SEC Filings

10-Q
RANGE RESOURCES CORP filed this Form 10-Q on 10/23/2018
Entire Document
 

 

 

 

Three Months Ended

September 30,

 

 

 

Nine Months Ended

September 30,

 

 

2018

 

 

 

2017

 

 

 

2018

 

 

 

2017

 

Net income (loss), as reported

$

48,539

 

 

$

(127,700

)

 

$

17,941

 

 

$

111,961

 

Participating earnings (a)

 

(590

)

 

 

(58

)

 

 

(224

)

 

 

(1,251

)

Basic net income (loss) attributed to common shareholders

 

47,949

 

 

 

(127,758

)

 

 

17,717

 

 

 

110,710

 

Reallocation of participating earnings (a)

 

2

 

 

 

 

 

 

 

 

 

1

 

Diluted net income (loss) attributed to common shareholders

$

47,951

 

 

$

(127,758

)

 

$

17,717

 

 

$

110,711

 

Net income (loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.19

 

 

$

(0.52

)

 

$

0.07

 

 

$

0.45

 

Diluted

$

0.19

 

 

$

(0.52

)

 

$

0.07

 

 

$

0.45

 

(a)

Restricted Stock Awards represent participating securities because they participate in nonforfeitable dividends or distributions with common equity owners. Income allocable to participating securities represents the distributed and undistributed earnings attributable to the participating securities. Participating securities, however, do not participate in undistributed net losses.

The following provides a reconciliation of basic weighted average common shares outstanding to diluted weighted average common shares outstanding (in thousands):

 

 

 

Three Months Ended

September 30,

 

 

 

Nine Months Ended

September 30,

 

 

2018

 

 

 

2017

 

 

 

2018

 

 

 

2017

 

Weighted average common shares outstanding – basic

 

246,451

 

 

 

245,244

 

 

 

246,016

 

 

 

245,027

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Director and employee PSUs and RSUs

 

715

 

 

 

 

 

 

863

 

 

 

253

 

Weighted average common shares outstanding – diluted

 

247,166

 

 

 

245,244

 

 

 

246,879

 

 

 

245,280

 

 

Weighted average common shares outstanding-basic for third quarter 2018 excludes 3.0 million shares of restricted stock held in our deferred compensation plan compared to 2.9 million shares in third quarter 2017 (although all awards are issued and outstanding upon grant). Weighted average common shares outstanding-basic for first nine months 2018 excludes 3.1 million shares of restricted stock compared to 2.8 million for first nine months 2017. For third quarter 2018, equity grants of 506,000 and for first nine months 2018, equity grants of 755,000 were outstanding but not included in the computation of diluted net income per share because the grant prices were greater than the average market price of our common shares and would be anti-dilutive to the computations. Due to our net loss in third quarter 2017, all outstanding equity grants have been excluded from the computation of diluted net loss per share because the effect would have been anti-dilutive to the computations. For first nine months 2017, equity grants of 1.1 million were outstanding but not included in the computation of diluted net income per share because the grant prices were greater than the average market price of our common shares and would be anti-dilutive to the computations. For purposes of calculating diluted weighted average common shares, non-vested restricted stock and performance based equity awards are included in the computation using the treasury stock method with the deemed proceeds equal to the average unrecognized compensation during the period.

(8) Capitalized Costs and Accumulated Depreciation, Depletion and Amortization (a)

 

 

September 30,
2018

 

 

December 31,
2017

 

 

 

(in thousands)

 

Natural gas and oil properties:

 

 

 

 

 

 

 

 

Properties subject to depletion

 

$

11,041,412

 

 

$

10,572,453

 

Unproved properties

 

 

2,601,784

 

 

 

2,644,000

 

Total

 

 

13,643,196

 

 

 

13,216,453

 

Accumulated depreciation, depletion and amortization

 

 

(3,929,060

)

 

 

(3,649,716

)

Net capitalized costs

 

$

9,714,136

 

 

$

9,566,737

 

(a)

Includes capitalized asset retirement costs and the associated accumulated amortization.

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