Oil States International (OIS) 10-Q 28 Oct 16 2016 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Oct. 25, 2016
Document Information [Line Items]
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)		51,374,790
Document Type	10-Q
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Amendment Flag	false

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues:
Products	$ 109,312	$ 139,871	$ 323,566	$ 422,464
Service	69,694	119,015	200,944	443,039
	179,006	258,886	524,510	865,503
Costs and expenses:
Product costs	75,345	101,045	227,855	309,559
Service costs	60,421	87,545	173,125	311,417
Selling, general and administrative expenses	30,388	33,126	90,854	100,732
Depreciation and amortization	29,848	31,730	89,666	96,742
Other operating income, net	(1,370)	(1,206)	(4,098)	(2,077)
	194,632	252,240	577,402	816,373
Operating (loss) income	(15,626)	6,646	(52,892)	49,130
Interest expense	(1,364)	(1,541)	(4,124)	(4,876)
Interest income	119	153	321	428
Other income	32	401	462	1,221
(Loss) income from continuing operations before income taxes	(16,839)	5,659	(56,233)	45,903
Income tax benefit (expense)	6,021	(3,953)	20,474	(18,646)
Net (loss) income from continuing operations	(10,818)	1,706	(35,759)	27,257
Net (loss) income from discontinued operations, net of tax		23	(4)	224
Net (loss) income attributable to Oil States.	$ (10,818)	$ 1,729	$ (35,763)	$ 27,481
Basic net (loss) income per share attributable to Oil States from:
Continuing operations (in dollars per share)	$ (0.22)	$ 0.03	$ (0.71)	$ 0.53
Discontinued operations (in dollars per share)
Net (loss) income (in dollars per share)	(0.22)	0.03	(0.71)	0.53
Diluted net (loss) income per share attributable to Oil States from:
Continuing operations (in dollars per share)	(0.22)	0.03	(0.71)	0.53
Discontinued operations (in dollars per share)
Net (loss) income (in dollars per share)	$ (0.22)	$ 0.03	$ (0.71)	$ 0.53
Weighted average number of common shares outstanding:
Basic (in shares)	50,222	50,011	50,158	50,422
Diluted (in shares)	50,222	50,050	50,158	50,500

Unaudited Condensed Consolidat3

Unaudited Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Net loss	$ (10,818)	$ 1,729	$ (35,763)	$ 27,481
Other comprehensive (loss) income:
Foreign currency translation adjustments	(5,217)	(15,415)	(12,534)	(20,132)
Unrealized gain on forward contracts, net of tax		(88)		(160)
Total other comprehensive loss	(5,217)	(15,327)	(12,534)	(19,972)
Comprehensive (loss) income attributable to Oil States	$ (16,035)	$ (13,598)	$ (48,297)	$ 7,509

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 53,790	$ 35,973
Accounts receivable, net	256,582	333,494
Inventories, net	193,329	212,882
Prepaid expenses and other current assets	11,412	29,124
Total current assets	515,113	611,473
Property, plant, and equipment, net	577,298	638,725
Goodwill	263,795	263,787
Other intangible assets, net	54,839	59,385
Other noncurrent assets	24,082	23,101
Total assets	1,435,127	1,596,471
Current liabilities:
Current portion of long-term debt and capitalized leases	515	533
Accounts payable	38,754	59,116
Accrued liabilities	49,493	49,300
Income taxes payable	4,949	8,303
Deferred revenue	21,272	36,655
Other current liabilities	290	293
Total current liabilities	115,273	154,200
Long-term debt and capitalized leases	66,363	125,887
Deferred income taxes	14,806	40,497
Other noncurrent liabilities	21,884	20,215
Total liabilities	218,326	340,799
Common stock, $.01 par value, 200,000,000 shares authorized, 62,295,720 shares and 61,712,805 shares issued, respectively	623	617
Additional paid-in capital	726,350	712,980
Retained earnings	1,144,100	1,179,863
Accumulated other comprehensive loss	(63,232)	(50,698)
Treasury stock, at cost, 10,920,663 and 10,759,656 shares, respectively	(591,040)	(587,090)
Total stockholders’ equity	1,216,801	1,255,672
Total liabilities and stockholders’ equity	$ 1,435,127	$ 1,596,471

Consolidated Balance Sheets (C5

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Sep. 30, 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)	62,295,720	61,712,805

Unaudited Condensed Consolidat6

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities:
Net loss	$ (35,763)	$ 27,481
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Loss (income) from discontinued operations	4	(224)
Depreciation and amortization	89,666	96,742
Stock-based compensation expense	15,938	16,245
Amortization of deferred financing costs	585	585
Deferred income tax benefit	(28,264)	(2,862)
Tax impact of stock-based payment arrangements		(550)
Provision for bad debt	759	(99)
Gain on disposals of assets	(445)	(907)
Other, net	689
Changes in operating assets and liabilities, net of effect from acquired businesses:
Accounts receivable	68,193	189,882
Inventories	15,600	5,207
Accounts payable and accrued liabilities	(18,588)	(71,848)
Income taxes payable	(2,987)	5,784
Other operating assets and liabilities, net	2,392	(12,959)
Net cash flows provided by continuing operating activities	107,779	252,477
Net cash flows provided by discontinued operating activities	3	350
Net cash flows provided by operating activities	107,782	252,827
Cash flows from investing activities:
Capital expenditures	(23,893)	(92,314)
Acquisitions of businesses, net of cash acquired		(33,427)
Proceeds from disposition of property, plant and equipment	1,026	1,911
Other, net	(1,534)	(491)
Net cash flows used in investing activities	(24,401)	(124,321)
Cash flows from financing activities:
Revolving credit (repayments) borrowings, net	(59,731)	13,084
Debt and capital lease repayments	(398)	(411)
Issuance of common stock from stock-based payment arrangements	367	2,385
Purchase of treasury stock		(104,596)
Tax impact of stock-based payment arrangements		550
Shares added to treasury stock as a result of net share settlements due to vesting of restricted stock	(3,950)	(6,786)
Other, net		(2)
Net cash flows used in financing activities	(63,712)	(95,776)
Effect of exchange rate changes on cash and cash equivalents	(1,852)	(278)
Net change in cash and cash equivalents	17,817	32,452
Cash and cash equivalents, beginning of period	35,973	53,263
Cash and cash equivalents, end of period	$ 53,790	$ 85,715

