Equity (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| 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, 2026:
|
|
|
|
|
Common Stock |
|
Shares |
|
Shares as of December 31, 2025 |
|
|
17,919,191 |
|
Shares Issued - DRP |
|
|
11,657 |
|
Shares Issued - ATM |
|
|
212,042 |
|
Shares Issued - RSU Settlement |
|
|
18,525 |
|
Shares Issued - Time Restricted |
|
|
32,330 |
|
Shares Issued - Performance Restricted |
|
|
33,150 |
|
Forfeited Shares - Time Restricted |
|
|
— |
|
Forfeited Shares - Performance Restricted |
|
|
(931 |
) |
Shares as of June 30, 2026 |
|
|
18,225,964 |
|
|
| Schedule of Time Restricted Shares and Performance Restricted Share |
The Time Restricted Shares and Performance Restricted Shares unvested activity during the six months ended June 30, 2026 in conjunction with the Stock Plan is presented in the following tables:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Restricted Shares |
|
|
Performance Restricted Shares |
|
Participating Securities |
|
Units |
|
|
Weighted
Average
Stock
Price |
|
|
Units |
|
|
Weighted
Average
Stock
Price |
|
Restricted Shares as of December 31, 2025 |
|
|
17,883 |
|
|
$ |
50.94 |
|
|
|
67,380 |
|
|
$ |
51.21 |
|
Granted |
|
|
— |
|
|
$ |
— |
|
|
|
820 |
|
|
$ |
51.83 |
|
Shares Issued |
|
|
(6,460 |
) |
|
$ |
49.89 |
|
|
|
(18,419 |
) |
|
$ |
51.83 |
|
Forfeited |
|
|
— |
|
|
$ |
— |
|
|
|
(931 |
) |
|
$ |
51.83 |
|
Restricted Shares as of June 30, 2026 |
|
|
11,423 |
|
|
$ |
51.54 |
|
|
|
48,850 |
|
|
$ |
50.97 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Restricted Shares |
|
|
Performance Restricted Shares |
|
Non-Participating Securities |
|
Units |
|
|
Weighted
Average
Stock
Price |
|
|
Units |
|
|
Weighted
Average
Stock
Price |
|
Restricted Shares as of December 31, 2025 |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
Granted |
|
|
32,330 |
|
|
$ |
50.00 |
|
|
|
32,330 |
|
|
$ |
50.00 |
|
Shares Issued |
|
|
(19,050 |
) |
|
$ |
50.00 |
|
|
|
— |
|
|
$ |
— |
|
Forfeited |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
Restricted Shares as of June 30, 2026 |
|
|
13,280 |
|
|
$ |
50.00 |
|
|
|
32,330 |
|
|
$ |
50.00 |
|
|
| 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, 2026 in conjunction with the Stock Plan is presented in the following table:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Equity Portion) |
|
|
(Liability Portion) |
|
Restricted Stock Units |
|
Units |
|
|
Weighted
Average
Stock
Price |
|
|
Units |
|
|
Weighted
Average
Stock
Price |
|
Restricted Stock Units as of December 31, 2025 |
|
|
36,052 |
|
|
$ |
45.17 |
|
|
|
15,450 |
|
|
$ |
48.44 |
|
Restricted Stock Units Granted |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
Dividend Equivalents Earned |
|
|
497 |
|
|
$ |
51.53 |
|
|
|
213 |
|
|
$ |
51.53 |
|
Restricted Stock Units Settled |
|
|
(18,525 |
) |
|
$ |
44.43 |
|
|
|
(7,939 |
) |
|
$ |
52.99 |
|
Restricted Stock Units as of June 30, 2026 |
|
|
18,024 |
|
|
$ |
46.11 |
|
|
|
7,724 |
|
|
$ |
52.69 |
|
|
| Schedule of Earnings Per Share, Basic and Diluted |
The following table reconciles basic and diluted earnings per share:
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
|
Six Months Ended |
|
Earnings Per Share (millions, except shares and per share data) |
|
June 30, 2026 |
|
|
June 30, 2026 |
|
Net Income |
|
$ |
4.7 |
|
|
$ |
37.9 |
|
Less allocation of earnings and dividends to participating securities |
|
|
— |
|
|
|
0.2 |
|
Net income allocated to common shareholders |
|
$ |
4.7 |
|
|
$ |
37.7 |
|
|
|
|
|
|
|
|
Weighted average common shares outstanding, gross |
|
|
17,974,544 |
|
|
|
17,970,238 |
|
Less average participating securities |
|
|
71,905 |
|
|
|
81,799 |
|
Weighted average number of shares outstanding used in the calculation of basic earnings per share |
|
|
17,902,639 |
|
|
|
17,888,439 |
|
Add dilutive effect of: |
|
|
|
|
|
|
Restricted stock and restricted stock units |
|
|
1,368 |
|
|
|
2,397 |
|
Adjusted weighted average number of shares outstanding used in the calculation of diluted earnings per common share |
|
|
17,904,007 |
|
|
|
17,890,836 |
|
|
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
|
Basic |
|
$ |
0.26 |
|
|
$ |
2.11 |
|
Diluted |
|
$ |
0.26 |
|
|
$ |
2.11 |
|
|