Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Common Stock
Our common stock is currently traded on the NYSE American under the ticker symbol "EPM". The following table shows, for each quarter of the fiscal years ended June 30, 2020 and 2019, the high and low sales prices for EPM as reported by the NYSE American.
NYSE American: EPM
2020:
High
Low
Fourth quarter ended June 30, 2020
$
3.20
$
2.23
Third quarter ended March 31, 2020
$
5.62
$
2.16
Second quarter ended December 31, 2019
$
5.86
$
5.08
First quarter ended September 30, 2019
$
7.05
$
5.55
2019:
High
Low
Fourth quarter ended June 30, 2019
$
7.40
$
5.99
Third quarter ended March 31, 2019
$
8.11
$
6.44
Second quarter ended December 31, 2018
$
12.83
$
6.17
First quarter ended September 30, 2018
$
12.00
$
9.60
Shares Outstanding and Holders
As of June 30, 2020 , there were 32,956,469 shares of common stock issued and outstanding. As of September 1, 2020, there were approximately 213 registered shareholders of our common stock.
Dividends
We began paying cash quarterly dividends on our common stock in December 2013. Over the last two fiscal years, the Company made the following cash dividends per share:
Years Ended June 30,
2020
2019
Fourth quarter ended June 30,
$0.025
$0.100
Third quarter ended March 31,
$0.100
$0.100
Second quarter ended December 31,
$0.100
$0.100
First quarter ended September 30,
$0.100
$0.100
`
As of June 30, 2020 , we have paid 27 consecutive quarterly dividends on our common stock. In August 2020, the Company declared a $0.025 per share dividend payable on September 30, 2020. Any future determination with regard to the payment of dividends will be at the discretion of the Board of Directors and will be dependent upon our future earnings, financial condition, results of operations, applicable dividend restrictions, capital requirements, and other factors deemed relevant by the Board of Directors. Under our current revolving credit facility, our ability to continue to pay common stock dividends is dependent on compliance with certain financial covenants related to debt service coverage, as defined in the agreement.
Performance Graph
The following graph presents a comparison of the yearly percentage change in the cumulative total return on our Common Stock over the period from June 30, 2015 to June 30, 2020 with the cumulative total return of the S&P 500 Index and the S&P
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Oil & Gas Exploration and Production Index of publicly traded companies over the same period. The graph assumes that $100 was invested on June 30, 2015 in our common stock at the closing market price at the beginning of this period and in each of the other two indices and the reinvestment of all dividends, if any. The graph is presented in accordance with requirements of the SEC. Shareholders are cautioned against drawing any conclusions from the data contained therein, as past results are not necessarily indicative of future financial performance.
Securities Authorized For Issuance Under Equity Compensation Plans
Plan category
Number of
securities to
be issued
upon exercise
of outstanding
options,
warrants and
rights
(a)
Weighted-average
exercise
price of
outstanding
Options, warrants
and rights
(b)
Number of securities
remaining
available for future
issuance under
equity compensation
plans (excluding
securities reflected
in column (a))(1)
Equity compensation plans approved by security holders:
Outstanding options
—
$
—
Outstanding contingent rights to shares
200,000
(1)
—
Total
200,000
$
—
390,489
Equity compensation plans not approved by security holders
—
—
—
Total
200,000
$
—
390,489
(1) In December 2016, the Company adopted the Equity Incentive Plan (the "2016 Plan"), which authorized the issuance of 1,100,000 shares of common stock. As of June 30, 2020 , the Company has granted 709,511 awards under the 2016 Plan and 390,489 shares of common stock remain available for future grants.
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Issuer Purchases of Equity Securities
During the fourth quarter ended June 30, 2020 , the Company did not purchase any common stock in the open market under the previously announced share repurchase program and no shares of common stock were surrendered by its employees to pay their share of payroll taxes arising from vesting of restricted stock.
Item 6. Selected Financial Data
The selected consolidated financial data, set forth below should be read in conjunction with Item 7 and Item 8.
June 30,
2020
2019
2018
2017
2016
Income Statement Data
Revenues
$
29,599,296
$
43,229,621
$
40,773,527
$
34,253,681
$
26,349,502
Cost of revenues
13,505,502
14,266,784
11,685,817
10,604,594
9,133,111
Depreciation, depletion and amortization
5,761,498
6,253,083
6,102,288
5,779,069
5,214,174
General and administrative expenses
5,259,659
5,072,931
6,773,781
4,985,408
9,079,597
Net loss on derivative contracts
1,383,204
—
—
—
—
Restructuring charges
—
—
—
4,488
1,257,433
Income from operations
3,689,433
17,636,823
16,211,641
12,880,122
1,665,187
Other income (expense)
66,643
1,222,604
(25,126
)
4,855
32,565,954
Income tax provision (benefit)
(2,180,996
)
3,482,361
(3,431,969
)
4,840,664
9,570,779
Net income attributable to the Company
5,937,072
15,377,066
19,618,484
8,044,313
24,660,362
Dividends on preferred stock
—
—
—
250,990
674,302
Deemed dividend on preferred shares called for redemption
—
—
—
1,002,440
—
Net income attributable to common shareholders
$
5,937,072
$
15,377,066
$
19,618,484
$
6,790,883
$
23,986,060
Earnings per common share:
Basic
$
0.18
$
0.46
$
0.59
$
0.21
$
0.73
Diluted
$
0.18
$
0.46
$
0.59
$
0.21
$
0.73
June 30, 2020
June 30, 2019
June 30, 2018
June 30, 2017
June 30, 2016
Balance Sheet Data
Total current assets
$
25,316,698
$
35,178,927
$
32,147,556
$
26,142,527
$
37,086,450
Total assets
92,138,236
95,761,844
93,662,544
88,268,668
97,451,051
Total current liabilities
4,278,859
2,752,694
4,430,214
2,718,894
8,528,908
Total liabilities
18,013,754
15,635,986
16,373,065
19,798,813
21,129,901
Total stockholders' equity
74,124,482
80,125,858
77,289,479
68,469,855
76,321,150
Number of common shares outstanding
32,956,469
33,183,730
33,080,543
33,087,308
32,907,863
Working capital
21,037,839
32,426,233
27,717,342
23,423,633
28,557,542
Cash dividends to common shareholders
10,740,754
13,272,058
11,594,541
8,432,435
6,565,823
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