Unaudited Consolidated Statemen

Unaudited Consolidated Statement of Stockholders' Equity - 9 months ended Sep. 30, 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			(35,763)			(35,763)
Currency translation adjustments (excluding intercompany advances) | Excluding Intercompany Notes [Member]				(16,929)		(16,929)
Currency translation adjustments (excluding intercompany advances) | Intercompany Notes [Member]				4,395		4,395
Restricted stock	6	14,029				14,035
Stock options		1,802				1,802
Exercise of stock options, including tax impact		(2,461)				(2,461)
Surrender of stock to pay taxes on restricted stock awards					(3,950)	(3,950)
Balance at Sep. 30, 2016	$ 623	$ 726,350	$ 1,144,100	$ (63,232)	$ (591,040)	$ 1,216,801

Note 1 - Organization and Basis

Note 1 - Organization and Basis of Presentation	9 Months Ended
	Sep. 30, 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 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	9 Months Ended
	Sep. 30, 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. 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 receive in exchange for those goods or services. The guidance permits the use of either a retrospective or cumulative effect transition method. The Company will adopt this guidance on January 1, 2018, and is evaluating the impact on its consolidated financial statements. In February 2016, the FASB issued guidance on leases which introduces the recognition of lease assets and lease liabilities by lessees for all leases which are not short-term in nature. The new standard requires a modified retrospective transition for capital or operating leases existing at or entered into after the beginning of the earliest comparative period presented in the financial statements. The Company is required to adopt this guidance on January 1, 2019, with early adoption permitted on January 1, 2018. The Company is evaluating the impact of the future adoption of this standard on its consolidated financial statements. In March 2016, the FASB issued guidance on employee share-based payment accounting which modifies existing 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. The Company will adopt this guidance on January 1, 2017 and does not expect it to have a material impact on its consolidated financial statements. 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. The Company adopted this new guidance effective January 1, 2016 resulting in the reclassification of 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 reclassified from other noncurrent assets to long-term debt. See Note 7, “Debt.”

Note 3 - Details of Selected Ba

Note 3 - Details of Selected Balance Sheet Accounts	9 Months Ended
	Sep. 30, 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 September 30, 2016 and December 31, 2015 is presented below (in thousands): September 3 0 , D ecember 31, 201 6 201 5 Accounts receivable, net: Trade $ 160,889 $ 210,313 Unbilled revenue 98,956 124,331 Other 3,847 5,738 Total accounts receivable 263,692 340,382 Allowance for doubtful accounts (7,110 ) (6,888 ) $ 256,582 $ 333,494 September 3 0 , D ecember 31, 201 6 201 5 Inventories, net: Finished goods and purchased products $ 90,885 $ 97,362 Work in process 39,408 42,182 Raw materials 76,674 86,236 Total inventories 206,967 225,780 Allowance for excess, damaged, or obsolete inventory (13,638 ) (12,898 ) $ 193,329 $ 212,882 September 3 0 , D ecember 31, 2016 2015 Prepaid expenses and other current assets: Prepayments to vendors $ 2,555 $ 5,266 Prepaid insurance 2,356 4,827 Income tax asset 645 11,519 Prepaid non-income taxes 1,875 1,680 Prepaid rent/leases 802 1,108 Other 3,179 4,724 $ 11,412 $ 29,124 Estimated September 30, D ecember 31, Useful Life 2016 201 5 Property, plant and equipment, net: Land $ 27,919 $ 26,334 Buildings and leasehold improvements 3 - 40 years 189,927 185,274 Machinery and equipment 2 - 28 years 448,648 462,054 Completion services equipment 2 - 10 years 435,169 421,386 Office furniture and equipment 3 - 10 years 41,549 32,200 Vehicles 2 - 10 years 122,415 125,211 Construction in progress 82,114 92,800 Total property, plant and equipment 1,347,741 1,345,259 Accumulated depreciation (770,443 ) (706,534 ) $ 577,298 $ 638,725 September 3 0 , D ecember 31, 201 6 201 5 Accrued liabilities: Accrued compensation $ 21,461 $ 19,402 Insurance liabilities 7,789 9,855 Accrued taxes, other than income taxes 7,151 3,619 Accrued leasehold restoration liability 2,593 3,389 Accrued product warranty reserves 2,032 2,638 Accrued commissions 1,228 2,033 Accrued claims 842 896 Other 6,397 7,468 $ 49,493 $ 49,300

Note 4 - Accumulated Other Comp

Note 4 - Accumulated Other Comprehensive Loss	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Comprehensive Income (Loss) Note [Text Block]	4. ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated other comprehensive loss, reported as a component of stockholders’ equity, increased from $50.7 million at December 31, 2015 to $63.2 million at September 30, 2016, due to changes in currency exchange rates. Accumulated other comprehensive loss is related to fluctuations in the currency exchange rates compared to the U.S. dollar which are used to translate certain of the international operations of our reportable segments. For the three and nine months ended September 30, 2016, currency translation adjustments recognized as a component of other comprehensive loss were primarily attributable to the United Kingdom and, to a lesser extent, Canada. As of September 30, 2016, the exchange rate of the Canadian dollar compared to the U.S. dollar strengthened by 6% compared to the exchange rate at December 31, 2015, while the exchange rate of the British pound compared to the U.S. dollar weakened by 12% during the same period.

