W&T Offshore, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Cover
- Document And Entity Information
Financial Statements
Notes to Financial Statements

Condensed Consolidated Statements Of Income

v2.3.0.11

Condensed Consolidated Statements Of Income (USD $) In Thousands, except Per Share data	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Condensed Consolidated Statements Of Income
Revenues	$ 252,922	$ 179,667	$ 463,777	$ 349,252
Operating costs and expenses:
Lease operating expenses	48,597	52,457	101,002	87,823
Production taxes	845	283	1,133	512
Gathering and transportation	3,797	3,726	8,350	8,313
Depreciation, depletion and amortization	75,880	69,895	141,618	132,819
Asset retirement obligation accretion	7,490	6,127	15,844	12,412
General and administrative expenses	18,002	14,375	36,131	24,754
Derivative (gain) loss	(17,332)	(7,374)	6,508	(13,270)
Total costs and expenses	137,279	139,489	310,586	253,363
Operating income	115,643	40,178	153,191	95,889
Interest expense:
Incurred	12,056	10,914	22,192	21,834
Capitalized	(2,079)	(1,329)	(3,491)	(2,745)
Loss on extinguishment of debt	20,663		20,663
Other income	9	354	16	482
Income before income tax expense	85,012	30,947	113,843	77,282
Income tax expense	29,837	3,077	40,019	7,097
Net income	$ 55,175	$ 27,870	$ 73,824	$ 70,185
Basic and diluted earnings per common share	$ 0.73	$ 0.37	$ 0.98	$ 0.94
Dividends declared per common share	$ 0.04	$ 0.03	$ 0.08	$ 0.06

- Definition

Amount of accretion expense recognized in the income statement during the period that is associated with asset retirement obligations. Accretion expense measures and incorporates changes due to the passage of time into the carrying amount of the liability. Such accretion expense representing changes in the liability for an asset retirement obligation due to passage of time is the result of applying an interest method of allocation to the amount of the liability at the beginning of the period. The interest rate used to measure that change shall be the credit-adjusted risk-free rate that existed when the liability, or portion thereof, was initially measured. That amount shall be recognized as an increase in the carrying amount of the liability and as an expense classified as an operating item in the statement of income. Accretion expense shall not be considered to be interest cost for purposes of capitalization of interest.

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Aggregate dividends declared during the period for each share of common stock outstanding.

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Amount represents the difference between the fair value of the payments made and the carrying amount of the debt at the time of its extinguishment.

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Cost incurred related to the gas activities, such as transportation, marketing and processing crude oil, natural gas and refined petroleum products.

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The sum of the current income tax expense (benefit) and the deferred income tax expense (benefit) pertaining to continuing operations.

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Lease expense related to property used in oil and gas production.

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The aggregate amount of other income amounts resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) profits on securities (net of losses), and (d) miscellaneous other income items.

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Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains.

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Basic and diluted earnings (loss) per common share

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