Nature of Operations and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of cash, cash equivalents, and restricted cash

The following table provides a reconciliation of cash, cash equivalents, and restricted cash as reported within the Consolidated Balance Sheets to “Cash, cash equivalents, and restricted cash at end of period” as reported within the Consolidated Statements of Cash Flows:


	Successor
In thousands	December 31, 2021		December 31, 2020
Cash and cash equivalents	$	3,671	$	518
Restricted cash, current	—		1,000
Restricted cash, long-term	46,673		40,730
Total cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows	$	50,344	$	42,248

Schedule of intangible assets

The following table summarizes the carrying value of our intangible assets as of December 31, 2021 and 2020:


	Successor
In thousands	December 31, 2021		December 31, 2020
Long-term contracts to sell CO2 to industrial customers	$	97,943	$	97,943
Other intangibles	2,179		2,167
Accumulated amortization	(11,874)		(2,748)
Net book value	$	88,248	$	97,362

Schedule of future amortization expense of intangible assets

As of December 31, 2021, our estimated amortization expense for our intangible assets subject to amortization over the next five years is as follows:


In thousands
2022	$	9,120
2023	9,117
2024	9,117
2025	9,117
2026	9,117

Schedule of earnings per share, basic and diluted reconciliation

The following table sets forth the reconciliations of net income (loss) and weighted average shares used for purposes of calculating basic and diluted net income (loss) per common share for the periods indicated:


	Successor				Predecessor
	Year Ended Dec. 31, 2021		Period from Sept. 19, 2020 through Dec. 31, 2020		Period from Jan. 1, 2020 through Sept. 18, 2020		Year Ended Dec. 31, 2019
In thousands
Numerator
Net income (loss) – basic	$	56,002	$	(50,658)	$	(1,432,578)	$	216,959
Effect of potentially dilutive securities
Interest on convertible senior notes including amortization of discount, net of tax	—		—		—		14,134
Net income (loss) – diluted	$	56,002	$	(50,658)	$	(1,432,578)	$	231,093

Denominator
Weighted average common shares outstanding – basic	50,918		50,000		495,560		459,524
Effect of potentially dilutive securities
Restricted stock units	762		—		—		—
Warrants	2,138		—		—		—
Restricted stock and performance-based equity awards	—		—		—		2,396
Convertible senior notes(1)	—		—		—		48,421
Weighted average common shares outstanding – diluted	53,818		50,000		495,560		510,341

(1)For the year ended December 31, 2019, shares shown under “convertible senior notes” represent the prorated portion of the approximately 90.9 million shares of the Predecessor’s common stock issuable upon full conversion of the convertible senior notes which were issued on June 19, 2019 (see Note 8, Long-Term Debt – 2019 Predecessor Debt Reduction Transactions).

Schedule of antidilutive securities excluded from computation of earnings per share

The following outstanding securities were excluded from the computation of diluted net income (loss) per share for the year ended December 31, 2021, the period September 19, 2020 through December 31, 2020, and the year ended December 31, 2019, as their effect would have been antidilutive, as of the respective dates:


	Successor		Predecessor
In thousands	December 31, 2021	December 31, 2020	December 31, 2019
Restricted stock units	—	1,220	—
Warrants	—	5,526	—
Stock appreciation rights	—	—	1,981
Restricted stock and performance-based equity awards	—	—	4,445