Note 5 - Earnings Per Share

Note 5 - Earnings Per Share	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Earnings Per Share [Text Block]	5. NET (LOSS) INCOME PER SHARE The table below provides a reconciliation of the numerators and denominators of basic and diluted net (loss) income per share for the three and nine month periods ended September 30, 2016 and 2015 (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Numerators: Net (loss) income from continuing operations $ (10,818 ) $ 1,706 $ (35,759 ) $ 27,257 Less: Income attributable to unvested restricted stock awards – (36 ) – (575 ) Numerator for basic net (loss) income per share from continuing operations (10,818 ) 1,670 (35,759 ) 26,682 Net (loss) income from discontinued operations, net of tax – 23 (4 ) 224 Numerator for basic net (loss) income per share attributable to Oil S tates (10,818 ) 1,693 (35,763 ) 26,906 Effect of dilutive securities: Unvested restricted stock awards – – – 1 Numerator for diluted net (loss) income per share attributable to Oil States $ (10,818 ) $ 1,693 $ (35,763 ) $ 26,907 Denominators: Weighted average number of common shares outstanding 51,354 51,077 51,287 51,500 Less: Weighted average number of unvested restricted stock awards outstanding (1,132 ) (1,066 ) (1,129 ) (1,078 ) Denominator for basic net (loss) income per s hare attributable to Oil States 50,222 50,011 50,158 50,422 Effect of dilutive securities: Unvested restricted stock awards – 9 – 9 Assumed exercise of stock options – 30 – 69 – 39 – 78 Denominator for diluted net (loss) income per share attributable to Oil States 50,222 50,050 50,158 50,500 Basic net (loss) income per share attributable to Oil States from : Continuing operations $ (0.22 ) $ 0.03 $ (0.71 ) $ 0.53 Discontinued operations – – – – Net (loss) income $ (0.22 ) $ 0.03 $ (0.71 ) $ 0.53 Diluted net (loss) income per share attributable to Oil States from : Continuing operations $ (0.22 ) $ 0.03 $ (0.71 ) $ 0.53 Discontinued operations – – – – Net (loss) income $ (0.22 ) $ 0.03 $ (0.71 ) $ 0.53 The calculation of diluted loss per share for the three and nine months ended September 30, 2016 excluded 745,411 shares and 754,608 shares, respectively, issuable pursuant to outstanding stock options and restricted stock awards, due to their antidilutive effect. The calculation of diluted earnings per share for the three and nine months ended September 30, 2015 excluded 757,150 shares and 745,514 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	9 Months Ended
	Sep. 30, 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 nine-month period ended September 30, 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 596 – 596 (588 ) 8 Balance as of September 30, 2016 $ 104,971 $ – $ 104,971 $ 158,824 $ 263,795 Balance as of September 30, 2016 Goodwill $ 199,499 $ 22,767 $ 222,266 $ 158,824 $ 381,090 Accumulated impairment losses (94,528 ) (22,767 ) (117,295 ) – (117,295 ) $ 104,971 $ – $ 104,971 $ 158,824 $ 263,795

Note 7 - Debt

Note 7 - Debt	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Debt Disclosure [Text Block]	7. DEBT As of September 30, 2016 and December 31, 2015, long-term debt consisted of the following (in thousands): September 3 0 , 201 6 December 31, 201 5 Revolving credit facility, which matures May 28, 2019, with lending commitments up to $600 million (1) $ 61,046 $ 120,191 Capital lease obligations and other debt 5,832 6,229 Total debt 66,878 126,420 Less: Current portion 515 533 Total long-term debt and capitalized leases $ 66,363 $ 125,887 (1) Amounts presented are net of $2.1 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. Credit Facility The Company has a $600 million senior secured revolving credit facility (the 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. As of September 30, 2016, we had $63.1 million outstanding under the Credit Agreement and an additional $27.8 million of outstanding letters of credit, leaving $217.8 million available to be drawn under the revolving credit facility. T he total amount available to be drawn under our revolving credit facility was less than the lender commitments as of September 30, 2016, due to the maximum leverage ratio covenant in our revolving credit facility which serves to limit borrowings, and such availability is expected to be further reduced due to reductions in our trailing twelve-month EBITDA (as defined in the Credit Agreement and further discussed below ). The revolving credit facility is governed by a Credit Agreement dated as of May 28, 2014, as amended, (the 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. On October 3, 2016, the Company amended the revolving credit facility to, among other things, allow for certain intercompany transactions between or among the Company and its subsidiaries (which may have otherwise been considered investments not permitted under the Credit Agreement) and make certain other technical changes and modifications. 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. During the first nine months 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 nine months 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, as defined, exclude goodwill impairments, losses on extinguishment of debt, debt discount amortization, and other non-cash charges. As of September 30, 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 revolving 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.

