Oil States International (OIS) 10-Q 28 Apr 16 2016 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 26, 2016
Entity Registrant Name	OIL STATES INTERNATIONAL, INC
Entity Central Index Key	1,121,484
Trading Symbol	ois
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	Yes
Entity Common Stock, Shares Outstanding (in shares)		51,360,935
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues	$ 169,655	$ 337,358
Costs and expenses:
Cost of sales and services	128,815	237,722
Selling, general and administrative expenses	29,979	35,605
Depreciation and amortization expense	30,403	32,579
Other operating expense (income)	563	(2,308)
	189,760	303,598
Operating (loss) income	(20,105)	33,760
Interest expense	(1,445)	(1,708)
Interest income	92	136
Other income	206	466
(Loss) income from continuing operations before income taxes	(21,252)	32,654
Income tax benefit (expense)	8,016	(13,252)
Net (loss) income from continuing operations	(13,236)	19,402
Net (loss) income from discontinued operations, net of tax	(3)	166
Net (loss) income attributable to Oil States International, Inc.	(13,239)	19,568
Continuing operations	(13,236)	19,402
Discontinued operations	$ (3)	$ 166
Continuing operations (in dollars per share)	$ (0.26)	$ 0.38
Discontinued operations (in dollars per share)
Net (loss) income (in dollars per share)	$ (0.26)	$ 0.38
Continuing operations (in dollars per share)	$ (0.26)	$ 0.38
Discontinued operations (in dollars per share)
Net (loss) income (in dollars per share)	$ (0.26)	$ 0.38
Basic (in shares)	50,042	50,826
Diluted (in shares)	50,042	50,936

Unaudited Condensed Consolidat3

Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net loss	$ (13,239)	$ 19,568
Other comprehensive income (loss):
Foreign currency translation adjustment	$ 1,553	(14,490)
Unrealized loss on forward contracts, net of tax		(52)
Total other comprehensive income (loss)	$ 1,553	(14,542)
Comprehensive (loss) income attributable to Oil States International, Inc.	$ (11,686)	$ 5,026

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 43,064	$ 35,973
Accounts receivable, net	271,973	333,494
Inventories, net	215,499	212,882
Prepaid expenses and other current assets	18,911	29,124
Total current assets	549,447	611,473
Estimated Useful Life (years)	622,533	638,725
Goodwill, net	264,437	263,787
Other intangible assets, net	57,438	59,385
Other noncurrent assets	22,387	23,101
Total assets	1,516,242	1,596,471
Current liabilities:
Accounts payable	43,199	59,116
Accrued liabilities	43,958	49,300
Income taxes	8,643	8,303
Current portion of long-term debt and capitalized leases	524	533
Deferred revenue	35,058	36,655
Other current liabilities	292	293
Total current liabilities	131,674	154,200
Long-term debt and capitalized leases	89,158	125,887
Deferred income taxes	32,557	40,497
Other noncurrent liabilities	19,949	20,215
Total liabilities	273,338	340,799
Oil States International, Inc. stockholders’ equity:
Common stock, $.01 par value, 200,000,000 shares authorized, 62,281,177 shares and 61,712,805 shares issued, respectively, and 51,362,615 shares and 50,953,149 shares outstanding, respectively	623	617
Additional paid-in capital	715,776	712,980
Retained earnings	1,166,624	1,179,863
Accumulated other comprehensive loss	(49,145)	(50,698)
Common stock held in treasury at cost, 10,918,562 and 10,759,656 shares, respectively	(590,974)	(587,090)
Total stockholders’ equity	1,242,904	1,255,672
Total liabilities and stockholders’ equity	$ 1,516,242	$ 1,596,471

Consolidated Balance Sheets (C5

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	62,281,177	61,712,805
Common stock, shares outstanding (in shares)	51,362,615	50,953,149
Treasury stock, shares (in shares)	10,918,562	10,759,656

Unaudited Condensed Consolidat6

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net loss	$ (13,239)	$ 19,568
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Loss (income) from discontinued operations	3	(166)
Depreciation and amortization	30,403	32,579
Deferred income tax (benefit) expense	(10,879)	5,923
Provision for bad debt	397	(617)
Gain on disposals of assets	(106)	(313)
Non-cash compensation charge	5,105	5,660
Amortization of deferred financing costs	195	195
Other, net	57	(213)
Changes in operating assets and liabilities, net of effect from acquired businesses:
Accounts receivable	59,408	117,900
Inventories	(2,836)	(6,235)
Accounts payable and accrued liabilities	(19,955)	(65,124)
Taxes payable	8,813	2,889
Other operating assets and liabilities, net	(529)	2,345
Net cash flows provided by continuing operating activities	56,837	114,391
Net cash flows (used in) provided by discontinued operating activities	(5)	260
Net cash flows provided by operating activities	56,832	114,651
Cash flows from investing activities:
Capital expenditures	$ (10,281)	(38,282)
Acquisitions of businesses, net of cash acquired		(33,948)
Proceeds from disposition of property, plant and equipment	$ 166	437
Other, net	383	193
Net cash flows used in continuing investing activities	(9,732)	(71,600)
Net cash flows used in investing activities	(9,732)	(71,600)
Cash flows from financing activities:
Revolving credit (repayments) borrowings, net	(36,800)	59,030
Debt and capital lease repayments	(133)	(131)
Issuance of common stock from share-based payment arrangements	$ 367	1,008
Purchase of treasury stock		(77,401)
Shares added to treasury stock as a result of net share settlements due to vesting of restricted stock	$ (3,883)	(6,084)
Other, net	1	(39)
Net cash flows used in continuing financing activities	(40,448)	(23,617)
Net cash flows used in financing activities	(40,448)	(23,617)
Effect of exchange rate changes on cash	439	(648)
Net change in cash and cash equivalents	7,091	18,786
Cash and cash equivalents, beginning of period	35,973	53,263
Cash and cash equivalents, end of period	$ 43,064	$ 72,049

