Quarterly report pursuant to Section 13 or 15(d)

Nonredeemable and Redeemable Noncontrolling Interest and Stockholders??? Equity

v3.22.1
Nonredeemable and Redeemable Noncontrolling Interest and Stockholders’ Equity
3 Months Ended
Mar. 31, 2022
Equity [Abstract]  
Nonredeemable and Redeemable Noncontrolling Interest and Stockholders’ Equity
NOTE 15 – Nonredeemable and Redeemable Noncontrolling Interest and Stockholders’ Equity
Redeemable Noncontrolling Interest
The redeemable noncontrolling interest relates to Class A Opco Units, including units issued in connection with the Business Combinations and units owned by the Sponsor, Atlas or Company directors. As of March 31, 2022, the Company directly owned approximately 67.1% of the interest in Opco and the redeemable noncontrolling interest was 32.9%. As of December 31, 2021, the Company owned approximately 54.5% of the interest in Opco and the redeemable noncontrolling
interest was 45.5%. Holders of Class A Opco Units other than Archaea own an equal number of shares of Class B Common Stock and have a redemption right, subject to certain limitations, to redeem Class A Opco Units and a corresponding number of shares of Class B Common Stock for, at Opco’s option, (i) shares of Class A Common Stock on a one-for-one basis, subject to adjustment for stock splits, stock dividends, reorganizations, recapitalizations and the like, or (ii) a corresponding amount of cash. Due to the cash redemption provisions of the redemption right, the Company has accounted for the redeemable noncontrolling interest as temporary equity.
Stockholders’ Equity
In March 2022, the Company supported an underwritten public offering in which Aria Renewable Energy Systems LLC sold 14,942,643 shares of our Class A common stock. The transaction (“Ares Secondary Offering”) resulted in no proceeds to the Company and a decrease of 14,942,643 shares of outstanding Class B Common Stock and a corresponding increase of 14,942,643 shares of outstanding Class A Common Stock.
The following is a summary of Class A Common Stock and Class B Common Stock activity for the three months ended March 31, 2022:
(in shares) Class A Common Stock Class B Common Stock
Balance at December 31, 2021
65,122,200  54,338,114 
Exchange of Class B Common Stock for Class A Common Stock 15,056,379  (15,056,379)
Issued for vested RSUs 103,175  — 
Outstanding at March 31, 2022
80,281,754  39,281,735