Basis of Presentation and Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2016

The components of inventory as of September 30, 2016 and December 31, 2015 consisted of the following:



In thousands	September 30, 2016		December 31, 2015
Tubular goods and equipment	$	16,080	$	15,633
Crude oil	76,814		78,518
Total	$	92,894	$	94,151

Calculation of Basic and Diluted Weighted Average Shares and Net Income Per Share

The following table presents the calculation of basic and diluted weighted average shares outstanding and net loss per share for the three and nine months ended September 30, 2016 and 2015.



	Three months ended September 30,						Nine months ended September 30,
In thousands, except per share data	2016			2015			2016			2015
Loss (numerator):
Net loss - basic and diluted	$	(109,621	)	$	(82,423	)	$	(427,348	)	$	(213,992	)
Weighted average shares (denominator):
Weighted average shares - basic	370,483			369,599			370,327			369,499
Non-vested restricted stock (1)	—			—			—			—
Weighted average shares - diluted	370,483			369,599			370,327			369,499
Net loss per share:
Basic	$	(0.30	)	$	(0.22	)	$	(1.15	)	$	(0.58	)
Diluted	$	(0.30	)	$	(0.22	)	$	(1.15	)	$	(0.58	)

(1)

For the three and nine months ended September 30, 2016, the Company had a net loss and therefore the potential dilutive effect of approximately 2,176,500 and 2,083,000 weighted average non-vested restricted shares, respectively, were not included in the calculation of diluted net loss per share because to do so would have been anti-dilutive to the computations. The Company also had net losses for the three and nine months ended September 30, 2015, and therefore approximately 688,800 and 1,521,000 weighted average non-vested restricted shares, respectively, were not included in the calculation of diluted net loss per share for those periods.