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Equity (Unaudited) - 3 months ended Mar. 31, 2016 - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Treasury Stock [Member]	Total
Balance at Dec. 31, 2015	$ 617	$ 712,980	$ 1,179,863	$ (50,698)	$ (587,090)	$ 1,255,672
Net loss			$ (13,239)			(13,239)
Currency translation adjustment (excluding intercompany notes) | Excluding Intercompany Notes [Member]				$ 1,783		1,783
Currency translation adjustment (excluding intercompany notes) | Intercompany Notes [Member]				$ (230)		(230)
Exercise of stock options, including tax impact		$ (2,278)				(2,278)
Amortization of restricted stock compensation		4,168				4,168
Stock option expense		912				$ 912
Restricted stock awards granted	$ 6	$ (6)
Surrender of stock to pay taxes on restricted stock awards					$ (3,883)	$ (3,883)
Other					(1)	(1)
Balance, March 31, 2016 at Mar. 31, 2016	$ 623	$ 715,776	$ 1,166,624	$ (49,145)	$ (590,974)	$ 1,242,904

Note 1 - Organization and Basis

Note 1 - Organization and Basis of Presentation	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. ORGANIZATION AND BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements of Oil States International, Inc. and its wholly-owned subsidiaries (referred to in this report as we or the Company) have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the Commission) pertaining to interim financial information. Certain information in footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been condensed or omitted pursuant to these rules and regulations. The unaudited financial statements included in this report reflect all the adjustments, consisting of normal recurring adjustments, which the Company considers necessary for a fair presentation of the results of operations for the interim periods covered and for the financial condition of the Company at the date of the interim balance sheet. Results for the interim periods are not necessarily indicative of results for the full year. The preparation of condensed consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions by management in determining the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. If the underlying estimates and assumptions, upon which the financial statements are based, change in future periods, actual amounts may differ from those included in the accompanying condensed consolidated financial statements. Our industry is cyclical and this cyclicality impacts our estimates of the period over which future cash flows will be generated, as well as the predictability of these cash flows including our determination of whether a decline in value of our long-lived assets and related fair values of our reporting units have occurred. A longer term continuation of the current down cycle will likely result in changes in our estimates of forward cash flow timing and amounts and may result in impairment losses. The financial statements included in this report should be read in conjunction with the Company’s audited financial statements and accompanying notes included in its Annual Report on Form 10-K for the year ended December 31, 2015 (the 2015 Form 10-K).

Note 2 - Recent Accounting Pron

Note 2 - Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	2. RECENT ACCOUNTING PRONOUNCEMENTS From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (the FASB), which are adopted by the Company as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company’s consolidated financial statements upon adoption. In March 2016, the FASB issued guidance on employee share-based payment accounting which makes several modifications to the current guidance related to the accounting for forfeitures, employer tax withholding on stock-based compensation and the financial statement presentation of excess tax benefits or deficiencies. This guidance also clarifies the statement of cash flows presentation for certain components of share-based awards. The standard is effective for interim and annual reporting periods beginning after December 15, 2016, although early adoption is permitted. We do not expect the adoption of this standard to have a material impact on our consolidated financial position, results of operations and related disclosures. In February 2016, the FASB issued guidance on leases which introduces the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous guidance. The guidance will be effective for annual reporting periods beginning after December 15, 2018 and interim periods within those fiscal years with early adoption permitted. We are evaluating the impact of the future adoption of this standard on our consolidated financial position, results of operations and related disclosures. In April 2015, the FASB issued guidance on the presentation of debt issuance costs which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. In August 2015, the FASB issued additional guidance on this topic The recognition and measurement guidance for debt issuance costs are not affected by this guidance. This new guidance requires retrospective application and represents a change in accounting principle. For public business entities, this guidance is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The Company adopted this new guidance during the first quarter of 2016. The adoption of this new guidance did not affect the Company’s results of operations or cash flows, but it resulted in the Company reclassifying its deferred financing costs associated with its revolving credit agreement from other noncurrent assets to long-term debt on a retrospective basis. The Company's consolidated balance sheets included deferred financing costs of $2.7 million as of December 31, 2015 that were reclassed from other noncurrent assets to long-term debt. See Note 7, “Debt.” In May 2014, the FASB issued guidance on revenue from contracts with customers that will supersede most current revenue recognition guidance, including industry-specific guidance. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. Other major provisions include capitalization of certain contract costs, consideration of time value of money in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. In August 2015, the FASB issued guidance deferring the effective date by one year to December 15, 2017 for fiscal years, and interim periods within those years, beginning after that date and permitted early adoption of the standard, but not before the original effective date of December 15, 2016. The guidance permits the use of either a retrospective or cumulative effect transition method. We have not yet selected a transition method and continue to evaluate the impact of the amended guidance on our consolidated financial position, results of operations and related disclosures.

Note 3 - Details of Selected Ba

Note 3 - Details of Selected Balance Sheet Accounts	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Supplemental Balance Sheet Disclosures [Text Block]	3. DETAILS OF SELECTED BALANCE SHEET ACCOUNTS Additional information regarding selected balance sheet accounts at March 31, 2016 and December 31, 2015 is presented below (in thousands): MARCH 31, DECEMBER 31, 201 6 201 5 Accounts receivable, net: Trade $ 175,519 $ 210,313 Unbilled revenue 98,488 124,331 Other 4,826 5,738 Total accounts receivable 278,833 340,382 Allowance for doubtful accounts (6,860 ) (6,888 ) $ 271,973 $ 333,494 MARCH 31, DECEMBER 31, 201 6 201 5 Inventories, net: Finished goods and purchased products $ 102,273 $ 97,362 Work in process 45,355 42,182 Raw materials 80,549 86,236 Total inventories 228,177 225,780 Allowance for excess, damaged, or obsolete inventory (12,678 ) (12,898 ) $ 215,499 $ 212,882 MARCH 31, DECEMBER 31, 2016 2015 Prepaid expenses and other current assets: Income tax asset $ 2,291 $ 11,519 Prepaid insurance 2,447 4,827 Prepaid non-income taxes 1,631 1,680 Prepaid rent/leases 838 1,108 Other prepaid expenses and current assets 11,704 9,990 $ 18,911 $ 29,124 Estimated MARCH 31, DECEMBER 31, Useful Life 201 6 201 5 Property, plant and equipment, net: Land $ 27,239 $ 26,334 Buildings and leasehold improvements 3 - 40 years 185,623 185,274 Machinery and equipment 2 - 28 years 449,321 462,054 Completion services equipment 2 - 10 years 438,453 421,386 Office furniture and equipment 3 - 10 years 40,552 32,200 Vehicles 2 - 10 years 124,322 125,211 Construction in progress 88,398 92,800 Total property, plant and equipment 1,353,908 1,345,259 Accumulated depreciation (731,375 ) (706,534 ) $ 622,533 $ 638,725 MARCH 31, DECEMBER 31, 201 6 201 5 Accrued liabilities: Accrued compensation $ 15,090 $ 19,402 Insurance liabilities 9,305 9,855 Accrued taxes, other than income taxes 5,215 3,619 Accrued leasehold restoration liability 3,304 3,389 Accrued commissions 1,469 2,033 Accrued product warranty reserves 2,255 2,638 Accrued claims 1,046 896 Other 6,274 7,468 $ 43,958 $ 49,300

