Common Stock

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Common Stock

Common Stock

Class A Common Stock

At December 31, 2021 and 2020, there were 53,467,307 and 30,343,421 shares of Class A Common Stock issued and outstanding, respectively. During the year ended December 31, 2021, Earthstone issued a total of approximately 21.5 million shares of Class A Common Stock in connection with the IRM Acquisition, Tracker/Sequel Acquisitions and the Foreland Acquisition. No shares were issued in connection with acquisitions during 2020 or 2019. During the years ended December 31, 2021, 2020 and 2019, as a result of the vesting and settlement of restricted stock units under the Earthstone Amended and Restated 2014 Long-Term Incentive Plan, as amended (the “2014 Plan”), Earthstone issued 1,381,825, 914,905 and 736,706 shares of Class A Common Stock, respectively, of which 453,483, 243,924 and 203,394 shares of Class A Common Stock, respectively, were retained as treasury stock and canceled to satisfy the related employee income tax liability.

Class B Common Stock

At December 31, 2021 and 2020, there were 34,344,532 and 35,009,371 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, 2021, 2020 and 2019, 664,839, 251,309 and 191,498 shares, respectively, of Class B Common Stock and EEH Units were exchanged for an equal number of shares of Class A Common Stock.