Note 8 - Fair Value Measurement

Note 8 - Fair Value Measurements	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	9. CHANGES IN COMMON STOCK OUTSTANDING Shares of common stock outstanding – December 31, 2015 50,953,149 Restricted stock awards, net of forfeitures 566,201 Shares issued upon exercise of stock options 16,714 Shares withheld for taxes on vesting of restricted stock awards and transferred to treasury (161,007 ) Shares of common stock outstanding – September 30, 2016 51,375,057 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, which was scheduled to expire on July 29, 2016. On July 27, 2016, our Board of Directors extended the share repurchase program for one year to July 29, 2017. During the nine months ended September 30, 2016, there were no repurchases of our common stock made under the program. The amount remaining under our current share repurchase authorization as of September 30, 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	9 Months Ended
	Sep. 30, 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 and restricted stock award activity for the nine months ended September 30, 2016. Stock Options Restricted Stock Number of Shares Outstanding at December 31, 2015 770,181 1,171,884 Granted – 623,263 Stock options exercised/restricted stock awards vested (16,714 ) (469,109 ) Forfeited (20,444 ) (57,062 ) Outstanding at September 30, 2016 733,023 1,268,976 Stock-based compensation pre-tax expense recognized in the three month periods ended September 30, 2016 and 2015 totaled $5.4 million and $5.5 million, respectively. Stock-based compensation pre-tax expense recognized in the nine month periods ended September 30, 2016 and 2015 totaled $15.9 million and $16.2 million, respectively. In February 2016, the Company granted performance-based stock awards totaling 86,462 shares valued at a total of approximately $3.3 million using a Monte Carlo simulation model. These performance-based awards may vest 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 stockholder return compared to our peer group of companies for the three-year period ending on December 31, 2018. At September 30, 2016, there was $35.0 million of compensation costs related to unvested stock option and restricted stock awards, which will be recognized in future periods as future vesting conditions are satisfied.

Note 11 - Income Taxes

Note 11 - Income Taxes	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2016 was an income tax benefit of $6.0 million, or 35.8% of pretax losses, and $20.5 million, or 36.4% of pretax losses, respectively, compared to income tax expense of $4.0 million, or 69.6% of pretax income, and $18.6 million, or 40.6% of pretax income, respectively, for the three and nine months ended September 30, 2015. The effective tax rate in the third quarter of 2015 included the impact of a $3.2 million tax valuation allowance recorded against certain of the Company’s deferred tax assets. The effective tax rate for the nine months ended September 30, 2015 was influenced by a $3.5 million tax valuation allowance recorded against certain of the Company’s deferred tax assets and a $2.3 million deferred tax adjustment for certain prior period non-deductible items recorded in the first quarter of 2015.

Note 12 - Segment and Related I

Note 12 - Segment and Related Information	9 Months Ended
	Sep. 30, 2016
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	12. SEGMENT AND RELATED INFORMATION The Company has two 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 each of the three and nine months ended September 30, 2016 and 2015 is summarized in the following tables (in thousands). Revenues Depreciation and amortization Operating (loss) income Equity in (losses) earnings of unconsolidated affiliates Capital expenditures Total assets Three months ended September 3 0 , 201 6 Well site services – Completion services $ 38,975 $ 17,230 $ (20,450 ) $ – $ 2,365 $ 475,139 Drilling services 7,375 5,629 (5,641 ) – 249 82,683 Total well site services 46,350 22,859 (26,091 ) – 2,614 557,822 Offshore products 132,656 6,712 22,867 (77 ) 2,502 851,819 Corporate – 277 (12,402 ) – 379 25,486 Total $ 179,006 $ 29,848 $ (15,626 ) $ (77 ) $ 5,495 $ 1,435,127 Revenues Depreciation and amortization Operating (loss) income Equity in (losses) earnings of unconsolidated affiliates Capital expenditures Total assets T hree months ended September 3 0 , 201 5 Well site services – Completion services $ 66,734 $ 18,701 $ (9,991 ) $ – $ 11,343 $ 545,986 Drilling services 16,506 6,725 (4,844 ) – 1,539 109,645 Total well site services 83,240 25,426 (14,835 ) – 12,882 655,631 Offshore products 175,646 5,985 33,512 1 10,538 955,439 Corporate – 319 (12,031 ) – 154 37,268 Total $ 258,886 $ 31,730 $ 6,646 $ 1 $ 23,574 $ 1,648,338 Revenues Depreciation and amortization Operating (loss) income Equity in (losses) earnings of unconsolidated affiliates Capital expenditures Total assets Nine months ended September 3 0 , 201 6 Well site services – Completion services $ 116,748 $ 52,789 $ (66,251 ) $ – $ 9,032 $ 475,139 Drilling services 14,016 18,053 (19,697 ) – 748 82,683 Total well site services 130,764 70,842 (85,948 ) – 9,780 557,822 Offshore products 393,746 17,977 67,854 (196 ) 13,476 851,819 Corporate – 847 (34,798 ) – 637 25,486 Total $ 524,510 $ 89,666 $ (52,892 ) $ (196 ) $ 23,893 $ 1,435,127 Revenues Depreciation and amortization Operating (loss) income Equity in (losses) earnings of unconsolidated affiliates Capital expenditures Total assets Nine months ended September 3 0 , 201 5 Well site services – Completion services $ 254,265 $ 57,289 $ (8,492 ) $ – $ 46,721 $ 545,986 Drilling services 56,888 20,368 (11,725 ) – 10,209 109,645 Total well site services 311,153 77,657 (20,217 ) – 56,930 655,631 Offshore products 554,350 18,054 104,889 5 34,704 955,439 Corporate – 1,031 (35,542 ) – 680 37,268 Total $ 865,503 $ 96,742 $ 49,130 $ 5 $ 92,314 $ 1,648,338

