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Organization and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Components of Inventories
The components of inventory as of December 31, 2018 and 2017 consisted of the following:
 
 
December 31,
In thousands
 
2018
 
2017
Tubular goods and equipment
 
$
14,623

 
$
14,946

Crude oil
 
73,921

 
82,460

Total
 
$
88,544

 
$
97,406
Schedule of Estimated Useful Lives of Service Property and Equipment
The estimated useful lives of service property and equipment are as follows: 
Service property and equipment
Useful Lives
In Years
Automobiles and aircraft
5-10
Machinery and equipment
6-10
Gathering and recycling systems
15-30
Storage tanks
10-30
Office and computer equipment, software, furniture and fixtures
3-25
Buildings and improvements
4-40
Summary of Changes in Future Abandonment Liabilities
The following table summarizes the changes in the Company’s future abandonment liabilities from January 1, 2016 through December 31, 2018: 
In thousands
 
2018
 
2017
 
2016
Asset retirement obligations at January 1
 
$
114,406

 
$
96,178

 
$
102,909

Accretion expense
 
6,985

 
5,886

 
6,086

Revisions (1)
 
13,075

 
7,801

 
(12,755
)
Plus: Additions for new assets
 
9,070

 
6,884

 
2,692

Less: Plugging costs and sold assets
 
(2,176
)
 
(2,343
)
 
(2,754
)
Total asset retirement obligations at December 31
 
$
141,360

 
$
114,406

 
$
96,178

Less: Current portion of asset retirement obligations at December 31 (2)
 
4,374

 
2,612

 
1,742

Non-current portion of asset retirement obligations at December 31
 
$
136,986

 
$
111,794

 
$
94,436


(1)
Revisions primarily represent changes in the present value of liabilities resulting from changes in estimated costs and economic lives of producing properties.
(2)
Balance is included in the caption “Accrued liabilities and other” in the consolidated balance sheets.
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 income (loss) per share attributable to the Company for the years ended December 31, 2018, 2017 and 2016.
 
 
Year ended December 31,
In thousands, except per share data
 
2018
 
2017
 
2016
Net income (loss) attributable to Continental Resources (numerator) (1)
 
$
988,317

 
$
789,447

 
$
(399,679
)
Weighted average shares (denominator):
 
 
 
 
 
 
Weighted average shares - basic
 
371,854

 
371,066

 
370,380

Non-vested restricted stock (2)
 
2,984

 
2,702

 
—

Weighted average shares - diluted
 
374,838

 
373,768

 
370,380

Net income (loss) per share attributable to Continental Resources: (1)
 
 
 
 
 
 
Basic
 
$
2.66

 
$
2.13

 
$
(1.08
)
Diluted
 
$
2.64

 
$
2.11

 
$
(1.08
)
(1)
The Company remeasured its deferred income tax assets and liabilities at year-end 2017 in response to the enactment of the Tax Cuts and Jobs Act in December 2017, which resulted in a one-time decrease in income tax expense and corresponding increase in net income of $713.7 million ($1.92 per basic share and $1.91 per diluted share) for 2017. See Note 9. Income Taxes for further discussion. Additionally, 2017 results include a $59.6 million pre-tax loss accrual recognized in conjunction with a litigation settlement as discussed in Note 11. Commitments and Contingencies—Litigation, which resulted in an after-tax decrease in 2017 net income of $37.0 million ($0.10 per basic and diluted share).
(2)
For the year ended December 31, 2016, the Company had a net loss and therefore the potential dilutive effect of approximately 2,303,000 weighted average non-vested restricted shares were not included in the calculation of diluted net loss per share because to do so would have been anti-dilutive to the computation.