Note 4 - Accumulated Other Comp

Note 4 - Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Comprehensive Income (Loss) Note [Text Block]	4. ACCUMULATED OTHER COMPREHENSIVE LOSS Our accumulated other comprehensive loss, reported as a component of stockholders’ equity, decreased from $50.7 million at December 31, 2015 to $49.1 million at March 31, 2016, primarily as a result of foreign currency exchange rate differences. Our accumulated other comprehensive loss is primarily related to fluctuations in the foreign currency exchange rates compared to the U.S. dollar which are used to remeasure the foreign operations of our reportable segments (primarily in the United Kingdom, Canada, Brazil, and Argentina). The exchange rates of the Canadian dollar and the Brazilian real compared to the U.S. dollar strengthened by 6% and 8%, respectively, in the first quarter of 2016 compared to the exchange rates at December 31, 2015, while the exchange rates of the British pound and the Argentine peso compared to the U.S. dollar weakened by 3% and 11%, respectively, during the same period.

Note 5 - Earnings Per Share

Note 5 - Earnings Per Share	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Earnings Per Share [Text Block]	5. EARNINGS PER SHARE The numerator (loss/income) and denominator (shares) used for the computation of basic and diluted (loss) earnings per share were as follows (in thousands): THREE MONTHS ENDED MARCH 31, 201 6 201 5 Income Shares Income Shares Basic: Net (loss) income attributable to Oil States International, Inc. $ (13,239 ) $ 19,568 Less: Undistributed net income allocable to participating securities -- (409 ) Undistributed net (loss) income applicable to common stockholders (13,239 ) 19,159 Less: Loss (income) from discontinued operations, net of tax 3 (166 ) Add: Undistributed net income from discontinued operations allocable to participating securities -- 3 (Loss) income from continuing operations applicable to Oil States International, Inc. common stockholders – Basic $ (13,236 ) 50,042 $ 18,996 50,826 Diluted: (Loss) income from continuing operations applicable to Oil States International, Inc. common stockholders – Basic $ (13,236 ) 50,042 $ 18,996 50,826 Effect of dilutive securities: Undistributed net income reallocated to participating securities -- -- 1 -- Options on common stock -- -- -- 101 Restricted stock awards and other -- -- -- 9 (Loss) income from continuing operations applicable to Oil States International, Inc. common stockholders – Diluted (13,236 ) 50,042 18,997 50,936 (Loss) income from discontinued operations, net of tax, applicable to Oil States International, Inc. common stockholders (3 ) 163 Undistributed net income reallocated to participating securities -- -- Net (loss) income attributable to Oil States International, Inc. common stockholders – Diluted $ (13,239 ) 50,042 $ 19,160 50,936 Our calculation of diluted (loss) earnings per share for the three months ended March 31, 2016 and 2015 excluded 761,760 shares and 713,187 shares, respectively, issuable pursuant to outstanding stock options and restricted stock awards, due to their antidilutive effect.

Note 6 - Business Acquisitions

Note 6 - Business Acquisitions and Goodwill	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	6. BUSINESS ACQUISITIONS AND GOODWILL On January 2, 2015, we acquired all of the equity of Montgomery Machine Company, Inc. (MMC). Headquartered in Houston, Texas, MMC combines machining and proprietary cladding technology and services to manufacture high-specification components for the offshore capital equipment industry. We believe that the acquisition of MMC strengthens our position in our offshore products segment as a supplier of subsea components with enhanced capabilities, proprietary technology and logistical advantages. Total transaction consideration was $33.4 million, net of cash acquired. The operations of MMC have been included in our offshore products segment since the acquisition date. Changes in the carrying amount of goodwill for the three month period ended March 31, 2016 were as follows (in thousands): Well Site Services Completion Services Drilling Services Subtotal Offshore Products Total Balance as of December 31, 2015 Goodwill $ 198,903 $ 22,767 $ 221,670 $ 159,412 $ 381,082 Accumulated Impairment Losses (94,528 ) (22,767 ) (117,295 ) -- (117,295 ) 104,375 -- 104,375 159,412 263,787 Foreign currency translation and other changes 772 -- 772 (122 ) 650 $ 105,147 $ -- $ 105,147 $ 159,290 $ 264,437 Balance as of March 31, 2016 Goodwill $ 199,675 $ 22,767 $ 222,442 $ 159,290 $ 381,732 Accumulated Impairment Losses (94,528 ) (22,767 ) (117,295 ) -- (117,295 ) $ 105,147 $ -- $ 105,147 $ 159,290 $ 264,437