Note 13 - Commitments and Conti

Note 13 - Commitments and Contingencies	9 Months Ended
	Sep. 30, 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, 2015 and 2016, a number of lawsuits were filed in Federal Court, against the Company and or one of its subsidiaries, by current and former employees 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)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	September 3 0 , D ecember 31, 201 6 201 5 Accounts receivable, net: Trade $ 160,889 $ 210,313 Unbilled revenue 98,956 124,331 Other 3,847 5,738 Total accounts receivable 263,692 340,382 Allowance for doubtful accounts (7,110 ) (6,888 ) $ 256,582 $ 333,494
Schedule of Inventory, Current [Table Text Block]	September 3 0 , D ecember 31, 201 6 201 5 Inventories, net: Finished goods and purchased products $ 90,885 $ 97,362 Work in process 39,408 42,182 Raw materials 76,674 86,236 Total inventories 206,967 225,780 Allowance for excess, damaged, or obsolete inventory (13,638 ) (12,898 ) $ 193,329 $ 212,882
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]	September 3 0 , D ecember 31, 2016 2015 Prepaid expenses and other current assets: Prepayments to vendors $ 2,555 $ 5,266 Prepaid insurance 2,356 4,827 Income tax asset 645 11,519 Prepaid non-income taxes 1,875 1,680 Prepaid rent/leases 802 1,108 Other 3,179 4,724 $ 11,412 $ 29,124
Property, Plant and Equipment [Table Text Block]	Estimated September 30, D ecember 31, Useful Life 2016 201 5 Property, plant and equipment, net: Land $ 27,919 $ 26,334 Buildings and leasehold improvements 3 - 40 years 189,927 185,274 Machinery and equipment 2 - 28 years 448,648 462,054 Completion services equipment 2 - 10 years 435,169 421,386 Office furniture and equipment 3 - 10 years 41,549 32,200 Vehicles 2 - 10 years 122,415 125,211 Construction in progress 82,114 92,800 Total property, plant and equipment 1,347,741 1,345,259 Accumulated depreciation (770,443 ) (706,534 ) $ 577,298 $ 638,725
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]	September 3 0 , D ecember 31, 201 6 201 5 Accrued liabilities: Accrued compensation $ 21,461 $ 19,402 Insurance liabilities 7,789 9,855 Accrued taxes, other than income taxes 7,151 3,619 Accrued leasehold restoration liability 2,593 3,389 Accrued product warranty reserves 2,032 2,638 Accrued commissions 1,228 2,033 Accrued claims 842 896 Other 6,397 7,468 $ 49,493 $ 49,300

Note 5 - Earnings Per Share (Ta

Note 5 - Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Numerators: Net (loss) income from continuing operations $ (10,818 ) $ 1,706 $ (35,759 ) $ 27,257 Less: Income attributable to unvested restricted stock awards – (36 ) – (575 ) Numerator for basic net (loss) income per share from continuing operations (10,818 ) 1,670 (35,759 ) 26,682 Net (loss) income from discontinued operations, net of tax – 23 (4 ) 224 Numerator for basic net (loss) income per share attributable to Oil S tates (10,818 ) 1,693 (35,763 ) 26,906 Effect of dilutive securities: Unvested restricted stock awards – – – 1 Numerator for diluted net (loss) income per share attributable to Oil States $ (10,818 ) $ 1,693 $ (35,763 ) $ 26,907 Denominators: Weighted average number of common shares outstanding 51,354 51,077 51,287 51,500 Less: Weighted average number of unvested restricted stock awards outstanding (1,132 ) (1,066 ) (1,129 ) (1,078 ) Denominator for basic net (loss) income per s hare attributable to Oil States 50,222 50,011 50,158 50,422 Effect of dilutive securities: Unvested restricted stock awards – 9 – 9 Assumed exercise of stock options – 30 – 69 – 39 – 78 Denominator for diluted net (loss) income per share attributable to Oil States 50,222 50,050 50,158 50,500 Basic net (loss) income per share attributable to Oil States from : Continuing operations $ (0.22 ) $ 0.03 $ (0.71 ) $ 0.53 Discontinued operations – – – – Net (loss) income $ (0.22 ) $ 0.03 $ (0.71 ) $ 0.53 Diluted net (loss) income per share attributable to Oil States from : Continuing operations $ (0.22 ) $ 0.03 $ (0.71 ) $ 0.53 Discontinued operations – – – – Net (loss) income $ (0.22 ) $ 0.03 $ (0.71 ) $ 0.53

Note 6 - Business Acquisition23

Note 6 - Business Acquisitions and Goodwill (Tables)	9 Months Ended
	Sep. 30, 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 596 – 596 (588 ) 8 Balance as of September 30, 2016 $ 104,971 $ – $ 104,971 $ 158,824 $ 263,795 Balance as of September 30, 2016 Goodwill $ 199,499 $ 22,767 $ 222,266 $ 158,824 $ 381,090 Accumulated impairment losses (94,528 ) (22,767 ) (117,295 ) – (117,295 ) $ 104,971 $ – $ 104,971 $ 158,824 $ 263,795

Note 7 - Debt (Tables)

Note 7 - Debt (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	September 3 0 , 201 6 December 31, 201 5 Revolving credit facility, which matures May 28, 2019, with lending commitments up to $600 million (1) $ 61,046 $ 120,191 Capital lease obligations and other debt 5,832 6,229 Total debt 66,878 126,420 Less: Current portion 515 533 Total long-term debt and capitalized leases $ 66,363 $ 125,887

Note 9 - Changes in Common St25

Note 9 - Changes in Common Stock Outstanding (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Stock Activity [Table Text Block]	Shares of common stock outstanding – December 31, 2015 50,953,149 Restricted stock awards, net of forfeitures 566,201 Shares issued upon exercise of stock options 16,714 Shares withheld for taxes on vesting of restricted stock awards and transferred to treasury (161,007 ) Shares of common stock outstanding – September 30, 2016 51,375,057

