Equity

12 Months Ended

Dec. 31, 2021

Stockholders' Equity Note [Abstract]

EQUITY

EQUITY

Common Stock Dividend

The Company’s Board of Directors (the “Board”) declared a quarterly cash dividend of $0.025 per share of common stock in each of the first three quarters of 2021 and, in October 2021, the Board amended the Company’s dividend policy to increase the quarterly dividend and declared a quarterly cash dividend of $0.05 per share of common stock. Total cash dividends declared and paid totaled $14.6 million during the year ended December 31, 2021. There were no cash dividends declared or paid prior to 2021.

Treasury Stock

On October 21, 2021, October 22, 2020 and October 24, 2019, Matador’s Board of Directors canceled all of the shares of treasury stock outstanding as of September 30, 2021, 2020 and 2019, respectively. These shares were restored to the status of authorized but unissued shares of common stock of the Company.

The shares of treasury stock outstanding at December 31, 2021, 2020 and 2019 represent forfeitures of non-vested restricted stock awards and forfeitures of fully vested restricted stock awards due to net share settlements with employees.

Preferred Stock

The Company’s Amended and Restated Certificate of Formation authorizes 2,000,000 shares of preferred stock. Before any such shares are issued, the Board of Directors shall fix and determine the designations, preferences, limitations and relative rights, including voting rights of the shares of each such series.