Note 7 - Debt

Note 7 - Debt	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Debt Disclosure [Text Block]	7. DEBT As of March 31, 2016 and December 31, 2015, long-term debt consisted of the following (in thousands): March 31, 201 6 December 31, 201 5 Revolving credit facility, which matures May 28, 2019, with lending commitments up to $600 million (1) $ 83,586 $ 120,191 Capital lease obligations and other debt 6,096 6,229 Total debt 89,682 126,420 Less: Current portion 524 533 Total long-term debt and capitalized leases $ 89,158 $ 125,887 (1) Amounts presented are net of $2.5 million and $2.7 million, respectively, of unamortized debt issuance costs in accordance with FASB guidance issued in April 2015 regarding the presentation of debt issuance costs. See Note 2, "Recent Accounting Pronouncements." Credit Facility The Company currently has a $600 million senior secured revolving credit facility with an option to increase the maximum borrowings under its revolving credit facility to $750 million subject to additional lender commitments prior to its maturity on May 28, 2019. The credit facility is governed by a Credit Agreement dated as of May 28, 2014 (Credit Agreement) by and among the Company, the Lenders party thereto, Wells Fargo Bank, N.A., as administrative agent, the Swing Line Lender and an Issuing Bank, and Royal Bank of Canada, as Syndication agent, and Compass Bank, as Documentation agent. Amounts outstanding under the revolving credit facility bear interest at LIBOR plus a margin of 1.50% to 2.50%, or at a base rate plus a margin of 0.50% to 1.50%, in each case based on a ratio of the Company’s total leverage to EBITDA (as defined in the Credit Agreement). During the first quarter of 2016, our applicable margin over LIBOR was 1.50%. We must also pay a quarterly commitment fee, based on our leverage ratio, on the unused commitments under the Credit Agreement. The unused commitment fee was 0.375% for the first quarter of 2016. The Credit Agreement contains customary financial covenants and restrictions. Specifically, we must maintain an interest coverage ratio, defined as the ratio of consolidated EBITDA, to consolidated interest expense of at least 3.0 to 1.0 and our maximum leverage ratio, defined as the ratio of total debt to consolidated EBITDA of no greater than 3.25 to 1.0. Each of the factors considered in the calculations of these ratios are defined in the Credit Agreement. EBITDA and consolidated interest exclude goodwill impairments, debt discount amortization and other non-cash charges. As of March 31, 2016, we were in compliance with our debt covenants. Borrowings under the Credit Agreement are secured by a pledge of substantially all of our assets and the assets of our domestic subsidiaries. Our obligations under the Credit Agreement are guaranteed by our significant domestic subsidiaries. The credit facility also contains negative covenants that limit the Company's ability to borrow additional funds, encumber assets, pay dividends, sell assets and enter into other significant transactions. Under the Company's Credit Agreement, the occurrence of specified change of control events involving our Company would constitute an event of default that would permit the banks to, among other things, accelerate the maturity of the facility and cause it to become immediately due and payable in full. As of March 31, 2016, we had $86.1 million outstanding under the Credit Agreement and an additional $38.4 million of outstanding letters of credit. As of March 31, 2016, $364.6 million was available to be drawn under the credit facility. T he total amount available to be drawn under our revolving credit facility was less than the lender commitments as of March 31, 2016, due to the maximum leverage ratio covenant in our credit facility which serves to limit borrowings, and such availability is expected to be further reduced as our trailing twelve months EBITDA moves lower into 2016 given that, in accordance with the Credit Agreement, total debt cannot exceed 3.25 times our trailing twelve months EBITDA.

Note 8 - Fair Value Measurement

Note 8 - Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Fair Value Disclosures [Text Block]	8. FAIR VALUE MEASUREMENTS The Company’s financial instruments consist of cash and cash equivalents, investments, receivables, payables, bank debt and foreign currency forward contracts. The Company believes that the carrying values of these instruments on the accompanying consolidated balance sheets approximate their fair values.

Note 9 - Changes in Common Stoc

Note 9 - Changes in Common Stock Outstanding	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	9. CHANGES IN COMMON STOCK OUTSTANDING Shares of common stock outstanding – January 1, 2016 50,953,149 Shares issued upon granting of restricted stock awards, net of forfeitures 551,658 Shares issued upon exercise of stock options 16,714 Shares withheld for taxes on vesting of restricted stock awards and transferred to treasury (158,906 ) Shares of common stock outstanding – March 31, 2016 51,362,615 On September 6, 2013, the Company announced an increase in its Board-authorized Company share repurchase program from $200 million to $500 million providing for the repurchase of the Company’s common stock, par value $.01 per share. On July 29, 2015, the Company’s Board of Directors approved the termination of our then existing share repurchase program and authorized a new program providing for the repurchase of up to $150 million of the Company’s common stock, par value $.01 per share. The new program is set to expire on July 29, 2016. During the first quarter of 2016, there were no repurchases of our common stock made under our current program. As of March 31, 2016, a total of $456.0 million of our stock (6,902,748 shares, or approximately 13% of the outstanding shares of our common stock at the initiation of our initial share repurchase authorization in August 2012) had been repurchased under these programs. The amount remaining under our current share repurchase authorization as of March 31, 2016 was $136.8 million. Subject to applicable securities laws, such purchases will be at such times and in such amounts as the Company deems appropriate.

Note 10 - Stock Based Compensat

Note 10 - Stock Based Compensation	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	10. STOCK-BASED COMPENSATION The following table presents a summary of stock option award and restricted stock award activity for the three months ended March 31, 2016. Stock Options Restricted Stock Awards Number of Shares Outstanding at January 1, 2016 770,181 1,171,884 Granted -- 563,402 Options Exercised/Stock Vested (16,714 ) (443,697 ) Cancelled (2,744 ) (11,744 ) Outstanding at March 31, 2016 750,723 1,279,845 Stock-based compensation pre-tax expense from continuing operations recognized in the three month periods ended March 31, 2016 and 2015 totaled $5.1 million and $5.7 million, respectively. In February 2016, the Company granted performance based stock awards totaling 86,462 shares valued at a total of approximately $2.1 million. These performance based awards may vest in February 2019 in an amount that will depend on the Company’s achievement of specified performance objectives. These performance based awards have a performance criteria that will be measured based upon the Company’s achievement of specified levels of relative total shareholder return compared to our peer group of companies for the three year period commencing January 1, 2016 and ending December 31, 2018. At March 31, 2016, $42.8 million of compensation costs related to unvested stock options and restricted stock awards attributable to vesting conditions had not yet been recognized.

Note 11 - Income Taxes

Note 11 - Income Taxes	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Income Tax Disclosure [Text Block]	11. INCOME TAXES Income tax expense for interim periods is based on estimates of the effective tax rate for the entire fiscal year. The Company’s income tax provision for the three months ended March 31, 2016 was a total tax benefit of $8.0 million, or 37.7% of pretax losses, compared to income tax expense of $13.3 million, or 40.6% of pretax income, for the three months ended March 31, 2015. The effective tax rate for the three months ended March 31, 2015 included a $2.3 million deferred tax adjustment in the first quarter of 2015 for certain prior period non-deductible items related to stock-based compensation.

