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Stockholders' Equity
 12 Months Ended
Dec. 31, 2021
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders’ Equity
Dividends. During the year ended December 31, 2021 (Successor), the Company paid regular cash dividends of $1.625 per share of common stock, or $32.3 million in aggregate, and a special cash dividend of $4.00 per share of common stock, or $80.0 million in aggregate. On February 9, 2022, the Company declared a dividend of $0.585 per share of common stock payable on March 4, 2022 to shareholders of record as of February 21, 2022.
Common Stock. On the Emergence Date, the Company filed an amended and restated certificate of incorporation with the Delaware Secretary of State to provide for, among other things, the authority to issue a total of 65,000,000 shares of all classes
of capital stock, of which 60,000,000 shares are common stock, par value $0.01 per share and 5,000,000 shares are preferred stock, par value $0.01 per share.
Treasury Stock. 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 year ended December 31, 2021 (Successor), the Company completed the entire share-repurchase program and repurchased an aggregate amount of 871,018 shares of common stock at a weighted average price of $114.79 per common share for a total cost of $100.0 million. In February 2022, the Board of Directors authorized a new $150.0 million share-repurchase program.
Warrants. On the Emergence Date and pursuant to the Plan, the Company issued 1,621,622 Warrants pro rata to holders of the Predecessor’s common stock. The Warrants, which are classified as equity, are initially exercisable to purchase one share of Successor common stock per Warrant at an initial exercise price of $94.57 per Warrant (the “Exercise Price”). In connection with the Company’s payment of a special dividend, the Exercise Price decreased to $90.57 per Warrant on July 12, 2021. As of December 31, 2021, there were 1,507,976 warrants outstanding.
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 Successor common stock will terminate. The number of shares of Successor 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 Successor common stock or (2) a reclassification in respect of Successor common stock.
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.
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 traded with the Company’s common stock and were exercisable if, among other things, a person or group of persons acquired 4.95% or more of the Company’s outstanding common stock. On February 1, 2022, the Company announced the termination of the Tax Plan after the Board of Directors determined the Tax Plan was no longer necessary or desirable for the preservation of the Tax Benefits. See Note 17—Income Taxes for more information on the Tax Plan.