Equity

12 Months Ended

Dec. 31, 2018

Successor Equity

Common Stock and Performance Share Units. At December 31, 2018, the Company had 35.7 million shares of common stock, par value $0.001 per share, issued and outstanding, including 0.4 million shares of unvested restricted stock awards, and 250.0 million shares of common stock authorized. In accordance with normal practices, the Company granted additional restricted stock awards and an immaterial amount of performance share units in the third quarter of 2018.

Warrants. The Company has issued approximately 4.6 million Series A warrants and 2.0 million Series B warrants to certain holders of general unsecured claims as defined in the Plan. These warrants are exercisable until October 4, 2022 for one share of common stock per warrant at initial exercise prices of $41.34 and $42.03 per share, respectively, subject to adjustments pursuant to the terms of the warrants. The warrants contain customary anti-dilution adjustments in the event of any stock split, reverse stock split, reclassification, stock dividend or other distributions.

Poison Pill. On November 26, 2017, we entered into the Poison Pill. At our 2018 annual meeting in June 2018, the Poison Pill was terminated.

Shares Withheld for Taxes. 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, 2018		Year Ended December 31, 2017		Period from October 2, 2016 through December 31, 2016
Number of shares withheld for taxes	495		349		5
Value of shares withheld for taxes	$	7,420	$	6,730	$	110

Predecessor Equity

Preferred Stock Dividends. Prior to the Chapter 11 petition filings, dividends on the Company’s 8.5% and 7.0% convertible perpetual preferred stock could be paid in cash or with shares of the Company’s common stock at the Company’s election.

The Company suspended payment of the cumulative dividend on its 7.0% convertible perpetual preferred stock during the third quarter of 2015 and suspended the semi-annual dividend on its 8.5% convertible perpetual preferred stock prior to the February 2016 semi-annual dividend payment date. The Company ceased accruing dividends on its 8.5% and 7.0% convertible perpetual preferred stock as of May 16, 2016, in conjunction with the Chapter 11 petition filings.

Preferred stock dividend accruals in arrears prior to the Emergence Date for the Predecessor Company’s 8.5% and 7.0% convertible perpetual preferred stock were as follows (in thousands):


	Predecessor
	Period from January 1, 2016 through October 1, 2016
8.5% Convertible perpetual preferred stock
Dividends in arrears	$	11,262
7.0% Convertible perpetual preferred stock
Dividends in arrears	$	21,000

Paid and unpaid dividends included in the calculation of income available to the Company’s common stockholders and the Company’s basic earnings per share calculation for the Predecessor 2016 Period are presented in the accompanying consolidated statements of operations. Preferred stock dividends in arrears were eliminated on the Emergence Date with no recovery paid to holders.

See Note 21 for discussion of the Company’s (loss) earnings per share calculation.