国产福利资源在线播放

Quarterly report pursuant to Section 13 or 15(d)

Changes in Equity

v3.21.1
Changes in Equity
 3 Months Ended
Mar. 31, 2021
Equity [Abstract] 听
Changes in Equity Changes in Equity
The following tables present changes in our equity for the three months ended March 31, 2021 and 2020 (in thousands, except shares and per share amounts):

Sub-share Certificates Common Stock
Number of shares Number of shares Par Value Accum. Other Comp. Loss Retained Earnings Net Proceeds from All Sources Total Equity
For the three months ended March 31, 2021:
Balances as of December 31, 2020
 7,756,156听 鈥斕 $ 鈥斕 $ (2,693) $ 鈥斕 $ 487,877听 $ 485,184听
Net income 鈥斕 鈥斕 鈥斕 鈥斕 50,052听 鈥斕 50,052听
Dividends paid ($2.75 per common share)
 鈥斕 鈥斕 鈥斕 鈥斕 (21,329) 鈥斕 (21,329)
Conversion of Sub-shares into shares of common stock (7,756,156) 7,756,156听 78听 鈥斕 487,799听 (487,877) 鈥斕
Other comprehensive income 鈥斕 鈥斕 鈥斕 28听 鈥斕 鈥斕 28听
Balances as of March 31, 2021
 鈥斕 7,756,156听 $ 78听 $ (2,665) $ 516,522听 $ 鈥斕 $ 513,935听

Sub-share Certificates Accum. Other Comp. Loss Net Proceeds from All Sources Total Capital
For the three months ended March 31, 2020:
Balances as of December 31, 2019
 7,756,156听 $ (1,461) $ 513,598听 $ 512,137听
Net income 鈥斕 鈥斕 57,401听 57,401听
Dividends paid ($16.00 per Sub-share)
 鈥斕 鈥斕 (124,098) (124,098)
Cumulative effect of accounting change 鈥斕 鈥斕 (110) (110)
Other comprehensive income 鈥斕 13听 鈥斕 13听
Balances as of March 31, 2020
 7,756,156听 $ (1,448) $ 446,791听 $ 445,343听

Corporate Reorganization

On January听11, 2021, TPL completed its Corporate Reorganization, officially changing its name to 国产福利资源在线播放. 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鈥檚 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 is 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听11, 2021, the Trust distributed all of the shares of common stock, par value $0.01, of TPL Corporation (the 鈥淐ommon Stock鈥) to holders of sub-share certificates (鈥淪ub-shares鈥), 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 鈥淒istribution鈥). As a result of the Distribution, TPL Corporation is now an independent public company and its Common Stock is listed under the symbol 鈥淭PL鈥 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.