Note 12 - Segment and Related I

Note 12 - Segment and Related Information	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	12. SEGMENT AND RELATED INFORMATION In accordance with current accounting standards regarding disclosures about segments of an enterprise and related information, the Company has identified the following reportable segments: well site services and offshore products. The Company’s reportable segments represent strategic business units that offer different products and services. They are managed separately because each business requires different technologies and marketing strategies. Most of the businesses were initially acquired as a unit, and the management at the time of the acquisition was retained. Subsequent acquisitions have been direct extensions to our business segments. Separate business lines within the well site services segment have been disclosed to provide additional information for that segment. Financial information by business segment for continuing operations for each of the three months ended March 31, 2016 and 2015 is summarized in the following table (in thousands). Revenues from unaffiliated customers Depreciation and amortization Operating (loss) income Equity in losses of unconsolidated affiliates Capital expenditures Total assets Three months ended March 31, 201 6 Well site services – Completion services $ 40,949 $ 17,944 $ (24,335 ) $ - $ 4,538 $ 508,066 Drilling services 2,772 6,522 (8,105 ) - 254 92,620 Total well site services 43,721 24,466 (32,440 ) - 4,792 600,686 Offshore products 125,934 5,654 23,311 (22 ) 5,391 890,067 Corporate and eliminations - 283 (10,976 ) - 98 25,489 Total $ 169,655 $ 30,403 $ (20,105 ) $ (22 ) $ 10,281 $ 1,516,242 Revenues from unaffiliated customers Depreciation and amortization Operating income (loss) Equity in losses of unconsolidated affiliates Capital expenditures Total assets Three months ended March 31, 201 5 Well site services – Completion services $ 118,111 $ 19,443 $ 12,468 $ - $ 22,762 $ 596,275 Drilling services 23,678 6,682 (2,539 ) - 6,551 124,284 Total well site services 141,789 26,125 9,929 - 29,313 720,559 Offshore products 195,569 6,100 36,542 (50 ) 8,893 977,393 Corporate and eliminations - 354 (12,711 ) - 76 44,185 Total $ 337,358 $ 32,579 $ 33,760 $ (50 ) $ 38,282 $ 1,742,137

Note 13 - Commitments and Conti

Note 13 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	13. COMMITMENTS AND CONTINGENCIES In the ordinary course of conducting our business, we become involved in litigation and other claims from private party actions, as well as judicial and administrative proceedings involving governmental authorities at the federal, state and local levels. During 2014 and early 2015, a number of lawsuits were filed by current and former employees, in Federal Court against the Company and or one of its subsidiaries, alleging violations of the Fair Labor Standards Act (“FLSA”). The plaintiffs seek damages and penalties for the Company’s alleged failure to: properly classify its field service employees as “non-exempt” under the FLSA; and pay them on an hourly basis (including overtime). The plaintiffs are seeking recovery on their own behalf as well as on behalf of a class of similarly situated employees. Settlement of the class action against the Company was approved and a judgment was entered November 19, 2015. The Company has settled the vast majority of these claims and is evaluating potential settlements for the remaining individual plaintiffs’ claims which are not expected to be significant. We are a party to various pending or threatened claims, lawsuits and administrative proceedings seeking damages or other remedies concerning our commercial operations, products, employees and other matters, including occasional claims by individuals alleging exposure to hazardous materials as a result of our products or operations. Some of these claims relate to matters occurring prior to our acquisition of businesses, and some relate to businesses we have sold. In certain cases, we are entitled to indemnification from the sellers of businesses, and in other cases, we have indemnified the buyers of businesses from us. Although we can give no assurance about the outcome of pending legal and administrative proceedings and the effect such outcomes may have on us, we believe that any ultimate liability resulting from the outcome of such proceedings, to the extent not otherwise provided for or covered by indemnity or insurance, will not have a material adverse effect on our consolidated financial position, results of operations or liquidity.

Note 3 - Details of Selected 21

Note 3 - Details of Selected Balance Sheet Accounts (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	MARCH 31, DECEMBER 31, 201 6 201 5 Accounts receivable, net: Trade $ 175,519 $ 210,313 Unbilled revenue 98,488 124,331 Other 4,826 5,738 Total accounts receivable 278,833 340,382 Allowance for doubtful accounts (6,860 ) (6,888 ) $ 271,973 $ 333,494
Schedule of Inventory, Current [Table Text Block]	MARCH 31, DECEMBER 31, 201 6 201 5 Inventories, net: Finished goods and purchased products $ 102,273 $ 97,362 Work in process 45,355 42,182 Raw materials 80,549 86,236 Total inventories 228,177 225,780 Allowance for excess, damaged, or obsolete inventory (12,678 ) (12,898 ) $ 215,499 $ 212,882
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]	MARCH 31, DECEMBER 31, 2016 2015 Prepaid expenses and other current assets: Income tax asset $ 2,291 $ 11,519 Prepaid insurance 2,447 4,827 Prepaid non-income taxes 1,631 1,680 Prepaid rent/leases 838 1,108 Other prepaid expenses and current assets 11,704 9,990 $ 18,911 $ 29,124
Property, Plant and Equipment [Table Text Block]	Estimated MARCH 31, DECEMBER 31, Useful Life 201 6 201 5 Property, plant and equipment, net: Land $ 27,239 $ 26,334 Buildings and leasehold improvements 3 - 40 years 185,623 185,274 Machinery and equipment 2 - 28 years 449,321 462,054 Completion services equipment 2 - 10 years 438,453 421,386 Office furniture and equipment 3 - 10 years 40,552 32,200 Vehicles 2 - 10 years 124,322 125,211 Construction in progress 88,398 92,800 Total property, plant and equipment 1,353,908 1,345,259 Accumulated depreciation (731,375 ) (706,534 ) $ 622,533 $ 638,725
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]	MARCH 31, DECEMBER 31, 201 6 201 5 Accrued liabilities: Accrued compensation $ 15,090 $ 19,402 Insurance liabilities 9,305 9,855 Accrued taxes, other than income taxes 5,215 3,619 Accrued leasehold restoration liability 3,304 3,389 Accrued commissions 1,469 2,033 Accrued product warranty reserves 2,255 2,638 Accrued claims 1,046 896 Other 6,274 7,468 $ 43,958 $ 49,300

