Stockholders' Equity

12 Months Ended

Dec. 31, 2019

Common and Preferred Stock. The Company's authorized capital structure consists of 75,000,000 shares of preferred stock, par value $0.001 per share, and 400,000,000 shares of common stock, par value $0.001 per share. There are no issued and outstanding shares of preferred stock.

In March 2018, the Company completed the Merger with Fifth Creek. Pursuant to the Merger Agreement, each share of Bill Barrett common stock, par value $0.001 per share (the "BBG Common Stock"), issued and outstanding immediately prior to the closing of the Merger was converted into one share of the Company's common stock and all outstanding equity interests in Fifth Creek, in the aggregate, were converted into 100,000,000 shares of the Company's common stock. In addition, all options to purchase shares of BBG Common Stock and all common stock awards and performance-based cash unit awards relating to BBG Common Stock that were outstanding immediately prior to the closing of the Merger were generally converted into corresponding awards relating to shares of the Company's common stock on the same terms and conditions (excluding performance conditions) as applied prior to the closing of the Merger (with 2016 and 2017 Program performance-based cash units converting into time-based common stock awards based on actual performance for the 2016 program and target performance for the 2017 program through the closing date). See Note 11 for additional information on equity compensation.

In March 2018, the Company terminated the Equity Distribution Agreement, dated as of June 2015, by and between the Company and Goldman, Sachs and Co., which established an "at-the-market" program for sales of common stock from time to time. The agreement was terminable at will upon written notification by the Company with no penalty. No shares had been sold pursuant to this Agreement.

In December 2017, the Company completed a public offering of its common stock, selling 23,205,529 shares at a price of $5.00 per share, par value $0.001 per share. The sale included the partial exercise of 2,205,529 shares of common stock by the underwriters from their option to purchase 3,150,000 shares of common stock. Net proceeds from the sale, after deducting fees and estimated expenses, were approximately $110.8 million.

In December 2017, the Company issued 10,863,000 shares of common stock pursuant to the a debt exchange with a holder of the Company's 7.0% Senior Notes. The holder exchanged $50.0 million principal amount of the 7.0% Senior Notes for 10,863,000 newly issued shares of the Company's common stock.

Treasury Stock. The Company may occasionally acquire treasury stock, which is recorded at cost, in connection with the vesting and exercise of stock-based awards or for other reasons. As of December 31, 2019, all treasury stock held by the Company was retired.

The following table reflects the activity in the Company's common and treasury stock for the periods indicated:



	Year Ended December 31,
	2019		2018		2017
Common Stock Outstanding:
Shares at beginning of period	212,477,101		110,363,539		75,721,360
Shares issued for directors' fees	158,218		187,566		68,486
Shares issued for nonvested shares of common stock	1,847,700		2,332,114		801,579
Shares issued for debt exchange	—		—		10,863,000
Shares issued for equity offering	—		—		23,205,529
Shares issued for merger, common stock	—		100,000,000		—
Shares retired or forfeited	(813,422	)	(406,118	)	(296,415	)
Shares at end of period	213,669,597		212,477,101		110,363,539
Treasury Stock:
Shares at beginning of period	—		—		—
Treasury stock acquired	719,016		285,807		243,389
Treasury stock retired	(719,016	)	(285,807	)	(243,389	)
Shares at end of period	—		—		—