SEC Filings


10-Q
W&T OFFSHORE INC filed this Form 10-Q on 05/04/2017
Entire Document
 

W&T OFFSHORE, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Unaudited)

As of March 31, 2017 and December 31, 2016, we recorded current income tax receivables of $11.9 million and non-current income tax receivables of $59.8 million and $52.1 million, respectively.  The current income tax receivables primarily relates to our NOL claim for 2016 carried back to 2006.  The non-current income tax receivables relates to our NOL claims for the years 2012, 2013 and 2014 that were carried back to prior years filed on Form 1120X, U.S. Corporation Income Tax Return and to an estimated NOL claim for 2017 that is expected to be filed subsequent to December 31, 2017.  These carryback claims are made pursuant to IRC Section 172(f) described above.  The refund claims filed on Form 1120X will require a review by the Congressional Joint Committee on Taxation and are accordingly classified as non-current.

We recognize interest and penalties related to unrecognized tax benefits in income tax expense.  During the three months ended March 31, 2017 and 2016, we recorded immaterial amounts of accrued interest expense related to our unrecognized tax benefit.

The tax years 2013 through 2016 remain open to examination by the tax jurisdictions to which we are subject.   

8.  Earnings/ (Loss) Per Share

The following table presents the calculation of basic and diluted earnings (loss) per common share (in thousands, except per share amounts):

 

Three Months Ended

 

 

March 31,

 

 

2017

 

 

2016

 

Net income (loss)

$

24,299

 

 

$

(190,509

)

Less portion allocated to nonvested shares

 

1,058

 

 

 

 

Net income (loss) allocated to common shares

$

23,241

 

 

$

(190,509

)

Weighted average common shares outstanding

 

137,513

 

 

 

76,428

 

 

 

 

 

 

 

 

 

Basic and diluted earnings (loss) per common share

$

0.17

 

 

$

(2.49

)

 

 

 

 

 

 

 

 

Shares excluded due to being anti-dilutive (weighted-average)

 

 

 

 

3,528

 

 

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