Stockholders’ Equity |
3 Months Ended |
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Mar. 31, 2021 | |
| Equity [Abstract] | |
| Stockholders’ Equity | Stockholders’ Equity Warrant Exercises
During the three months ended March 31, 2021, certain holders of the September 2020 Warrants and warrants issued in conjunction with the exchange of Senior Unsecured Notes on November 2, 2020 (the “November 2020 Warrants”) provided notice and exercised all of their outstanding warrants. As a result of the exercises, the Company issued a total of 6.4 million shares of its common stock in exchange for 8.4 million outstanding warrants determined on a net share settlement basis. See “Note 6 - Derivative Instruments and Hedging Activities” and “Note 7 - Fair Value Measurements” for additional details regarding the September 2020 Warrants.
As of March 31, 2021, 0.6 million November 2020 Warrants remain outstanding.
Reverse Stock Split
On August 7, 2020, the Board of Directors effected a reverse stock split of the Company’s outstanding shares of common stock at a ratio of 1-for-10 and reduced the total number of authorized shares of the Company’s common stock from 525,000,000 to 52,500,000 shares pursuant to an amendment to the Company’s Certificate of Incorporation, which was approved by the Company’s shareholders at the Company’s annual meeting of shareholders on June 8, 2020. The Company’s common stock began trading on a split-adjusted basis on August 10, 2020 upon opening of the markets. All share and per share amounts, except par value per share, in the consolidated financial statements and notes thereto for periods prior to August 2020 were retroactively adjusted to give effect to this reverse stock split.
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