward sales agreements for the six months ended June 30, 2026 and 2025 ($ in thousands):
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For the Six Months Ended
June 30, 2026 |
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As of June 30, 2026 |
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Period Entered Into Forward Sales Agreements |
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Shares Sold |
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|
Shares Settled |
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Net Proceeds
Received |
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|
Shares
Remaining |
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Anticipated
Gross
Proceeds
Remaining |
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Three Months Ended December 31, 2024 |
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|
650,000 |
|
|
|
650,000 |
|
|
$ |
19,922 |
|
|
|
— |
|
|
$ |
— |
|
Three Months Ended September 30, 2025 |
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|
1,018,695 |
|
|
|
1,018,695 |
|
|
|
27,548 |
|
|
|
— |
|
|
|
— |
|
Three Months Ended December 31, 2025 |
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|
441,850 |
|
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|
441,850 |
|
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|
12,242 |
|
|
|
— |
|
|
|
— |
|
Three Months Ended June 30, 2026 |
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|
1,812,000 |
|
|
|
— |
|
|
|
— |
|
|
|
1,812,000 |
|
|
|
60,614 |
|
Total |
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|
3,922,545 |
|
|
|
2,110,545 |
|
|
$ |
59,712 |
|
|
|
1,812,000 |
|
|
$ |
60,614 |
|
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|
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For the Six Months Ended
June 30, 2025 |
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|
As of June 30, 2025 |
|
Period Entered Into Forward Sales Agreements |
|
Shares Sold |
|
|
Shares Settled |
|
|
Net Proceeds
Received |
|
|
Shares
Remaining |
|
|
Anticipated
Gross
Proceeds
Remaining |
|
Three Months Ended June 30, 2024 |
|
|
406,727 |
|
|
|
406,727 |
|
|
$ |
10,942 |
|
|
|
— |
|
|
$ |
— |
|
Three Months Ended December 31, 2024 |
|
|
992,696 |
|
|
|
— |
|
|
|
— |
|
|
|
992,696 |
|
|
|
32,277 |
|
Total |
|
|
1,399,423 |
|
|
|
406,727 |
|
|
$ |
10,942 |
|
|
|
992,696 |
|
|
$ |
32,277 |
|
|