Successor Stockholders' Equity

12 Months Ended

Dec. 31, 2016

Equity [Abstract]

Successor Stockholders' Equity

Predecessor Stockholders’ Equity

On the Effective Date, by operation of the Prepackaged Plan, all agreements, instruments, and other documents evidencing, relating to or connected with any equity interests of the Company, including the outstanding shares of the Company’s common stock, par value $0.01 per share, issued and outstanding immediately prior to the Effective Date (the “Predecessor Common Stock”), and any rights of any holder in respect thereof, were deemed cancelled, discharged and of no force or effect.

Common Stock

At December 23, 2016 and December 31, 2015, Basic had authorized 80,000,000 shares of Basic’s common stock, par value $.01 per share, and 43,500,032 shares issued and 41,196,680 shares outstanding.

In March 2014, Basic granted various employees 414,900 restricted shares of common stock that vest over a three-year period and 294,909 shares that vest over a four-year period.

In March 2015, Basic granted certain members of management 888,104 restricted shares of Predecessor Common Stock that vest over a three-year period.

In March 2016, Basic granted certain members of management 790,263 restricted shares of Predecessor Common Stock that vest over a three-year period.

On December 23, 2016, pursuant to the Prepackaged Plan, all unvested Predecessor Common Stock was cancelled, but effectively converted to Successor Common Stock, based on a 570-to-1 reverse stock split, and immediately vested.

Treasury Stock

In May 2012, Basic announced its Board of Directors reinstated the share repurchase program initially adopted in 2008 and suspended in 2009. The program allowed the repurchase of up to $50.0 million of Basic’s shares of Predecessor Common Stock from time to time in open market or private transactions, at Basic’s discretion. The number of shares purchased and the timing of purchases is based on several factors, including the price of the Predecessor Common Stock, general market conditions, available cash and alternative investment opportunities. During 2015, Basic repurchased 913,600 shares for a total price of approximately $4.5 million (an average of approximately $4.90 per share), inclusive of commissions and fees. Following the Effective Date, Basic deems this prior share repurchase program terminated with respect to any Successor Common Stock

Basic also acquired treasury shares through net share settlements for payment of payroll taxes upon the vesting of restricted stock. Basic repurchased a total of 229,932 shares of Predecessor Common Stock during 2016 and 230,048 shares of shares of Predecessor Common Stock during 2015 through net share settlements.

On December 31, 2016, as part of the Prepackaged Plan, all treasury stock representing Predecessor Common Stock was cancelled.

Preferred Stock

At December 31, 2016 and 2015, Basic had 5,000,000 shares of preferred stock, par value $.01 per share, authorized, of which none was designated, issued or outstanding.

Successor Stockholders' Equity

Common Stock

On December 23, 2016, as part of the Prepackaged Plan, Basic had 80,000,000 shares of Basic’s common stock, par value $.01 per share, authorized, 26,095,431 shares issued and 25,998,844 shares outstanding at December 31, 2016.

On December 23, 2016, Basic granted certain members of management 809,416 restricted common stock units, one third of which immediately vested on the Effective Date and the remainder will vest over a two-year period in equal installments.

Treasury Stock

Basic acquired treasury shares through net share settlements for payment of payroll taxes upon the vesting of restricted stock units. Basic repurchased a total of 96,587 Successor common shares through net share settlements during December 27, 2016 through December 31, 2016.

Preferred Stock

At December 31, 2016 Basic had 5,000,000 shares of preferred stock, par value $.01 per share, authorized, of which none was designated, issued or outstanding.