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SEC Filings

10-K
KEY ENERGY SERVICES INC filed this Form 10-K on 02/28/2018
Entire Document
 

NOTE 12.    EARNINGS PER SHARE
The following table presents our basic and diluted earnings per share (“EPS) for the years ended December 31, 2017, 2016 and 2015 (in thousands, except per share amounts):
 
Successor
 
 
Predecessor
 
Year Ended December 31, 2017
 
Period from December 16, 2016 through December 31, 2016
 
 
Period from January 1, 2016 through December 15, 2016
 
Year Ended December 31, 2015
Basic and diluted EPS Calculation:
 
 
 
 
 
 
 
 
Numerator
 
 
 
 
 
 
 
 
Net loss
$
(120,589
)
 
$
(10,244
)
 
 
$
(131,736
)
 
$
(917,701
)
Denominator
 
 
 
 
 
 
 
 
Weighted average shares outstanding
20,105

 
20,090

 
 
160,587

 
156,598

Basic loss per share
$
(6.00
)
 
$
(0.51
)
 
 
$
(0.82
)
 
$
(5.86
)
Stock options, warrants and stock appreciation rights (“SARs”) are included in the computation of diluted earnings per share using the treasury stock method. Restricted stock awards are legally considered issued and outstanding when granted and are included in basic weighted average shares outstanding.
The company has issued potentially dilutive instruments such as RSUs, stock options, SARs and warrants. However, the company did not included these instruments in its calculation of diluted loss per share during the periods presented, because to include them would be anti-dilutive. The following table shows potentially dilutive instruments (in thousands):
 
Successor
 
 
Predecessor
 
Year Ended December 31, 2017
 
Period from December 16, 2016 through December 31, 2016
 
 
Period from January 1, 2016 through December 15, 2016
 
Year Ended December 31, 2015
RSUs
1,778

 
667

 
 
93

 
47

Stock options
701

 
648

 
 
812

 
1,319

SARs

 

 
 
240

 
315

Warrants
1,838

 
1,838

 
 

 

Total
4,317

 
3,153

 
 
1,145

 
1,681

There have been no material changes in share amounts subsequent to the balance sheet date that would have a material impact on the earnings per share calculation.
NOTE 13.    ASSET RETIREMENT OBLIGATIONS
In connection with our well servicing activities, we operate a number of saltwater disposal (“SWD”) facilities. Our operations involve the transportation, handling and disposal of fluids in our SWD facilities that are by-products of the drilling process. SWD facilities used in connection with our fluid hauling operations are subject to future costs associated with the retirement of these properties. As a result, we have incurred costs associated with the proper storage and disposal of these materials.

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