Note 5 - Earnings Per Share (Ta

Note 5 - Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	THREE MONTHS ENDED MARCH 31, 201 6 201 5 Income Shares Income Shares Basic: Net (loss) income attributable to Oil States International, Inc. $ (13,239 ) $ 19,568 Less: Undistributed net income allocable to participating securities -- (409 ) Undistributed net (loss) income applicable to common stockholders (13,239 ) 19,159 Less: Loss (income) from discontinued operations, net of tax 3 (166 ) Add: Undistributed net income from discontinued operations allocable to participating securities -- 3 (Loss) income from continuing operations applicable to Oil States International, Inc. common stockholders – Basic $ (13,236 ) 50,042 $ 18,996 50,826 Diluted: (Loss) income from continuing operations applicable to Oil States International, Inc. common stockholders – Basic $ (13,236 ) 50,042 $ 18,996 50,826 Effect of dilutive securities: Undistributed net income reallocated to participating securities -- -- 1 -- Options on common stock -- -- -- 101 Restricted stock awards and other -- -- -- 9 (Loss) income from continuing operations applicable to Oil States International, Inc. common stockholders – Diluted (13,236 ) 50,042 18,997 50,936 (Loss) income from discontinued operations, net of tax, applicable to Oil States International, Inc. common stockholders (3 ) 163 Undistributed net income reallocated to participating securities -- -- Net (loss) income attributable to Oil States International, Inc. common stockholders – Diluted $ (13,239 ) 50,042 $ 19,160 50,936

Note 6 - Business Acquisition23

Note 6 - Business Acquisitions and Goodwill (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Goodwill [Table Text Block]	Well Site Services Completion Services Drilling Services Subtotal Offshore Products Total Balance as of December 31, 2015 Goodwill $ 198,903 $ 22,767 $ 221,670 $ 159,412 $ 381,082 Accumulated Impairment Losses (94,528 ) (22,767 ) (117,295 ) -- (117,295 ) 104,375 -- 104,375 159,412 263,787 Foreign currency translation and other changes 772 -- 772 (122 ) 650 $ 105,147 $ -- $ 105,147 $ 159,290 $ 264,437 Balance as of March 31, 2016 Goodwill $ 199,675 $ 22,767 $ 222,442 $ 159,290 $ 381,732 Accumulated Impairment Losses (94,528 ) (22,767 ) (117,295 ) -- (117,295 ) $ 105,147 $ -- $ 105,147 $ 159,290 $ 264,437

Note 7 - Debt (Tables)

Note 7 - Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	March 31, 201 6 December 31, 201 5 Revolving credit facility, which matures May 28, 2019, with lending commitments up to $600 million (1) $ 83,586 $ 120,191 Capital lease obligations and other debt 6,096 6,229 Total debt 89,682 126,420 Less: Current portion 524 533 Total long-term debt and capitalized leases $ 89,158 $ 125,887

Note 9 - Changes in Common St25

Note 9 - Changes in Common Stock Outstanding (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Stock Activity [Table Text Block]	Shares of common stock outstanding – January 1, 2016 50,953,149 Shares issued upon granting of restricted stock awards, net of forfeitures 551,658 Shares issued upon exercise of stock options 16,714 Shares withheld for taxes on vesting of restricted stock awards and transferred to treasury (158,906 ) Shares of common stock outstanding – March 31, 2016 51,362,615

Note 10 - Stock Based Compens26

Note 10 - Stock Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	Stock Options Restricted Stock Awards Number of Shares Outstanding at January 1, 2016 770,181 1,171,884 Granted -- 563,402 Options Exercised/Stock Vested (16,714 ) (443,697 ) Cancelled (2,744 ) (11,744 ) Outstanding at March 31, 2016 750,723 1,279,845

Note 12 - Segment and Related27

Note 12 - Segment and Related Information (Tables)	3 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Revenues from unaffiliated customers Depreciation and amortization Operating (loss) income Equity in losses of unconsolidated affiliates Capital expenditures Total assets Three months ended March 31, 201 6 Well site services – Completion services $ 40,949 $ 17,944 $ (24,335 ) $ - $ 4,538 $ 508,066 Drilling services 2,772 6,522 (8,105 ) - 254 92,620 Total well site services 43,721 24,466 (32,440 ) - 4,792 600,686 Offshore products 125,934 5,654 23,311 (22 ) 5,391 890,067 Corporate and eliminations - 283 (10,976 ) - 98 25,489 Total $ 169,655 $ 30,403 $ (20,105 ) $ (22 ) $ 10,281 $ 1,516,242 Revenues from unaffiliated customers Depreciation and amortization Operating income (loss) Equity in losses of unconsolidated affiliates Capital expenditures Total assets Three months ended March 31, 201 5 Well site services – Completion services $ 118,111 $ 19,443 $ 12,468 $ - $ 22,762 $ 596,275 Drilling services 23,678 6,682 (2,539 ) - 6,551 124,284 Total well site services 141,789 26,125 9,929 - 29,313 720,559 Offshore products 195,569 6,100 36,542 (50 ) 8,893 977,393 Corporate and eliminations - 354 (12,711 ) - 76 44,185 Total $ 337,358 $ 32,579 $ 33,760 $ (50 ) $ 38,282 $ 1,742,137

Note 2 - Recent Accounting Pr28

Note 2 - Recent Accounting Pronouncements (Details Textual) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)
Deferred Financing Costs [Member]
Prior Period Reclassification Adjustment	$ 2.7

Note 3 - Accounts Receivable (D

Note 3 - Accounts Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Trade Accounts Receivable [Member]
Accounts receivable, net:
Accounts receivable, gross	$ 175,519	$ 210,313
Unbilled Revenue [Member]
Accounts receivable, net:
Accounts receivable, gross	98,488	124,331
Other Receivables [Member]
Accounts receivable, net:
Accounts receivable, gross	4,826	5,738
Accounts receivable, gross	278,833	340,382
Allowance for doubtful accounts	(6,860)	(6,888)
	$ 271,973	$ 333,494

Note 3 - Inventories (Details)

Note 3 - Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Inventories, net:
Finished goods and purchased products	$ 102,273	$ 97,362
Work in process	45,355	42,182
Raw materials	80,549	86,236
Total inventories	228,177	225,780
Allowance for excess, damaged, or obsolete inventory	(12,678)	(12,898)
	$ 215,499	$ 212,882

Note 3 - Prepaid Expenses and O

Note 3 - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Prepaid expenses and other current assets:
Income tax asset	$ 2,291	$ 11,519
Prepaid insurance	2,447	4,827
Prepaid non-income taxes	1,631	1,680
Prepaid rent/leases	838	1,108
Other prepaid expenses and current assets	11,704	9,990
	$ 18,911	$ 29,124

