Stockholders’ Equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Stockholders’ Equity

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.

During the first quarter 2021, the Company identified 0.6 million shares that were improperly included in the December 31, 2020 issued share count, and the Company adjusted the issued share count presented on the statement of stockholders’ equity. This adjustment was not material to the December 31, 2020 consolidated financial statements or basic and diluted earnings per share.

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

	Year ended December 31,
	2021	2020
Shares issued at the beginning of the year	78,669,414	63,656,897
Correction to issued share count at beginning of the year	(613,419)	—
Issued upon sale of common stock	—	200,000
Issued upon exercise of stock options	—	111,298
Issued as restricted stock award grants	1,702,289	3,114,978
Issued upon vesting of restricted stock units	86,240	86,241
Restricted stock awards forfeited and cancelled	(284,334)	—
Shares withheld to cover taxes and cancelled	(76,353)	—
Issued in business combination to acquire JP3	—	11,500,000
Shares issued at the end of the year	79,483,837	78,669,414

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, 2021 and 2020, the Company purchased 155,317 shares and 145,703 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 under the 2018 long-term incentive plan that were forfeited are accounted for as treasury stock. During the years ended December 31, 2021 and 2020, forfeited stock awards returned to treasury stock were 421,839 shares and 1,301,470 shares, respectively.