Stockholders’ Equity

Successor Company

Common Stock

The following table summarizes Common Stock activity from April 2, 2017 to December 31, 2017:



	Successor
	April 2 through December 31, 2017
	(In millions)
Shares outstanding at the beginning of the period	70.9
Shares issued for preferred share conversions	33.8
Shares issued for warrant conversions	6.2
Shares issued for vested restricted stock units	0.1
Shares repurchased	(5.8	)
Shares outstanding at the end of the period	105.2

See Note 2. “Emergence from the Chapter 11 Cases and Fresh Start Reporting” for additional information.

Preferred Stock

The following table summarizes the Series A Convertible Preferred Stock activity from April 2, 2017 to December 31, 2017:



	Successor
	April 2 through December 31, 2017
	(In millions)
Shares outstanding at the beginning of the period	30.0
Shares converted to Common Stock	(17.2	)
Shares issued for payable in-kind preferred stock dividends	0.7
Shares outstanding at the end of the period	13.5

As of December 31, 2017, there were 13.5 million outstanding shares of Series A Convertible Preferred Stock. No other series of preferred stock was outstanding as of December 31, 2017. On January 31, 2018, the remaining outstanding shares of Series A Convertible Preferred Stock were converted into shares of Common Stock. See Note 2. “Emergence from the Chapter 11 Cases and Fresh Start Reporting” for additional information.

Treasury Stock

Share repurchases. On August 1, 2017, the Board authorized a $500.0 million share repurchase program. Repurchases may be made from time to time at the Company’s discretion. The specific timing, price and size of purchases will depend on the share price, general market and economic conditions and other considerations, including compliance with various debt agreements as they may be amended from time to time. No expiration date has been set for the repurchase program, and the program may be discontinued at any time. During the Successor period ended December 31, 2017, the Company repurchased approximately 1.5 million shares of its Common Stock for $40.0 million in connection with an underwritten secondary offering and made additional open-market purchases of approximately 4.3 million shares of its Common Stock for $135.7 million. Subsequent to December 31, 2017 and through February 19, 2018, the Company purchased approximately 0.9 million additional shares of Common Stock for $38.5 million.

Shares relinquished. The Company routinely allows employees to relinquish Common Stock to pay estimated taxes upon the vesting of restricted stock units and the payout of performance units that are settled in Common Stock under its equity incentive plans. The number of shares of Common Stock relinquished was less than 0.1 million for the Successor period ended December 31, 2017. The value of the Common Stock tendered by employees was based upon the closing price on the dates of the respective transactions.

Predecessor Company

As described in Note 2. “Emergence from the Chapter 11 Cases and Fresh Start Reporting,” in accordance with the Plan and as previously disclosed, each share of the Company’s common stock outstanding prior to the Effective Date, including all options and warrants to purchase such stock, were extinguished, canceled and discharged, and each such share, option or warrant has no further force or effect as of the Effective Date. Furthermore, all of the Company’s equity award agreements under prior incentive plans, and the awards granted pursuant thereto, were extinguished, canceled and discharged and have no further force or effect as of the Effective Date.