Note 3 - Property, Plant and Eq

Note 3 - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Land [Member]
Land	$ 27,239	$ 26,334
Building and Building Improvements [Member] | Minimum [Member]
Estimated Useful Life (years)	3 years
Building and Building Improvements [Member] | Maximum [Member]
Estimated Useful Life (years)	40 years
Building and Building Improvements [Member]
Land	$ 185,623	185,274
Machinery and Equipment [Member] | Minimum [Member]
Estimated Useful Life (years)	2 years
Machinery and Equipment [Member] | Maximum [Member]
Estimated Useful Life (years)	28 years
Machinery and Equipment [Member]
Land	$ 449,321	462,054
Completion Services [Member] | Minimum [Member]
Estimated Useful Life (years)	2 years
Completion Services [Member] | Maximum [Member]
Estimated Useful Life (years)	10 years
Completion Services [Member]
Land	$ 438,453	421,386
Office Furniture and Equipment [Member] | Minimum [Member]
Estimated Useful Life (years)	3 years
Office Furniture and Equipment [Member] | Maximum [Member]
Estimated Useful Life (years)	10 years
Office Furniture and Equipment [Member]
Land	$ 40,552	32,200
Vehicles [Member] | Minimum [Member]
Estimated Useful Life (years)	2 years
Vehicles [Member] | Maximum [Member]
Estimated Useful Life (years)	10 years
Vehicles [Member]
Land	$ 124,322	125,211
Construction in Progress [Member]
Land	88,398	92,800
Land	1,353,908	1,345,259
Accumulated depreciation	(731,375)	(706,534)
Estimated Useful Life (years)	$ 622,533	$ 638,725

Note 3 - Accrued Liabilities (D

Note 3 - Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Accrued liabilities:
Accrued compensation	$ 15,090	$ 19,402
Insurance liabilities	9,305	9,855
Accrued taxes, other than income taxes	5,215	3,619
Accrued leasehold restoration liability	3,304	3,389
Accrued commissions	1,469	2,033
Accrued product warranty reserves	2,255	2,638
Accrued claims	1,046	896
Other	6,274	7,468
	$ 43,958	$ 49,300

Note 4 - Accumulated Other Co34

Note 4 - Accumulated Other Comprehensive Loss (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
CANADA
Exchange Rate, Strengthened	6.00%
BRAZIL
Exchange Rate, Strengthened	8.00%
UNITED KINGDOM
Exchange Rate, Weakened	3.00%
ARGENTINA
Exchange Rate, Weakened	11.00%
Accumulated Other Comprehensive Income (Loss), Net of Tax	$ (49,145)	$ (50,698)

Note 5 - Earnings Per Share (De

Note 5 - Earnings Per Share (Details Textual) - shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	761,760	713,187

Note 5 - Earnings Per Share Cal

Note 5 - Earnings Per Share Calculation (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Basic [Member]
Less: Loss (income) from discontinued operations, net of tax	$ 3	$ (166)
Discontinued operations	(3)	166
Diluted [Member]
Less: Loss (income) from discontinued operations, net of tax	3	(163)
Discontinued operations	$ (3)	163
Discontinued Operations [Member]
Less: Undistributed net income allocable to participating securities		$ 3
Undistributed net income reallocated to participating securities
Continuing Operations [Member]
Undistributed net (loss) income applicable to common stockholders	$ (13,236)	$ 18,996
(Loss) income from continuing operations applicable to Oil States International, Inc. common stockholders – Basic (in shares)	50,042	50,826
Undistributed net income reallocated to participating securities		$ 1
(Loss) income from continuing operations applicable to Oil States International, Inc. common stockholders – Diluted	$ (13,236)	$ 18,997
(Loss) income from continuing operations applicable to Oil States International, Inc. common stockholders – Diluted (in shares)	50,042	50,936
Net (loss) income attributable to Oil States International, Inc.	$ (13,239)	$ 19,568
Less: Undistributed net income allocable to participating securities		(409)
Undistributed net (loss) income applicable to common stockholders	$ (13,239)	19,159
Less: Loss (income) from discontinued operations, net of tax	$ 3	$ (166)
(Loss) income from continuing operations applicable to Oil States International, Inc. common stockholders – Basic (in shares)	50,042	50,826
Options on common stock (in shares)		101
Restricted stock awards and other (in shares)		9
(Loss) income from continuing operations applicable to Oil States International, Inc. common stockholders – Diluted	$ (13,239)	$ 19,160
(Loss) income from continuing operations applicable to Oil States International, Inc. common stockholders – Diluted (in shares)	50,042	50,936
Discontinued operations	$ (3)	$ 166

Note 6 - Business Acquisition37

Note 6 - Business Acquisitions and Goodwill (Details Textual) $ in Millions	Jan. 02, 2015USD ($)
Montgomery Machine Company Inc [Member]
Payments to Acquire Businesses, Gross	$ 33.4

Note 6 - Changes in the Carryin

Note 6 - Changes in the Carrying Value of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Well Site Services Completion Services [Member]
Goodwill, gross	$ 199,675	$ 198,903
Accumulated Impairment Losses	(94,528)	(94,528)
Goodwill	105,147	104,375
Foreign currency translation and other changes	772
Goodwill	105,147	104,375
Well Site Services Drilling Services [Member]
Goodwill, gross	22,767	22,767
Accumulated Impairment Losses	$ (22,767)	$ (22,767)
Goodwill
Foreign currency translation and other changes
Goodwill
Total Well Site Services [Member]
Goodwill, gross	$ 222,442	$ 221,670
Accumulated Impairment Losses	(117,295)	(117,295)
Goodwill	105,147	104,375
Foreign currency translation and other changes	772
Goodwill	105,147	104,375
Offshore Products [Member]
Goodwill, gross	$ 159,290	$ 159,412
Accumulated Impairment Losses
Goodwill	$ 159,290	$ 159,412
Foreign currency translation and other changes	(122)
Goodwill	159,290	159,412
Goodwill, gross	381,732	381,082
Accumulated Impairment Losses	(117,295)	(117,295)
Goodwill	264,437	263,787
Foreign currency translation and other changes	650
Goodwill	$ 264,437	$ 263,787

Note 7 - Debt (Details Textual)

