COMMON AND PREFERRED STOCK
|6 Months Ended|
Jun. 30, 2019
|COMMON AND PREFERRED STOCK||COMMON AND PREFERRED STOCK
The Company’s Restated Certificate of Incorporation authorizes the issuance of up to 680,000,000 shares. The shares are classified in two classes, consisting of 675,000,000 shares of common stock, par value $0.001 per share, and 5,000,000 shares of preferred stock, par value $0.001 per share. The board of directors is authorized to establish one or more series of preferred stock, setting forth the designation of each such series, and fixing the relative rights and preferences of each such series. The Company has neither designated nor issued any shares of preferred stock.
The following is a schedule of changes in the number of shares of common stock outstanding during the six months ended June 30, 2019 and the year ended December 31, 2018:
During the six months ended June 30, 2019, 0.2 million shares of common stock were surrendered by certain employees of the Company to cover tax obligations in connection with their restricted stock awards. The total value of these shares was approximately $0.6 million, which is based on the market prices on the dates the shares were surrendered.
During the six months ended June 30, 2019, the Company elected to issue 3.2 million shares of common stock to satisfy contingent consideration owed in connection with the Pivotal Acquisition (see Note 3).
During the six months ended June 30, 2019, the Company elected to issue 5.7 million shares of common stock to satisfy contingent consideration owed in connection with the W Energy Acquisition (see Note 3).
During the six months ended June 30, 2019, the Company elected to issue 5.2 million shares of common stock to satisfy obligations owed in connection with the debt exchange derivative liabilities (see Note 10).
Stock Repurchase Program
In May 2011, the Company’s board of directors approved a stock repurchase program to acquire up to $150.0 million of the Company’s outstanding common stock. The stock repurchase program allows the Company to repurchase its shares from time to time in the open market, block transactions and in negotiated transactions.
During the six months ended June 30, 2019, the Company repurchased 5.6 million shares of its common stock under the stock repurchase program at a total cost of $16.3 million, of which $1.2 million was recorded as a settlement of contingent consideration liabilities. During the three months ended June 30, 2019 and the three and six months ended June 30, 2018, the Company did not repurchase shares of its common stock under the stock repurchase program. The Company’s accounting policy upon the repurchase of shares is to deduct its par value from common stock and to reflect any excess of cost over par value as a deduction from Additional Paid-in Capital.
The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef