v3.26.3
Equity
 9 Months Ended
Sep. 30, 2026
Equity [Abstract]  
Equity Equity
On May 14, 2025, the Company entered into an equity distribution agreement to sell shares of its common stock having an aggregate gross sales price of up to $350.0 million (2025 Equity Agreement) from time to time, depending on market conditions, through an at-the-market equity program over the succeeding three years. Pursuant to the terms of the 2025 Equity Agreement, the Company may enter into forward sale agreements with counterparties. The forward sale agreements can be settled or net settled for delivery of physical shares or settled for cash at the option of the Company. The forward sale agreements are indexed to the Company’s common stock and qualify for equity classification. Accordingly, they are
not remeasured for changes in the fair value of the Company’s common stock, and no related gains or losses are recognized in earnings. The Company intends to use the net proceeds from equity sales, after deducting commissions and offering expenses, for general corporate purposes, which may include working capital, construction and acquisition expenditures, investments and repurchases, and redemptions of securities. As of September 30, 2026, approximately $124.7 million remains available for sale under the at-the-market equity program.
During the three months ended September 30, 2026, the Company sold 1,027,038 shares of common stock through its at-the-market equity program and raised proceeds of $49.8 million, net of $0.5 million in commissions paid. During the nine months ended September 30, 2026, the Company sold 3,133,595 shares of common stock through its at-the-market equity program and raised proceeds of $143.9 million, net of $1.5 million in commissions paid.
During the three months ended September 30, 2026, the Company entered into forward sale agreements with counterparties at an initial weighted average forward purchase price of $49.50 per share. The initial forward purchase price is increased for the overnight bank funding rate, less a spread of 0.75 percent and less expected dividends on the Company’s common stock during the period the instrument is outstanding. As of September 30, 2026, the Company could have physically settled 1,583,398 shares of common stock with investors in exchange for cash of $77.8 million.
During the three and nine months ended September 30, 2025, the Company did not utilize the at-the-market equity program.
The Company’s changes in total equity for the three and nine months ended September 30, 2026 and 2025 were as follows:
Three Months Ended September 30, 2026
Common StockAdditional
Paid-in
Capital		Retained
Earnings		Accumulated Other Comprehensive LossNoncontrolling InterestTotal Equity
SharesAmount
(In thousands)
Balance at June 30, 202661,839 $618 $1,070,262 $749,745 $(13,152)$2,619 $1,810,092 
Net income (loss)— — — 65,408 — (12)65,396 
Issuance of common stock1,041 11 51,756 — — — 51,767 
Repurchase of common stock(3)— (141)— — — (141)
Dividends paid on common stock ($0.335 per share)
— — — (20,969)— — (20,969)
Other comprehensive income, net of tax (a)— — — — 384 — 384 
Investment in business with noncontrolling interest
— — (32)— — 32 — 
Balance at September 30, 202662,877 $629 $1,121,845 $794,184 $(12,768)$2,639 $1,906,529 
Nine Months Ended September 30, 2026
Common StockAdditional
Paid-in
Capital		Retained
Earnings		Accumulated Other Comprehensive LossNoncontrolling InterestTotal Equity
SharesAmount
(In thousands)
Balance at January 1, 202659,638 $596 $973,454 $729,276 $(13,922)$2,571 $1,691,975 
Net income (loss)— — — 125,910 — (24)125,886 
Issuance of common stock3,263 33 149,575 — — — 149,608 
Repurchase of common stock(24)— (1,092)— — — (1,092)
Dividends paid on common stock ($1.005 per share)
— — — (61,002)— — (61,002)
Other comprehensive income, net of tax (a)— — — — 1,154 — 1,154 
Investment in business with noncontrolling interest
— — (92)— — 92 — 
Balance at September 30, 202662,877 $629 $1,121,845 $794,184 $(12,768)$2,639 $1,906,529 
Three Months Ended September 30, 2025
Common StockAdditional
Paid-in
Capital		Retained
Earnings		Accumulated Other Comprehensive Loss
Noncontrolling Interest
Total Equity
SharesAmount
(In thousands)
Balance at June 30, 202559,581 $596 $968,820 $692,319 $(6,909)$2,443 $1,657,269 
Net income (loss)— — — 61,230 — (114)61,116 
Issuance of common stock12 — 2,344 — — — 2,344 
Repurchase of common stock(2)— (112)— — — (112)
Dividends paid on common stock ($0.300 per share)
— — — (17,876)— — (17,876)
Other comprehensive income, net of tax (a)— — — — 154 — 154 
Investment in business with noncontrolling interest
— — (92)— — 92 — 
Balance at September 30, 202559,591 $596 $970,960 $735,673 $(6,755)$2,421 $1,702,895 
Nine Months Ended September 30, 2025
Common StockAdditional
Paid-in
Capital		Retained
Earnings		Accumulated Other Comprehensive Loss
Noncontrolling Interest
Total Equity
SharesAmount
(In thousands)
Balance at January 1, 202559,484 $595 $966,975 $674,918 $(7,217)$3,015 $1,638,286 
Net income (loss)— — — 116,729 — (361)116,368 
Issuance of common stock136 1 5,869 — — — 5,870 
Repurchase of common stock(29)— (1,326)— — — (1,326)
Dividends paid on common stock ($0.940 per share)
— — — (55,974)— — (55,974)
Other comprehensive income, net of tax (a)— — — — 462 — 462 
Investment in business with noncontrolling interest
— — (558)— — 558 — 
Distribution to noncontrolling interest— — — — — (791)(791)
Balance at September 30, 202559,591 $596 $970,960 $735,673 $(6,755)$2,421 $1,702,895 
(a) This accumulated other comprehensive loss component is included in the computation of net periodic benefit costs for the Company’s supplemental executive retirement plan (SERP), specifically the following components: amortization of unrecognized (gain) loss and amortization of prior service credit.