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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2016

Other current assets at December 31, 2015 and 2016 consist of the following:


	As of December 31,
	2015		2016
		(In thousands)
Pipe and oil field equipment inventory	$	1,198	$	1,183
Other		795		641
	$	1,993	$	1,824

Summary of Financial Assets and Liabilities at Fair Value

The following table summarizes financial assets and liabilities accounted for at fair value as of December 31, 2016:

	Carrying Value Measured at Fair Value at December 31, 2016		Level 1		Level 2
	(In thousands)
Items measured at fair value on a recurring basis:
Assets:
Cash and cash equivalents	$	65,904	$	65,904	$	—
Liabilities:
Derivative financial instruments	$	6,030	$	—	$	6,030

Schedule of Fair Value Impairments, Average Prices of Oil and Gas Properties And Applicable Discount Rates

The following table presents the fair value and impairments recorded by the Company in the third quarter and fourth quarter of 2015, as well as the average oil price per barrel and gas price per thousand cubic feet over the life of the properties and the applicable discount rates utilized in the Company's assessments:

	Fair Value		Impairment		Management's Price Outlook		Annual Discount Rate
	Fair Value		Impairment		Oil	Gas	Annual Discount Rate
	(In thousands)				(Per barrel)	(Per Mcf)
Impairments recorded at September 30, 2015:
Oil properties		$330,257		$405,308	$73.70	$4.04	10%-20%
Natural gas properties		$61,625		$139,406	$75.91	$3.91	10%-20%
Impairments recorded at December 31, 2015:
Oil properties		$3,030		$16,036	$73.48		10%-20%
Natural gas properties		$123,926		$238,210	$70.76	$3.74	10%-20%

Summary of Accrued Expenses

Accrued expenses at December 31, 2015 and 2016 consist of the following:

	As of December 31,
	2015		2016
	(In thousands)
Accrued interest payable	$	29,075	$	22,721
Accrued drilling costs		5,306		7,498
Accrued employee compensation		107		6,292
Accrued transportation costs		2,818		2,227
Other		1,138		1,628
	$	38,444	$	40,366

Summary of Changes in Reserve for Future Abandonment Costs

The following table summarizes the changes in the Company's total estimated liability:

	2015			2016
	(In thousands)
Reserve for Future Abandonment Costs at beginning of the year	$	14,900		$	20,093
New wells placed on production		310			3
Changes in estimates and timing		4,927			(553	)
Liabilities settled		(89	)		(409	)
Asset divestitures		(628	)		(4,268	)
Accretion expense		673			938
Reserve for Future Abandonment Costs at end of the year	$	20,093		$	15,804

Basic and Diluted Earnings Per Share

Basic and diluted earnings per share for 2014, 2015 and 2016 were determined as follows:

	2014								2015								2016
	Income (Loss)			Shares		Per Share			Loss			Shares		Per Share			Loss			Shares		Per Share
	(In thousands except per share data)

Net Loss	$	(57,111	)						$	(1,047,109	)						$	(135,134	)
Income Allocable to Unvested Stock Grants		(595	)							—								—
Basic and Diluted Net Loss Attributable to Common Stock	$	(57,706	)		9,309	$	(6.20	)	$	(1,047,109	)		9,223	$	(113.53	)	$	(135,134	)		11,729	$	(11.52	)

Weighted Average Shares of Unvested Restricted Stock

Weighted average shares of unvested restricted stock included in common stock outstanding were as follows:

2014

2015

2016

(In thousands)

Unvested restricted stock

238

293

344

Common Stock Stock Options and Convertible Stock Anti-Dilutive to Earnings Excluded from Weighted Average Shares Used in Computation of Earning Per Share

All stock options, unvested PSUs, warrants exercisable into common stock and contingently issuable shares related to the convertible debt that were anti-dilutive to earnings and excluded from weighted average shares used in the computation of earnings per share due to the net loss in each period were as follows:

	2014		2015		2016
	(In thousands except per share data)

Weighted average anti-dilutive stock options		23		20		11
Weighted average exercise price per share	$	164.50	$	164.75	$	166.10
Weighted average warrants for common stock		—		—		337
Weighted average exercise price per share	$	—	$	—	$	0.01
Weighted average PSUs		100		136		136
Weighted average grant date fair value per unit	$	99.40	$	35.35	$	22.17
Weighted average contingently convertible shares		—		—		11,574
Weighted average conversion price per share	$	—	$	—	$	12.32

Cash Payments Made for Interest and Income Taxes

Cash payments made for interest and income taxes for the years ended December 31, 2014, 2015 and 2016, respectively, were as follows:

	2014		2015		2016
	(In thousands)
Cash payments for:
Interest	$	62,812	$	94,177	$	105,449
Income taxes	$	682	$	77	$	—