Equity

12 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

EQUITY

EQUITY

Common Stock Dividend

In February 2022 and April 2022, the Board declared quarterly cash dividends of $0.05 per share of common stock, each of which totaled $5.9 million and were paid on March 14, 2022 and June 3, 2022, respectively. In June 2022, the Board amended the Company’s dividend policy to increase the quarterly dividend to $0.10 per share of common stock. In July 2022 and October 2022, the Board declared quarterly cash dividends of $0.10 per share of common stock, each of which totaled $11.7 million and were paid on September 1, 2022 and December 1, 2022, respectively. In December 2022, the Board amended the Company’s dividend policy to increase the quarterly dividend to $0.15 per share of common stock for future dividend payments. On February 15, 2023, the Board declared a quarterly cash dividend of $0.15 per share of common stock payable on March 9, 2023 to shareholders of record as of February 27, 2023. 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 the fourth quarter of 2021, the Board declared a quarterly cash dividend of $0.05 per share of common stock. Total cash dividends declared and paid totaled $35.2 million and $14.6 million, respectively, during the years December 31, 2022 and 2021. There were no cash dividends declared or paid prior to 2021.

Treasury Stock

On October 20, 2022, October 21, 2021 and October 22, 2020, Matador’s Board of Directors canceled all of the shares of treasury stock outstanding as of September 30, 2022, 2021 and 2020, 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, 2022, 2021 and 2020 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.