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 stock exchange under the ticker symbol “EPM”. The following table shows, for each quarter of the fiscal years ended June 30, 2021 and 2020, the high and low sales prices for EPM as reported by the NYSE American stock exchange.
NYSE American: EPM
2021: High Low
Fourth quarter ended June 30, 2021 $ 5.15 $ 3.13
Third quarter ended March 31, 2021 $ 4.35 $ 2.75
Second quarter ended December 31, 2020 $ 3.15 $ 2.14
First quarter ended September 30, 2020 $ 2.93 $ 2.24
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
Shares Outstanding and Holders
As of June 30, 2021, there were 33,514,952 shares of common stock issued and outstanding. As of September 1, 2021, there were approximately 216 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,
2021 2020
Fourth quarter ended June 30, $0.050 $0.025
Third quarter ended March 31, $0.030 $0.100
Second quarter ended December 31, $0.025 $0.100
First quarter ended September 30, $0.025 $0.100
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As of June 30, 2021, we have paid 31 consecutive quarterly dividends on our common stock. In September 2021, the Company declared a $0.075 per share dividend payable on September 30, 2021. 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.
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, 2016 to June 30, 2021 with the cumulative total return of the S&P 500 Index and the S&P Oil & Gas Exploration and Production Index of publicly traded companies over the same period. The graph assumes that $100 was invested on June 30, 2016 in our common stock at the closing market price at the beginning of this period and in each of
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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 323,080 (1) —
Total 323,080 $ — 2,206,294
Equity compensation plans not approved by security holders — — —
Total 323,080 $ — 2,206,294
(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. On December 9, 2020, an amendment to the 2016 Plan was approved by our stockholders that increased the number of shares available for issuance by 2,500,000 shares. As of June 30, 2021, the Company has granted 1,444,230 awards under the 2016 Plan and 2,206,294 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, 2021, 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,
2021 2020 2019 2018 2017
Income Statement Data
Revenues $ 32,702,354 $ 29,599,296 $ 43,229,621 $ 40,773,527 $ 34,253,681
Lease operating costs 16,587,052 13,505,502 14,266,784 11,685,817 10,604,594
Depreciation, depletion and amortization 5,166,626 5,761,498 6,253,083 6,102,288 5,779,069
Net loss on derivative contracts 614,645 1,383,204 — — —
General and administrative expenses 6,754,532 5,259,659 5,072,931 6,773,781 4,985,408
Impairment of proved property 24,792,079 — — — —
Impairment of Well Lift Inc. - related assets 146,051 — — — —
Restructuring charges — — — — 4,488
Income (loss) from operations (21,358,631) 3,689,433 17,636,823 16,211,641 12,880,122
Other income (expense) (63,564) 66,643 1,222,604 (25,126) 4,855
Income tax provision (benefit) (4,984,261) (2,180,996) 3,482,361 (3,431,969) 4,840,664
Net income (loss) attributable to the Company (16,437,934) 5,937,072 15,377,066 19,618,484 8,044,313
Dividends on preferred stock — — — — 250,990
Deemed dividend on preferred shares called for redemption — — — — 1,002,440
Net income (loss) attributable to common shareholders $ (16,437,934) $ 5,937,072 $ 15,377,066 $ 19,618,484 $ 6,790,883
Earnings per common share:
Basic $ (0.49) $ 0.18 $ 0.46 $ 0.59 $ 0.21
Diluted $ (0.49) $ 0.18 $ 0.46 $ 0.59 $ 0.21
June 30, 2021 June 30, 2020 June 30, 2019 June 30, 2018 June 30, 2017
Balance Sheet Data
Total current assets $ 18,108,374 $ 25,316,698 $ 35,178,927 $ 32,147,556 $ 26,142,527
Total assets 76,705,662 92,138,236 95,761,844 93,662,544 88,268,668
Total current liabilities 6,594,160 4,278,859 2,752,694 4,430,214 2,718,894
Total liabilities 22,110,859 18,013,754 15,635,986 16,373,065 19,798,813
Total stockholders' equity 54,594,803 74,124,482 80,125,858 77,289,479 68,469,855
Number of common shares outstanding 33,514,952 32,956,496 33,183,730 33,080,543 33,087,308
Working capital 11,514,214 21,037,839 32,426,233 27,717,342 23,423,633
Common stock dividends 4,342,082 10,740,754 13,272,058 11,594,541 8,432,435
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