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Common Stock
12 Months Ended
Dec. 31, 2018
Equity [Abstract]  
Common Stock
Common Stock
On May 9, 2017, and in connection with the completion of the Bold Transaction, Earthstone recapitalized its Common Stock into two classes, as described in Note 1. Organization and Basis of Presentation, Class A Common Stock and Class B Common Stock. At that time, all of Earthstone’s existing outstanding Common Stock was automatically converted on a one-for-one basis into Class A Common Stock.
Class A Common Stock
At December 31, 2018 and 2017, there were 28,696,321 and 27,584,638 shares of Class A Common Stock issued and outstanding, respectively. During the years ended December 31, 2018 and 2017, as a result of the vesting and settlement of restricted stock units under the 2014 Plan, Earthstone issued 681,585 and 703,214 shares of Class A Common Stock, respectively, of which 169,893 and 61,055 shares of Class A Common Stock, respectively, were retained as treasury stock and canceled to satisfy the related employee income tax liability. On July 1, 2017, Earthstone retired and returned the 15,357 shares of treasury stock to authorized but unissued shares of Class A Common Stock. Additionally, on May 9, 2017, under the Bold Contribution Agreement, Earthstone issued 150,000 shares of Class A Common Stock valued at approximately $2.0 million on that date. For additional information, see Note 3. Acquisitions and Divestitures.
Class A Common Stock Offering
In October 2017, Earthstone completed a public offering of 4,500,000 shares of Class A Common Stock, at an issue price of $9.25 per share.  Earthstone received net proceeds from this offering of $39.4 million, after deducting underwriters’ fees and offering expenses of $2.2 million. The net proceeds from the offering were used to repay outstanding indebtedness under the EEH Credit Agreement, as described in Note 13. Long-Term Debt.
Class B Common Stock
At December 31, 2018 and 2017, there were 35,452,178 and 36,052,169 shares of Class B Common Stock issued and outstanding, respectively. Each share of Class B Common Stock, together with one EEH Unit, is convertible into one share of Class A Common Stock. During the years ended December 31, 2018 and 2017, 599,991 and 18,659 shares, respectively, of Class B Common Stock and EEH Units were exchanged for an equal number of shares of Class A Common Stock. On May 9, 2017, in connection with Earthstone’s completion of the Bold Transaction, Earthstone issued 36,070,828 shares of Class B Common Stock in exchange for $36 thousand. For additional information, see Note 3. Acquisitions and Divestitures.