Note 10 - Stock-based Compens26

Note 10 - Stock-based Compensation (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	Stock Options Restricted Stock Number of Shares Outstanding at December 31, 2015 770,181 1,171,884 Granted – 623,263 Stock options exercised/restricted stock awards vested (16,714 ) (469,109 ) Forfeited (20,444 ) (57,062 ) Outstanding at September 30, 2016 733,023 1,268,976

Note 12 - Segment and Related27

Note 12 - Segment and Related Information (Tables)	9 Months Ended
	Sep. 30, 2016
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Revenues Depreciation and amortization Operating (loss) income Equity in (losses) earnings of unconsolidated affiliates Capital expenditures Total assets Three months ended September 3 0 , 201 6 Well site services – Completion services $ 38,975 $ 17,230 $ (20,450 ) $ – $ 2,365 $ 475,139 Drilling services 7,375 5,629 (5,641 ) – 249 82,683 Total well site services 46,350 22,859 (26,091 ) – 2,614 557,822 Offshore products 132,656 6,712 22,867 (77 ) 2,502 851,819 Corporate – 277 (12,402 ) – 379 25,486 Total $ 179,006 $ 29,848 $ (15,626 ) $ (77 ) $ 5,495 $ 1,435,127 Revenues Depreciation and amortization Operating (loss) income Equity in (losses) earnings of unconsolidated affiliates Capital expenditures Total assets T hree months ended September 3 0 , 201 5 Well site services – Completion services $ 66,734 $ 18,701 $ (9,991 ) $ – $ 11,343 $ 545,986 Drilling services 16,506 6,725 (4,844 ) – 1,539 109,645 Total well site services 83,240 25,426 (14,835 ) – 12,882 655,631 Offshore products 175,646 5,985 33,512 1 10,538 955,439 Corporate – 319 (12,031 ) – 154 37,268 Total $ 258,886 $ 31,730 $ 6,646 $ 1 $ 23,574 $ 1,648,338 Revenues Depreciation and amortization Operating (loss) income Equity in (losses) earnings of unconsolidated affiliates Capital expenditures Total assets Nine months ended September 3 0 , 201 6 Well site services – Completion services $ 116,748 $ 52,789 $ (66,251 ) $ – $ 9,032 $ 475,139 Drilling services 14,016 18,053 (19,697 ) – 748 82,683 Total well site services 130,764 70,842 (85,948 ) – 9,780 557,822 Offshore products 393,746 17,977 67,854 (196 ) 13,476 851,819 Corporate – 847 (34,798 ) – 637 25,486 Total $ 524,510 $ 89,666 $ (52,892 ) $ (196 ) $ 23,893 $ 1,435,127 Revenues Depreciation and amortization Operating (loss) income Equity in (losses) earnings of unconsolidated affiliates Capital expenditures Total assets Nine months ended September 3 0 , 201 5 Well site services – Completion services $ 254,265 $ 57,289 $ (8,492 ) $ – $ 46,721 $ 545,986 Drilling services 56,888 20,368 (11,725 ) – 10,209 109,645 Total well site services 311,153 77,657 (20,217 ) – 56,930 655,631 Offshore products 554,350 18,054 104,889 5 34,704 955,439 Corporate – 1,031 (35,542 ) – 680 37,268 Total $ 865,503 $ 96,742 $ 49,130 $ 5 $ 92,314 $ 1,648,338

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 - Details of Selected 29

Note 3 - Details of Selected Balance Sheet Accounts - Accounts Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Trade Accounts Receivable [Member]
Accounts receivable, net:
Accounts receivable, gross	$ 160,889	$ 210,313
Unbilled Revenue [Member]
Accounts receivable, net:
Accounts receivable, gross	98,956	124,331
Other Receivables [Member]
Accounts receivable, net:
Accounts receivable, gross	3,847	5,738
Accounts receivable, gross	263,692	340,382
Allowance for doubtful accounts	(7,110)	(6,888)
	$ 256,582	$ 333,494

Note 3 - Details of Selected 30

Note 3 - Details of Selected Balance Sheet Accounts - Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Inventories, net:
Finished goods and purchased products	$ 90,885	$ 97,362
Work in process	39,408	42,182
Raw materials	76,674	86,236
Total inventories	206,967	225,780
Allowance for excess, damaged, or obsolete inventory	(13,638)	(12,898)
	$ 193,329	$ 212,882

Note 3 - Details of Selected 31

Note 3 - Details of Selected Balance Sheet Accounts - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Prepaid expenses and other current assets:
Prepayments to vendors	$ 2,555	$ 5,266
Prepaid insurance	2,356	4,827
Income tax asset	645	11,519
Prepaid non-income taxes	1,875	1,680
Prepaid rent/leases	802	1,108
Other	3,179	4,724
	$ 11,412	$ 29,124

Note 3 - Details of Selected 32

Note 3 - Details of Selected Balance Sheet Accounts - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Land [Member]
Property, plant, and equipment, gross	$ 27,919	$ 26,334
Building and Building Improvements [Member] | Minimum [Member]
Estimated useful life	3 years
Building and Building Improvements [Member] | Maximum [Member]
Estimated useful life	40 years
Building and Building Improvements [Member]
Property, plant, and equipment, gross	$ 189,927	185,274
Machinery and Equipment [Member] | Minimum [Member]
Estimated useful life	2 years
Machinery and Equipment [Member] | Maximum [Member]
Estimated useful life	28 years
Machinery and Equipment [Member]
Property, plant, and equipment, gross	$ 448,648	462,054
Completion Services [Member] | Minimum [Member]
Estimated useful life	2 years
Completion Services [Member] | Maximum [Member]
Estimated useful life	10 years
Completion Services [Member]
Property, plant, and equipment, gross	$ 435,169	421,386
Office Furniture and Equipment [Member] | Minimum [Member]
Estimated useful life	3 years
Office Furniture and Equipment [Member] | Maximum [Member]
Estimated useful life	10 years
Office Furniture and Equipment [Member]
Property, plant, and equipment, gross	$ 41,549	32,200
Vehicles [Member] | Minimum [Member]
Estimated useful life	2 years
Vehicles [Member] | Maximum [Member]
Estimated useful life	10 years
Vehicles [Member]
Property, plant, and equipment, gross	$ 122,415	125,211
Construction in Progress [Member]
Property, plant, and equipment, gross	82,114	92,800
Property, plant, and equipment, gross	1,347,741	1,345,259
Accumulated depreciation	(770,443)	(706,534)
Property, plant, and equipment, net	$ 577,298	$ 638,725

