The Company’s authorized capital stock includes 250,000,000 shares of common stock, $0.01 par value per share. The following table summarizes the changes in the number of outstanding common units and shares of common stock:

	Common
	Shares
Balance, December 31, 2016 (Predecessor)		83,827,920
Restricted common units issued		—
Restricted common units forfeited		(12,952	)
Restricted common units repurchased (1)		(14,681	)
Balance, May 4, 2017 (Predecessor)		83,800,287
Cancellation of Predecessor common units		(83,800,287	)
Balance, May 4, 2017 (Predecessor)		—
Issuance of Successor common stock		25,000,000
Balance, May 5, 2017 (Successor)		25,000,000
Issuance of Successor common stock		—
Balance, December 31, 2017 (Successor)		25,000,000
Issuance of common stock		—
Restricted stock units vested		163,700
Repurchase of common shares		(65,152	)
Restricted common stock repurchased and retired under tender offer		(2,916,667	)
Balance, December 31, 2018 (Successor)		22,181,881
Issuance of common stock		—
Restricted stock units vested		412,938
Repurchase of common shares		(120,163	)
Common stock repurchased and retired under share repurchase program		(169,400	)
Balance, June 30, 2019		22,305,256
Restricted stock units vested		38,181
Repurchase of common shares		(9,427	)
Balance, August 5, 2019		22,334,010
Ratio to convert Amplify shares		0.933
Common stock issued to Legacy Amplify stockholders		20,837,633
Midstates stock outstanding and acquired with the Merger		20,415,005
Treasury shares acquired from the Merger		205,861
Restricted stock units vested		682,552
Repurchase of common shares		(31,697	)
Common stock repurchased and retired under share repurchase program		(4,195,247	)
Cancelation and retirement of shares		(347,567	)
Balance, December 31, 2019		37,566,540

(1)

Restricted common units were generally net-settled by our Predecessor unitholders to cover the required withholding tax upon vesting. The Predecessor unitholders surrendered units with value equivalent to the employees’ minimum statutory obligation for the applicable income and other employment taxes. Total payments remitted for the employees’ tax obligations to the appropriate taxing authorities were less than approximately $0.1 million for the period from January 1, 2017 through May 4, 2017. These net-settlements had the effect of unit repurchases by the Company as they reduced the number of units that would have otherwise been outstanding as a result of the vesting and did not represent an expense to the Company.

On the Effective Date, there were 25,000,000 New Common Shares issued and outstanding.

As of August 5, 2019, Midstates had 205,861 treasury shares outstanding. After the Merger closed, the Company retired and cancelled all treasury stock outstanding. No treasury stock remained outstanding at December 31, 2019.

On the Effective Date, Legacy Amplify entered into a warrant agreement (the “Warrant Agreement”) with American Stock Transfer & Trust Company, LLC, as warrant agent (“AST”), pursuant to which Legacy Amplify issued Warrants to purchase up to 2,173,913 shares of Legacy Amplify’s common stock (representing 8% of Legacy Amplify’s outstanding common stock as of the Effective Date including shares of Legacy Amplify’s common stock issuable upon full exercise of the Warrants, but excluding any common stock issuable under the MIP), exercisable for a five year period commencing on the Effective Date at an exercise price of $42.60 per share.

The fair values for the warrants upon issuance on the Effective Date have been estimated using the Black-Scholes option pricing model using the following assumptions:

On the effective date of the Merger, Legacy Amplify, Midstates and AST entered into an Assignment and Assumption Agreement, pursuant to which the Company agreed to assume Legacy Amplify’s Warrant Agreement.

As of August 5, 2019, Midstates had outstanding warrants of 4,647,520 Third Lien Notes Warrants at an exercise price of $22.78 per share (the “Third Lien Warrants”) and 2,332,089 Unsecured Creditor Warrants at an exercise price of $43.67 per share (the “Unsecured Creditor Warrants” and collectively with the Third Lien Warrants, the “ Midstates Warrants”). The Midstates Warrants expire on April 21, 2020. As a result of the Merger, the value of the outstanding Midstates Warrants was adjusted downward based on the low stock price and estimated fair value as of the Merger date. See Note 6 for additional information regarding the purchase price allocation of the Merger.

On December 21, 2018, Legacy Amplify’s board of directors authorized the repurchase of up to $25.0 million of Legacy Amplify’s outstanding shares of common stock, with repurchases to begin on or after January 9, 2019. During the six months ended June 30, 2019, Legacy Amplify repurchased 169,400 shares of common stock at an average price of $7.35 per share for a total cost of approximately $1.3 million. On April 18, 2019, in anticipation of the Merger, Legacy Amplify terminated the repurchase program.

In connection, with the closing of the Merger, the board of directors approved the commencement of an open market share repurchase program of up to $25.0 million of the Company’s outstanding shares of common stock, with repurchases beginning on or after August 6, 2019. For the period from August 6, 2019 to December 31, 2019, the Company repurchased 4,195,247 shares of common stock at an average price of $6.28 per share for a total cost of approximately $24.9 million.

On November 5, 2019, our board of directors approved a dividend of $0.20 per share of outstanding common stock or $7.7 million in aggregate, which was paid on December 18, 2019, to stockholders of record at the close of business on December 4, 2019.

On August 6, 2019, our board of directors approved a dividend of $0.20 per share of outstanding common stock or $8.2 million in aggregate, which was paid on September 18, 2019, to stockholders of record at the close of business on September 4, 2019.

The amount of future dividends is subject to discretionary approval by the board of directors.

On November 19, 2018, Legacy Amplify’s board of directors announced the commencement of a tender offer to purchase 2,916,667 shares of Legacy Amplify’s common stock. On December 19, 2018, upon the terms and subject to the conditions described in the Offer to Purchase dated November 19, 2018, as amended, Legacy Amplify repurchased an aggregate of 2,916,667 shares of Legacy Amplify common stock at a price of $12.00 per share, for a total cost of approximately $35.0 million (excluding fees and expenses relating to the offer).