Note 15 - Stockholders' Equity |
6 Months Ended |
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Jun. 30, 2026 | |
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| Equity [Text Block] |
NOTE 15. Stockholders’ Equity
Issuance of Common Stock. During the six months ended June 30, 2026 and 2025, the Company issued 1,028,000 and shares, respectively, of restricted stock to certain employees of the Company, 94,700 and 64,792 shares, respectively, of restricted stock to outside directors of the Company and and 60 shares of HighPeak Energy common stock, respectively, as a result of warrants being exercised. All of the Company’s remaining outstanding warrants expired on August 21, 2025. Pursuant to a sales agreement with its agents entered into on May 6, 2026, the Company may sell shares of its common stock at the market price from time to time up to a maximum aggregate of $150 million. The Company has not issued any shares of its common stock under an at the market offering thus far.
Dividends and Dividend Equivalents. In the first quarter of 2026, the Board elected to discontinue the quarterly dividend. In May 2025, the Board declared a quarterly dividend of $0.04 per share of common stock outstanding which resulted in a total of $5.0 million in dividends being paid in June 2025. In addition, under the terms of the LTIP, the Company paid a dividend equivalent per share to all vested stock option holders of $531,000 in June 2025. In addition, the Company accrued an additional combined $84,000 in dividends on the restricted stock issued to directors, management directors and certain employees that was paid upon vesting.
In February 2025, the Board declared a quarterly dividend of $0.04 per share of common stock outstanding which resulted in a total of $5.0 million in dividends being paid in March 2025. In addition, under the terms of the LTIP, the Company paid a dividend equivalent per share to all vested stock option holders of $531,000 in March 2025. In addition, the Company accrued an additional combined $86,000 in dividends on the restricted stock issued to directors, management directors and certain employees that was paid upon vesting.
Outstanding securities. As of June 30, 2026 and December 31, 2025, the Company had 126,452,804 and 125,330,104 shares of common stock outstanding, respectively.
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