Quarterly report pursuant to Section 13 or 15(d)

Changes in Equity

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Changes in Equity
 3 Months Ended
Mar. 31, 2022
Equity [Abstract]  
Changes in Equity Changes in Equity
The following tables present changes in our equity for the three months ended March 31, 2022 and 2021 (in thousands, except shares and per share amounts):
Common Stock Additional Paid-in Capital Treasury Stock Accum.
Other
Comp.
Inc/(Loss)		 Retained Earnings Total
Equity
Shares Amount Shares Amount
For the three months ended March 31, 2022:
Balances as of December 31, 2021
 7,744,695  $ 78  $ 28  11,461  $ (15,417) $ (1,007) $ 668,029  $ 651,711 
Net income —  —  —  —  —  —  97,900  97,900 
Dividends paid — $3.00 per share of common stock
 —  —  —  —  —  —  (23,224) (23,224)
Share-based compensation, net of forfeitures 595  —  1,477  (595) 800  —  (796) 1,481 
Periodic pension costs, net of income taxes of $2
 —  —  —  —  —  8  —  8 
Balances as of March 31, 2022
 7,745,290  $ 78  $ 1,505  10,866  $ (14,617) $ (999) $ 741,909  $ 727,876 
Sub-share Certificates Common Stock Accum.
Other
Comp.
Inc/(Loss)		 Retained Earnings Net Proceeds
From All
Sources		 Total
Equity
Shares Shares Amount
For the three months ended March 31, 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 share of common stock
 —  —  —  —  (21,329) —  (21,329)
Conversion of Sub-shares into shares of common stock (7,756,156) 7,756,156  78  —  487,799  (487,877) — 
Periodic pension costs, net of income taxes of $8
 —  —  —  28  —  —  28 
Balances as of March 31, 2021
 —  7,756,156  $ 78  $ (2,665) $ 516,522  $ —  $ 513,935 
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.

Prior to the market opening on January 11, 2021, the Trust distributed all of the shares of common stock of TPL Corporation to holders of sub-share certificates (“Sub-shares”) 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 a corporation with its common stock listed under the symbol “TPL” on the New York Stock Exchange.

Stock Repurchase Program

As our prior share repurchase program expired on December 31, 2021, there were no stock repurchases for the three months ended March 31, 2022. Repurchases of common stock of $0.2 million reported on the condensed consolidated statements of cash flows for the three months ended March 31, 2022 represent share repurchases executed and recorded during December 2021 but not settled until January 2022.

On March 11, 2022, our board of directors approved a stock repurchase program to purchase up to an aggregate of $100 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 (the “Trading Plan”) that generally permits the Company to repurchase shares at times when it might otherwise be prevented from doing so under securities laws. Stock repurchases under the Trading Plan began April 18, 2022. The stock repurchase program expires on December 31, 2022.