Fading 3D Text

I've written this script here to make 3D text display the amount of damage dealt, rise up, then fade out. Since I don't want to have to Instantiate this 3D text over and over again, I'm just trying to re-use the same ones. It works at first, and fades out. For some reason though, once the text is Reset, it no longer fades out. And it looks all weird and blocky when the game starts, and it creates an instance of the the material.

 public float fadeDelay = 1;
  public float fadeRate = 10;
  public float floatVelocity = 3;
 
  private Transform parentD;
 
  private float xVel;
  private float zVel;
 
  public bool fading = true;
  public Color newColor;
 
  private Transform display;
  private TextMesh tM;
 
  void Awake () {
 
  display = transform;
  newColor = display.renderer.material.color;
  parentD = display.parent;
  tM = display.GetComponent<TextMesh>();
  }
 
  void Update () {
  
  if(fading){
  Vector3 floatDir = new Vector3(xVel, floatVelocity, zVel);
  display.Translate(floatDir * Time.deltaTime);
  StartCoroutine(Fade());
  }
  }
 
  IEnumerator Fade () {
 
             yield return new WaitForSeconds(fadeDelay);
  newColor.a -= fadeRate * Time.deltaTime;
  display.renderer.material.color = newColor;
  if(display.renderer.material.color.a <= 0){
  display.renderer.enabled = false;
  fading = false;
  parentD.SendMessage("AddDisplay", display);
  }
  }
 
  void Reset () {
 
  if(fading) return;
 
  display.renderer.enabled = true;
  newColor.a = 100;
  if(Random.value > 0.5F){
  xVel = -floatVelocity;
  }else{
  xVel = floatVelocity;
  }
  if(Random.value > 0.5F){
  zVel = -floatVelocity;
  }else{
  zVel = floatVelocity;
  }
  fading = true;
  }

Not sure whats going wrong here. Reset() is called by the parent, which is what's re-using the 3D text. The overall effect is that when someone attacks someone else, and does damage, a red floating number emits from the other person displaying how much damage was dealt. I've got most of it, just not the resetting. How should I fix this?