Note 3 - Details of Selected 33

Note 3 - Details of Selected Balance Sheet Accounts - Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Accrued liabilities:
Accrued compensation	$ 21,461	$ 19,402
Insurance liabilities	7,789	9,855
Accrued taxes, other than income taxes	7,151	3,619
Accrued leasehold restoration liability	2,593	3,389
Accrued product warranty reserves	2,032	2,638
Accrued commissions	1,228	2,033
Accrued claims	842	896
Other	6,397	7,468
	$ 49,493	$ 49,300

Note 4 - Accumulated Other Co34

Note 4 - Accumulated Other Comprehensive Loss (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
CANADA
Exchange Rate, Strengthened	6.00%
UNITED KINGDOM
Exchange Rate, Weakened	12.00%
Accumulated Other Comprehensive Income (Loss), Net of Tax	$ (63,232)	$ (50,698)

Note 5 - Earnings Per Share (De

Note 5 - Earnings Per Share (Details Textual) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	745,411	757,150	754,608	745,514

Note 5 - Earnings Per Share - S

Note 5 - Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Restricted Stock [Member]
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements (in shares)		9		9
Employee Stock Option [Member]
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements (in shares)		30		69
Net (loss) income from continuing operations	$ (10,818)	$ 1,706	$ (35,759)	$ 27,257
Less: Income attributable to unvested restricted stock awards		(36)		(575)
Numerator for basic net (loss) income per share from continuing operations	(10,818)	1,670	(35,759)	26,682
Net (loss) income from discontinued operations, net of tax		23	(4)	224
Numerator for basic net (loss) income per share attributable to Oil States	(10,818)	1,693	(35,763)	26,906
Unvested restricted stock awards				1
Numerator for diluted net (loss) income per share attributable to Oil States	$ (10,818)	$ 1,693	$ (35,763)	$ 26,907
Weighted average number of common shares outstanding (in shares)	51,354	51,077	51,287	51,500
Less: Weighted average number of unvested restricted stock awards outstanding (in shares)	(1,132)	(1,066)	(1,129)	(1,078)
Denominator for basic net (loss) income per share attributable to Oil States (in shares)	50,222	50,011	50,158	50,422
(in shares)		39		78
Denominator for diluted net (loss) income per share attributable to Oil States (in shares)	50,222	50,050	50,158	50,500
Basic net (loss) income per share attributable to Oil States from:
Continuing operations (in dollars per share)	$ (0.22)	$ 0.03	$ (0.71)	$ 0.53
Discontinued operations (in dollars per share)
Net (loss) income (in dollars per share)	(0.22)	0.03	(0.71)	0.53
Diluted net (loss) income per share attributable to Oil States from:
Continuing operations (in dollars per share)	(0.22)	0.03	(0.71)	0.53
Discontinued operations (in dollars per share)
Net (loss) income (in dollars per share)	$ (0.22)	$ 0.03	$ (0.71)	$ 0.53

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 - Business Acquisition38

Note 6 - Business Acquisitions and Goodwill - Changes in the Carrying Value of Goodwill (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Well Site Services Completion Services [Member]
Goodwill, Gross	$ 199,499	$ 198,903
Accumulated impairment losses	94,528
	104,375
Foreign currency translation	596
Goodwill	104,971
Well Site Services Drilling Services [Member]
Goodwill, Gross	22,767	22,767
Accumulated impairment losses	22,767
Foreign currency translation
Goodwill
Total Well Site Services [Member]
Goodwill, Gross	222,266	221,670
Accumulated impairment losses	117,295
	104,375
Foreign currency translation	596
Goodwill	104,971
Offshore Products [Member]
Goodwill, Gross	158,824	159,412
Accumulated impairment losses
	159,412
Foreign currency translation	(588)
Goodwill	158,824
Goodwill, Gross	381,090	381,082
Accumulated impairment losses	117,295
	263,787
Foreign currency translation	8
Goodwill	$ 263,795	$ 263,787

Note 7 - Debt (Details Textual)

Note 7 - Debt (Details Textual) $ in Millions	Oct. 03, 2016	Sep. 30, 2016USD ($)	Dec. 31, 2015USD ($)	May 28, 2014USD ($)
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
Long-term Line of Credit		$ 63.1
Line of Credit Facility, Remaining Borrowing Capacity		$ 217.8
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.375%
Debt Instrument, Covenant, Minimum Interest Coverage Ratio		3
Debt Instrument, Covenant, Maximum Leverage Ratio		3.25
Debt Issuance Costs, Net		$ 2.1	$ 2.7
Letters of Credit Outstanding, Amount		$ 27.8

Note 7 - Debt - Summary of Long

Note 7 - Debt - Summary of Long-term Debt (Details) - USD ($) $ in Thousands		Sep. 30, 2016	Dec. 31, 2015
Domestic Line of Credit [Member]
Long-term Debt	[1]	$ 61,046	$ 120,191
Capital Lease Obligations And Other Debt [Member]
Long-term Debt		5,832	6,229
Gross [Member]
Long-term Debt		66,878	126,420
Less: Current portion		515	533
Total long-term debt and capitalized leases		$ 66,363	$ 125,887
[1]	Amounts presented are net of $2.1 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.

