Stockholders’ Equity

12 Months Ended

Dec. 31, 2020

Stockholders’ Equity

Common and Preferred Stock

On May 5, 2020, the shareholders of the Company approved an amendment to the Company’s Amended and Restated Certificate of Incorporation, as previously amended, to increase the authorized shares of common stock from 80 million shares to 140 million shares of common stock, par value $0.0001 per share, and 100,000 shares of one or more series of preferred stock, par value $0.0001 per share. The additional authorized shares are available for corporate purposes, including acquisitions.

A reconciliation of the changes in common shares issued is as follows:


	Years ended December 31,
	2020	2019
Shares issued at the beginning of the year	63,656,897	62,162,875
Issued upon sale of common stock	200,000	—



Issued upon exercise of stock options	111,298	—

Issued as restricted stock award grants	3,114,978	924,022
Issued as restricted stock unit grants	86,241	570,000

Issued in business combination to acquire JP3	11,500,000	—

Shares issued at the end of the year	78,669,414	63,656,897

Treasury Stock

The Company accounts for treasury stock using the cost method and includes treasury stock as a component of stockholders’ equity. During the years ended December 31, 2020 and 2019, the Company purchased 145,703 shares and 93,977 shares, respectively, of the Company’s common stock at market value as payment of income tax withholding owed by employees upon the vesting of restricted shares and the exercise of stock options. Shares issued as restricted stock awards to employees that were forfeited are accounted for as treasury stock. During the year ended December 31, 2020, there were 66,115 shares surrendered for the exercise of stock options. During the year ended December 31, 2019, no shares were surrendered for the exercise of stock options.

Stock Repurchase Program

In June 2015, the Company’s Board of Directors authorized the repurchase of up to $50 million of the Company’s common stock. Repurchases could be made in the open market or through privately negotiated transactions. On June 9, 2020, the board of directors of the Company rescinded the authorization to repurchase the Company’s stock under this program.

During the year ended December 31, 2019, the Company repurchased $0.3 million of its common stock under this authorization. No shares were repurchased under this program during the year ended December 31, 2020.