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Stockholders' Equity
 9 Months Ended
Sep. 30, 2021
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
Dividends. On February 24, 2021, the Company declared a dividend of $0.375 per share of common stock. The dividend of $7.5 million was paid on March 22, 2021 to shareholders of record as of March 8, 2021.
On May 3, 2021, the Company declared a dividend of $0.375 per share of common stock. The dividend of $7.5 million was paid on May 31, 2021 to shareholders of record as of May 17, 2021.
On June 29, 2021, the Company declared a special dividend of $4.00 per share of common stock (the “Special Dividend”). The Special Dividend of $80.0 million was paid on July 21, 2021 to shareholders of record as of July 9, 2021.
On August 3, 2021, the Company declared a dividend of $0.375 per share of common stock. The dividend of $7.5 million was paid on August 27, 2021 to shareholders of record as of August 16, 2021.
On October 26, 2021, the Company declared a dividend of $0.50 per share of common stock payable on November 29, 2021 to shareholders of record as of November 15, 2021.
Future dividend payments will depend on the Company’s earnings, financial condition, capital requirements, level of indebtedness, statutory and contractual restrictions applicable to the payment of dividends and other considerations that the Board of Directors deems relevant.
Share repurchase program. In March 2021, the Board of Directors authorized a share-repurchase program covering up to $100.0 million of the Company’s common stock which expires on December 31, 2022. During the nine months ended September 30, 2021, the Company repurchased an aggregate amount of 190,783 shares of common stock at a weighted average price of $76.30 per common share for a total cost of $14.6 million.
There were no share repurchases made subsequent to September 30, 2021, except from October 28, 2021 through November 2, 2021, the Company repurchased 156,519 shares of common stock at a weighted average price of $121.22 per common share for a total cost of $19.0 million.
Warrants. As of September 30, 2021, there were 1,615,555 warrants outstanding. During the three and nine months ended September 30, 2021, there were 2,791 and 6,050 warrants exercised, respectively. The warrants, which are classified as equity, are exercisable to purchase one share of common stock per warrant at an initial exercise price of $94.57 per warrant. In connection with the Special Dividend, the exercise price decreased from $94.57 per warrant to $90.57 per warrant on July 12, 2021.
The warrants are exercisable from the date of issuance until November 19, 2024, at which time all unexercised warrants will expire and the rights of the holders of such warrants to purchase common stock will terminate. The number of shares of common stock for which a warrant is exercisable and the exercise price, are subject to adjustment from time to time upon the occurrence of certain events, including: (1) stock splits, reverse stock splits or stock dividends to holders of common stock or (2) a reclassification in respect of common stock.
OMP Equity Offering. On June 29, 2021, OMP completed an underwritten public offering of 3,623,188 common units representing limited partnership interests at a price to the public of $24.00 per common unit (the “OMP Equity Offering”) and received net proceeds of $86.7 million, after deducting underwriting discounts, commissions and offering expenses. OMP used the proceeds from the OMP Equity Offering to redeem 3,623,188 common units held by Oasis for $87.0 million (the “OMP Unit Redemption”). Following the OMP Unit Redemption, the Company owns approximately 70%, and non-controlling interests own approximately 30% of OMP’s outstanding common units.
Tax benefits preservation plan. On August 3, 2021, the Board of Directors adopted a Tax Benefits Preservation Plan (the “Tax Plan”) designed to protect the availability of the Company’s Tax Benefits, which may be utilized in certain circumstances to reduce the Company’s future income tax obligations.
In adopting the Tax Plan, the Board of Directors declared a dividend of one preferred share purchase right (a “Right”) for each outstanding share of the Company’s common stock. The Rights will trade with the Company’s common stock and will expire at the close of business on the earlier of August 3, 2024 (three years from adoption) and the date upon which the Board of Directors determines that no Tax Benefits remain available or earlier, as described in more detail in the Tax Plan. The Rights will be exercisable if, among other things, a person or group of persons acquires 4.95% or more of the Company’s outstanding common stock.