Stockholders' and Members' Equity |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| Stockholders' and Members' Equity | |
| Stockholders' and Members' Equity |
12.Stockholders’ and Members’ Equity Stockholders’ Equity Holders of our Class A common stock and our Class B common stock vote together as a single class on all matters presented to our stockholders for their vote or approval, except as otherwise required by applicable law or our amended and restated certificate of incorporation. To the extent we pay any cash dividends on our Class A common stock, under the terms of our organizational documents, Solaris LLC will pay an equivalent cash distribution on the Solaris LLC units, and each share of Class A common stock and each Solaris LLC unit will receive the same cash amount. Members’ Equity Prior to the amendment and restatement of the Solaris LLC agreement, Solaris LLC’s operations were governed by the provisions of a limited liability company agreement that set forth the rights and obligations of each class of membership interest. Solaris LLC previously had four classes of membership units outstanding – Class A, B, C, and D. Allocations of net income and loss were made to the members based on a hypothetical liquidation. As part of the Offering, all classes of Solaris LLC membership units were consolidated into a single class of unit. See also Note 1. Organization and Background of Business. Dividends and Distributions On December 6, 2021, we announced that our Board of Directors had declared a dividend on our Class A common stock for the fourth quarter of 2021 of $0.07 per share, which equates to $0.09 per share for the fourth quarter of 2021 pro-rated for the period following completion of our IPO. The dividend, which totaled $1.6 million, was paid on January 27, 2022 to holders of record of our Class A common stock as of the close of business on January 6, 2022. In conjunction with the dividend payment, a distribution of $0.07 per unit was paid to unit holders of Solaris LLC. The distribution to unit holders of Solaris LLC, which totaled $2.3 million, was subject to the same payment and record dates. On February 25, 2022, we announced that our Board of Directors had declared a dividend on our Class A common stock for the first quarter of 2022 of $0.09 per share. In conjunction with the dividend payment, a distribution of $0.09 per unit will be paid to unit holders of Solaris LLC. The dividend will be paid on March 29, 2022 to holders of record of our Class A common stock as of the close of business on March 17, 2022. The distribution to unit holders of Solaris LLC will be subject to the same payment and record dates. |