Quarterly report pursuant to Section 13 or 15(d)

Changes in Equity

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Changes in Equity
 6 Months Ended
Jun. 30, 2021
Equity [Abstract]  
Changes in Equity Changes in Equity
The following tables present changes in our equity for the six months ended June 30, 2021 and 2020 (in thousands, except shares and per share amounts):

Sub-share Certificates Common Stock Treasury Stock Accum. Other Comp. Loss Retained Earnings Net Proceeds from All Sources Total Equity
Shares Shares Amount Shares Amount
For the six months ended June 30, 2021:
Balances as of December 31, 2020
 7,756,156  —  $ —  —  $ —  $ (2,693) $ —  $ 487,877  $ 485,184 
Net income —  —  —  —  —  —  50,052  —  50,052 
Dividends paid ($2.75 per common share)
 —  —  —  —  —  —  (21,329) —  (21,329)
Conversion of Sub-shares into shares of common stock (7,756,156) 7,756,156  78  —  —  —  487,799  (487,877) — 
Other comprehensive income —  —  —  —  —  28  —  —  28 
Balances as of March 31, 2021
 —  7,756,156  $ 78  —  $ —  $ (2,665) $ 516,522  $ —  $ 513,935 
Net income —  —  —  —  —  —  57,046  —  57,046 
Dividends paid ($2.75 per common share)
 —  —  —  —  —  —  (21,329) —  (21,329)
Repurchases of common stock —  (1,633) —  1,633  (2,504) —  —  —  (2,504)
Other comprehensive income —  —  —  —  —  29  —  —  29 
Balances as of June 30, 2021
 —  7,754,523  $ 78  1,633  $ (2,504) $ (2,636) $ 552,239  $ —  $ 547,177 


Sub-share Certificates Accum. Other Comp. Loss Net Proceeds from All Sources Total Capital
For the six months ended June 30, 2020:
Balances as of December 31, 2019
 7,756,156  $ (1,461) $ 513,598  $ 512,137 
Net income —  —  57,401  57,401 
Dividends paid ($16.00 per Sub-share)
 —  —  (124,098) (124,098)
Cumulative effect of accounting change —  —  (111) (111)
Other comprehensive income —  14  —  14 
Balances as of March 31, 2020
 7,756,156  $ (1,447) $ 446,790  $ 445,343 
Net income —  —  27,583  27,583 
Cumulative effect of accounting change —  —  —  — 
Other comprehensive income —  13  —  13 
Balances as of June 30, 2020
 7,756,156  $ (1,434) $ 474,373  $ 472,939 

Corporate Reorganization

On January 11, 2021, TPL completed its Corporate Reorganization, officially changing its name to Texas Pacific Land Corporation. To implement the Corporate Reorganization, the Trust and TPL Corporation entered into agreements and undertook and caused to be undertaken a series of transactions to effect the transfer to TPL Corporation of all of the Trust’s assets, employees, liabilities and obligations (including investments, property and employee benefits and tax-related assets and liabilities) attributable to periods prior to, at and after the Corporate Reorganization. The agreements entered into include a contribution agreement between the Trust and TPL Corporation. The Corporate Reorganization was a tax-free reorganization under Section 368(a)(1)(F) of the Internal Revenue Code of 1986, as amended.
Prior to the market opening on January 11, 2021, the Trust distributed all of the shares of Common Stock, par value $0.01, of TPL Corporation (the “Common Stock”) to holders of sub-share certificates (“Sub-shares”), par value of $0.03-1/3, of the Trust, on a pro rata, one-for-one, basis in accordance with their interests in the Trust (the “Distribution”). As a result of the Distribution, TPL Corporation is now an independent public company and its Common Stock is listed under the symbol “TPL” on the New York Stock Exchange.

The Corporate Reorganization only affected our equity structure in that Sub-shares were replaced with shares of Common Stock and net proceeds from all sources were replaced with retained earnings on the condensed consolidated balance sheet.

Stock Repurchase Program

On May 3, 2021, our board of directors approved a stock repurchase program to purchase up to an aggregate of $20.0 million of shares of our outstanding Common Stock. In connection with the stock repurchase program, the Company entered into a Rule 10b5-1 trading plan that generally permits the Company to repurchase shares at times when it might otherwise be prevented from doing so under securities laws. The stock repurchase program will expire on December 31, 2021 unless otherwise modified or earlier terminated by our board of directors at any time in its sole discretion. Repurchased shares will be held in treasury. For the six months ended June 30, 2021, we repurchased 1,633 shares at an average per share amount of $1,533.