国产福利资源在线播放

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] 听
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听 鈥斕 $ 鈥斕 鈥斕 $ 鈥斕 $ (2,693) $ 鈥斕 $ 487,877听 $ 485,184听
Net income 鈥斕 鈥斕 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 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 鈥斕 鈥斕 487,799听 (487,877) 鈥斕
Other comprehensive income 鈥斕 鈥斕 鈥斕 鈥斕 鈥斕 28听 鈥斕 鈥斕 28听
Balances as of March听31, 2021
 鈥斕 7,756,156听 $ 78听 鈥斕 $ 鈥斕 $ (2,665) $ 516,522听 $ 鈥斕 $ 513,935听
Net income 鈥斕 鈥斕 鈥斕 鈥斕 鈥斕 鈥斕 57,046听 鈥斕 57,046听
Dividends paid ($2.75 per common share)
 鈥斕 鈥斕 鈥斕 鈥斕 鈥斕 鈥斕 (21,329) 鈥斕 (21,329)
Repurchases of common stock 鈥斕 (1,633) 鈥斕 1,633听 (2,504) 鈥斕 鈥斕 鈥斕 (2,504)
Other comprehensive income 鈥斕 鈥斕 鈥斕 鈥斕 鈥斕 29听 鈥斕 鈥斕 29听
Balances as of June 30, 2021
 鈥斕 7,754,523听 $ 78听 1,633听 $ (2,504) $ (2,636) $ 552,239听 $ 鈥斕 $ 547,177听


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 (111) (111)
Other comprehensive income 鈥斕 14听 鈥斕 14听
Balances as of March听31, 2020
 7,756,156听 $ (1,447) $ 446,790听 $ 445,343听
Net income 鈥斕 鈥斕 27,583听 27,583听
Cumulative effect of accounting change 鈥斕 鈥斕 鈥斕 鈥斕
Other comprehensive income 鈥斕 13听 鈥斕 13听
Balances as of June 30, 2020
 7,756,156听 $ (1,434) $ 474,373听 $ 472,939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 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.

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听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.