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
Market Information
On January 17, 2018, we consummated an initial public offering of our Class A Common Stock at a price of $17.00 per share. Our Class A Common Stock is traded on the NYSE under the symbol “LBRT.” Prior to that time, there was no public market for our Class A Common Stock. There is no public market for our Class B Common Stock.
Holders of our Common Stock
As of February 18, 2022, there were 29 stockholders of record of our Class A Common Stock and 22 stockholders of record of our Class B Common Stock. The number of record holders is based upon the actual number of holders registered on the books of the Company at such date and does not include holders of shares in “street names” or persons, partnerships, associations, corporations or other entities identified in security position listings maintained by depositories.
Dividend Policy
Although the Company has previously paid quarterly cash dividends to stockholders of Class A Common Stock, in 2020, the Company suspended future quarterly dividends until business conditions warrant reinstatement. As a result, the Company did not pay any dividends in the year ended December 31, 2021. The declaration of dividends is subject to approval by the Board and to the Board’s continuing determination that such declaration of dividends is in the best interests of the Company and its stockholders. Future dividends may be adjusted at the Board’s discretion based on market conditions and capital availability. We are not required to pay dividends, and our stockholders will not be guaranteed, or have contractual or other rights to receive, dividends.
Recent Sales of Unregistered Equity Securities
We had no sales of unregistered equity securities during the period covered by this Annual Report that were not previously reported in a Current Report on Form 8-K (or on Form 10-Q in lieu of Form 8-K).
Purchase of Equity Securities By the Issuer and Affiliated Purchasers
On September 10, 2018 the Board authorized a share repurchase plan to repurchase up to $100.0 million of the Company’s Class A Common Stock through September 30, 2019. On January 22, 2019, the Board authorized an additional $100.0 million under the share repurchase plan through January 31, 2021. During the year ended December 31, 2021, the Company did not purchase any shares of Class A Common Stock.
As of December 31, 2021, no amounts remained authorized for future repurchases of Class A Common Stock under the share repurchase program.
Stock Performance Graph
The following graph and table compares the cumulative total return on our Class A Common Stock with the cumulative total return on the Standard & Poor’s 500 ® Index and the Philadelphia Oil Service Index, since January 12, 2018, the first day on which shares of our Common Stock issued in our IPO commenced trading on the NYSE and each semi-annual period thereafter through December 31, 2021. The graph assumes that $100 was invested in our Class A Common Stock in each index on January 12, 2018 and that any dividends were reinvested on the last day of the month in which they were paid. The cumulative total return set forth is not necessarily indicative of future performance.
The following graph and related information shall not be deemed “soliciting material” or to be “filed” with the SEC, nor shall such information be incorporated by reference into any future filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that we specifically incorporate it by reference into such filing.
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For Year Ended 2018 For the Year Ended 2019 For the Year Ended 2020 For the Year Ended 2021
January
12, June
30, December
31, June
30, December
31, June
30, December
31, June
30, December
31,
Liberty Oilfield Services, Inc. $ 100.00 $ 83.87 $ 58.38 $ 73.40 $ 50.91 $ 25.55 $ 48.08 $ 66.03 $ 45.23
Standard & Poor’s 500 ® Index 100.00 97.00 89.45 104.97 115.28 110.62 134.02 153.34 170.07
Philadelphia Oil Service Index 100.00 95.91 49.91 50.37 48.48 20.67 27.45 39.47 32.65
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Item 6. [Reserved]
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