Note 7 - Debt (Details Textual) $ in Millions	May. 28, 2014USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Revolving Credit Facility [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	2.50%
Revolving Credit Facility [Member] | Maximum [Member] | Base Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	1.50%
Revolving Credit Facility [Member] | Maximum [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 750
Revolving Credit Facility [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	1.50%
Revolving Credit Facility [Member] | Minimum [Member] | Base Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	0.50%
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate		1.50%
Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 600
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.375%
Debt Issuance Costs, Net		$ 2.5	$ 2.7
Interest Coverage Ratio		3
Maximum Leverage Ratio		3.25
Long-term Line of Credit		$ 86.1
Letters of Credit Outstanding, Amount		38.4
Line of Credit Facility, Remaining Borrowing Capacity		$ 364.6

Note 7 - Summary of Long-term D

Note 7 - Summary of Long-term Debt (Details) - USD ($) $ in Thousands		Mar. 31, 2016	Dec. 31, 2015
Domestic Line of Credit [Member]
Revolving credit facility, which matures May 28, 2019, with lending commitments up to $600 million (1)	[1]	$ 83,586	$ 120,191
Total debt	[1]	83,586	120,191
Capital Lease Obligations And Other Debt [Member]
Revolving credit facility, which matures May 28, 2019, with lending commitments up to $600 million (1)		6,096	6,229
Total debt		6,096	6,229
Gross [Member]
Revolving credit facility, which matures May 28, 2019, with lending commitments up to $600 million (1)		89,682	126,420
Total debt		89,682	126,420
Less: Current portion		524	533
Total long-term debt and capitalized leases		$ 89,158	$ 125,887
[1]	Amounts presented are net of $2.5 million and $2.7 million, respectively, of unamortized debt issuance costs in accordance with FASB guidance issued in April 2015 regarding the presentation of debt issuance costs. See Note 2, "Recent Accounting Pronouncements."

Note 7 - Summary of Long-term41

Note 7 - Summary of Long-term Debt (Details) (Parentheticals) - USD ($) $ in Billions	Mar. 31, 2016	Dec. 31, 2015
Domestic Line of Credit [Member]
Available commitments up to	$ 0.6

Note 9 - Changes in Common St42

Note 9 - Changes in Common Stock Outstanding (Details Textual) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Jul. 29, 2015	Sep. 06, 2013	Aug. 31, 2013
Stock Repurchase Program, Authorized Amount			$ 150	$ 500	$ 200
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01		$ 0.01
Stock Repurchased, Since Initiation of Repurchase Program, Amount	$ 456
Stock Repurchased,Since Initiation Of Repurchase Program, Shares	6,902,748
Stock Repurchased During Period, Percentage of Outstanding Stock	13.00%
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 136.8

Note 9 - Changes in Common St43

Note 9 - Changes in Common Stock Outstanding (Details)	3 Months Ended
	Mar. 31, 2016shares
Shares of common stock outstanding – January 1, 2016 (in shares)	50,953,149
Shares issued upon granting of restricted stock awards, net of forfeitures (in shares)	551,658
Shares issued upon exercise of stock options (in shares)	16,714
Shares withheld for taxes on vesting of restricted stock awards and transferred to treasury (in shares)	(158,906)
Shares of common stock outstanding – March 31, 2016 (in shares)	51,362,615

Note 10 - Stock Based Compens44

Note 10 - Stock Based Compensation (Details Textual) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Feb. 29, 2016	Mar. 31, 2016	Mar. 31, 2015
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	86,462
Share-based Compensation Arrangement By Share-based Payment Award Equity Instruments Other Than Options Value Grants In Period	$ 2.1
Allocated Share-based Compensation Expense		$ 5.1	$ 5.7
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized		$ 42.8

Note 10 - Stock Option Activity

Note 10 - Stock Option Activity (Details)	3 Months Ended
	Mar. 31, 2016shares
Employee Stock Option [Member]
Outstanding at January 1, 2016 (in shares)	770,181
Granted (in shares)
Options Exercised/Stock Vested (in shares)	(16,714)
Cancelled (in shares)	(2,744)
Outstanding at March 31, 2016 (in shares)	750,723
Restricted Stock [Member]
Outstanding at January 1, 2016 (in shares)	1,171,884
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	563,402
Options Exercised/Stock Vested (in shares)	(443,697)
Cancelled (in shares)	(11,744)
Outstanding at March 31, 2016 (in shares)	1,279,845

Note 11 - Income Taxes (Details

Note 11 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Tax Expense (Benefit)	$ (8,016)	$ 13,252
Effective Income Tax Rate Reconciliation, Percent	37.70%	40.60%
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount		$ 2,300

Note 12 - Financial Information

Note 12 - Financial Information by Business Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Well Site Services Completion Services [Member]
Revenues from unaffiliated customers	$ 40,949	$ 118,111
Depreciation and amortization	17,944	19,443
Operating income (loss)	(24,335)	12,468
Capital expenditures	4,538	22,762
Total assets	508,066	596,275
Well Site Services Drilling Services [Member]
Revenues from unaffiliated customers	2,772	23,678
Depreciation and amortization	6,522	6,682
Operating income (loss)	(8,105)	(2,539)
Capital expenditures	254	6,551
Total assets	92,620	124,284
Total Well Site Services [Member]
Revenues from unaffiliated customers	43,721	141,789
Depreciation and amortization	24,466	26,125
Operating income (loss)	(32,440)	9,929
Capital expenditures	4,792	29,313
Total assets	600,686	720,559
Offshore Products [Member]
Revenues from unaffiliated customers	125,934	195,569
Depreciation and amortization	5,654	6,100
Operating income (loss)	23,311	36,542
Capital expenditures	5,391	8,893
Total assets	890,067	977,393
Equity in earnings of unconsolidated affiliates	$ (22)	$ (50)
Corporate and Eliminations [Member]
Revenues from unaffiliated customers
Depreciation and amortization	$ 283	$ 354
Operating income (loss)	(10,976)	(12,711)
Capital expenditures	98	76
Total assets	25,489	44,185
Revenues from unaffiliated customers	169,655	337,358
Depreciation and amortization	30,403	32,579
Operating income (loss)	(20,105)	33,760
Capital expenditures	10,281	38,282
Total assets	1,516,242	1,742,137	$ 1,596,471
Equity in earnings of unconsolidated affiliates	$ (22)	$ (50)