Subsequent Events

3 Months Ended

Mar. 31, 2022

13. Subsequent Events

Dividend Declaration. On April 14, 2022, we announced that our Board of Directors declared a quarterly cash dividend of $0.77 per common share. As such, we expect to pay approximately $12.5 million (including dividend equivalents) on or about May 13, 2022 to stockholders of record and the holders of certain restricted stock units at the close of business on April 25, 2022.

Revolving Credit Facility Amendment. On April 7, 2022, we entered into the Amendment No. 3 to our Revolving Credit Facility (as amended, the “Amended Credit Agreement”) with Wells Fargo Bank, National Association, the administrative agent, and the other financial institutions party thereto. The Amended Credit Agreement among others: (i) increased the commitment from $375.0 million to $575.0 million (of which up to a maximum of $50 million may be utilized for letters of credit); (ii) extended the maturity date from the earlier of (a) February 15, 2024 (if certain conditions were met) and (b) October 30, 2024 to April 7, 2027; (iii) removed eligible equipment from the borrowing base and as collateral; and (iv) updated relevant benchmark provisions to reference SOFR instead of LIBOR.

The following table summarizes availability and usage of our Revolving Credit Facility as determined by a borrowing base calculated as follows (in millions of dollars):

	Pro Forma as of March 31, 2022¹			As of December 31, 2021
Revolving Credit Facility borrowing commitment	$	575.0		$	375.0
Borrowing base availability	$	575.0		$	375.0
Less: Outstanding borrowings under Revolving Credit Facility		—			—
Less: Outstanding letters of credit under Revolving Credit Facility		(12.5	)		(7.7	)
Remaining borrowing availability	$	562.5		$	367.3

1	Represents borrowing base calculated as if the agreement was in effect at March 31, 2022.