Note 7 - Debt - Summary of Lo41

Note 7 - Debt - Summary of Long-term Debt (Details) (Parentheticals) - USD ($) $ in Billions	Sep. 30, 2016	Dec. 31, 2015
Domestic Line of Credit [Member]
Available commitments up to	$ 0.6	$ 0.6

Note 9 - Changes in Common St42

Note 9 - Changes in Common Stock Outstanding (Details Textual) - USD ($) $ in Millions	Jul. 27, 2016	Sep. 30, 2016	Jul. 29, 2015
Treasury Stock, Shares, Acquired		0
Stock Repurchase Program, Authorized Amount			$ 150
Share Repurchase Program, Extension	1 year
Stock Repurchase Program, Remaining Authorized Repurchase Amount		$ 136.8

Note 9 - Changes in Common St43

Note 9 - Changes in Common Stock Outstanding - Stock Activity (Details)	9 Months Ended
	Sep. 30, 2016shares
Shares of common stock outstanding (in shares)	50,953,149
Restricted stock awards, net of forfeitures (in shares)	566,201
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)	(161,007)
Shares of common stock outstanding (in shares)	51,375,057

Note 10 - Stock-based Compens44

Note 10 - Stock-based Compensation (Details Textual) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Feb. 29, 2016	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 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	$ 3.3
Allocated Share-based Compensation Expense		$ 5.4	$ 5.5	$ 15.9	$ 16.2
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized		$ 35		$ 35

Note 10 - Stock-based Compens45

Note 10 - Stock-based Compensation - Stock Option Activity (Details)	9 Months Ended
	Sep. 30, 2016shares
Employee Stock Option [Member]
Outstanding, stock options (in shares)	770,181
Granted, stock options (in shares)
Forfeited, stock options (in shares)	(20,444)
Outstanding, stock options (in shares)	733,023
Restricted Stock [Member]
Outstanding, restricted stock (in shares)	1,171,884
Granted, restricted stock (in shares)	623,263
Forfeited, restricted stock (in shares)	(57,062)
Outstanding, restricted stock (in shares)	1,268,976
Stock options exercised (in shares)	(16,714)
Restricted stock awards vested (in shares)	(469,109)

Note 11 - Income Taxes (Details

Note 11 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Mar. 31, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Tax Expense (Benefit)	$ (6,021)	$ 3,953		$ (20,474)	$ 18,646
Effective Income Tax Rate Reconciliation, Percent	35.80%	69.60%		36.40%	40.60%
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount		$ 3,200			$ 3,500
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount			$ 2,300

Note 12 - Segment and Related47

Note 12 - Segment and Related Information (Details Textual)	9 Months Ended
	Sep. 30, 2016
Number of Reportable Segments	2

Note 12 - Segment and Related48

Note 12 - Segment and Related Information - Financial Information by Business Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Well Site Services Completion Services [Member] | Operating Segments [Member]
Revenues from unaffiliated customers	$ 38,975	$ 66,734	$ 116,748	$ 254,265
Depreciation and amortization	17,230	18,701	52,789	57,289
Operating income (loss)	(20,450)	(9,991)	(66,251)	(8,492)
Capital expenditures	2,365	11,343	9,032	46,721
Total assets	475,139	545,986	475,139	545,986
Well Site Services Drilling Services [Member] | Operating Segments [Member]
Revenues from unaffiliated customers	7,375	16,506	14,016	56,888
Depreciation and amortization	5,629	6,725	18,053	20,368
Operating income (loss)	(5,641)	(4,844)	(19,697)	(11,725)
Capital expenditures	249	1,539	748	10,209
Total assets	82,683	109,645	82,683	109,645
Total Well Site Services [Member] | Operating Segments [Member]
Revenues from unaffiliated customers	46,350	83,240	130,764	311,153
Depreciation and amortization	22,859	25,426	70,842	77,657
Operating income (loss)	(26,091)	(14,835)	(85,948)	(20,217)
Capital expenditures	2,614	12,882	9,780	56,930
Total assets	557,822	655,631	557,822	655,631
Offshore Products [Member] | Operating Segments [Member]
Revenues from unaffiliated customers	132,656	175,646	393,746	554,350
Depreciation and amortization	6,712	5,985	17,977	18,054
Operating income (loss)	22,867	33,512	67,854	104,889
Capital expenditures	2,502	10,538	13,476	34,704
Total assets	851,819	955,439	851,819	955,439
Equity in earnings of unconsolidated affiliates	(77)	1	(196)	5
Corporate, Non-Segment [Member]
Revenues from unaffiliated customers
Depreciation and amortization	277	319	847	1,031
Operating income (loss)	(12,402)	(12,031)	(34,798)	(35,542)
Capital expenditures	379	154	637	680
Total assets	25,486	37,268	25,486	37,268
Equity in earnings of unconsolidated affiliates
Revenues from unaffiliated customers	179,006	258,886	524,510	865,503
Depreciation and amortization	29,848	31,730	89,666	96,742
Operating income (loss)	(15,626)	6,646	(52,892)	49,130
Capital expenditures	5,495	23,574	23,893	92,314
Total assets	1,435,127	1,648,338	1,435,127	1,648,338	$ 1,596,471
Equity in earnings of unconsolidated affiliates	$ (77)	$ 1	$ (196)	$ 5