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Equity (Tables)
 12 Months Ended
Dec. 31, 2017
Equity [Abstract]  
Preferred Stock Terms The following table summarizes information about each series of the Predecessor Company’s convertible perpetual preferred stock outstanding at December 31, 2015:
 
 
Convertible Perpetual Preferred Stock
 
 
8.5%
 
7.0%
Liquidation preference per share
 
$
100.00

 
$
100.00

Annual dividend per share
 
$
8.50

 
$
7.00

Conversion rate per share to common stock
 
12.4805

 
12.8791
Preferred Stock Dividends Preferred stock dividend payments and accruals for the Company’s 8.5% and 7.0% convertible perpetual preferred stock are as follows (in thousands):
 
 
Predecessor
 
 
Period from January 1, 2016 through October 1, 2016
 
Year Ended December 31, 2015
8.5% Convertible perpetual preferred stock
 
 
 
 
Dividends paid in cash
 
$
—

 
$
11,262

Dividends satisfied in shares of common stock(1)
 
$
—

 
$
11,262

Accrued dividends at period end
 
$
—

 
$
8,447

Dividends in arrears
 
$
11,262

 
$
—

7.0% Convertible perpetual preferred stock
 
 
 
 
Dividends paid in cash
 
$
—

 
$
—

Dividends satisfied in shares of common stock(2)
 
$
—

 
$
10,500

Accrued dividends at period end
 
$
—

 
$
13,125

Dividends in arrears
 
$
21,000

 
$
10,500


____________________
(1)
For the year ended December 31, 2015, the Company paid a semi-annual dividend by issuing approximately 18.6 million shares of common stock. For purposes of the dividend payment, the value of each share issued was calculated as 95% of the average volume-weighted share price for the 15 trading day period ending July 29, 2015. Based upon the common stock’s closing price on August 17, 2015, the common stock issued had a market value of approximately $9.5 million, ($3.58 per outstanding share at the time the dividend was paid) that resulted in a difference between the fixed rate semi-annual dividend and the value of shares issued of approximately $1.8 million, which was recorded as a reduction to preferred stock dividends in the accompanying consolidated statement of operations.
(2)
For the year ended December 31, 2015, the Company paid a semi-annual dividend by issuing approximately 5.7 million shares of common stock. For purposes of the dividend payment, the value of each share issued was calculated as 95% of the average volume-weighted share price for the 15 trading day period ending April 28, 2015. Based upon the common stock’s closing price on May 15, 2015, the common stock issued had a market value of approximately $6.7 million, ($2.23 per outstanding share at the time the dividend was paid) that resulted in a difference between the fixed rate semi-annual dividend and the value of shares issued of approximately $3.8 million, which was recorded as a reduction to preferred stock dividends in the accompanying consolidated statement of operations.
Treasury Stock Activity The following table shows the number of shares withheld for taxes and the associated value of those shares (in thousands). These shares were accounted for as treasury stock when withheld, and then immediately retired.
 
 
Predecessor
 
 
Period from January 1, 2016 through October 1, 2016
 
Year Ended December 31, 2015
 
Year Ended December 31, 2014
Number of shares withheld for taxes
 
1,122

 
1,872

 
1,034

Value of shares withheld for taxes
 
$
44

 
$
2,428

 
$
6,373


The following table shows the number of shares withheld for taxes and the associated value of those shares (in thousands). These shares were accounted for as treasury stock when withheld, and then immediately retired.

 
 
Successor
 
 
Year Ended December 31, 2017
 
Period from October 2, 2016 through December 31, 2016
Number of shares withheld for taxes
 
349

 
5

Value of shares withheld for taxes
 
$
6,730

 
$
110