Day1: Sydney, spectacularly draped around its glorious harbour and beaches, has visual wow factor like few other cities.Scratch the surface and it only gets better. We are almost all on deck as we sail into Sydney Harbour for some of the best views of any port we have docked in.
Of course the most recognizable landmark in Sydney is the Opera House. Designed by Danish architect Jørn Utzon, this World Heritage–listed building is Australia's most famous landmark. Visually referencing a yacht's sails, it's a soaring,commanding presence. The complex comprises five performance spaces for dance,concerts, opera and theatre. There is ongoing renovation work, scheduled to be completed in 2021, but we did not notice any of the work.
The ms Amsterdam is a small enough vessel that we are able to sail under the famous Sydney Harbour Bridge, unlike the massive Royal Caribbean ship, Explorer of the Seas which you will see in some of the pictures above.
Sydneysiders love their giant 'coathanger' (Harbour Bridge), which opened in 1932. The bestway to experience this majestic structure is on foot. Stairs climb up the bridge from both shores, leading to a footpath on the eastern side (the westernside is a bike path). Climb the southeastern pylon to the Pylon Lookout or ascend the arc on the popular but expensive BridgeClimb.
The harbour bridge is a spookily big object – moving around town you'll catch sight of it in the corner of your eye, sometimes in the most surprising of places.Its enormous dimensions make it the biggest (if not the longest) steel arch bridge in the world. The two halves of chief engineer JJC Bradfield's mighty arch were built outwards from each shore. In 1930, after seven years of merciless toil by 1400 workers,the two arches were only centimeters apart when 100km/h winds set them swaying.The coathanger hung tough and the arch was finally bolted together. Extensive load-testing preceded the bridge's opening two years later. It is a sight to see.
We have been to Sydney a few times before, so we were not as excited about seeing the sights but rather happy to be meeting up with our friends Gary and Chris O. It was so good of them to pick us up at White Bay Cruise Terminal and take us out for a walk about of the city.
We parked the car near St Mary's Cathedral and started off from there. Parking near downtown Sydney is expensive -$10.00 per hour. We were gone for 4hours, so yikes $40.00!
Our path took us around the Opera House, through Darling Harbour and into an area called "The Rocks".
Sydney's oldest colonial neighborhood, The Rocks is a warren of atmospheric sandstone warehouses, quiet courtyards, and cobbled alleys on the western side of Circular Quay. The birthplace of modern Sydney, this was where the First Fleet of British colonists and convicts stepped ashore in 1788. Enjoy spectacular views of Sydney Harbour Bridge looming over this historic district, and Sydney Opera House opposite. The oldest remaining building is 1816-founded Cadmans Cottage, beside the Museum of Contemporary Art (MCA), a handy starting point for a walk around the area's 19th-century buildings, heritage pubs, cafes,shops, and galleries.
The Rocks was a destination because the last time we were in Sydney, we went to a beer festival there and had pizza at the Australian Hotel. Not just any pizza mind you but Karen loved a tandoori chicken pizza with mango chutney and mint yogurt dressing on top. We had to go back and try it again!
While it was good, they have changed the recipe and it was not as we remembered it. We actually liked the kangaroo meat pizza better and the local brew was excellent.
Some great sights on our walk back to the car but again, we were enjoying the company of our friends mostly.
A drive over to Manley Beach which is one of Sydney's most famous surf spots just to re-acquaint ourselves. It is a huge sweep of golden sand backed by pretty pine trees. It's actually three beaches in one—South Steyne, North Steyne, and surf-friendly Queenscliff, stretching almost two kilometres—and is the first of the city's Northern Beaches which run from here up to Palm Beach.
The real destination was to the North Heads, a scenic spot on the cliff side from which to get great views of the city.
Luckily the weather was very cooperative today,although not as hot as Sydney can get at this time of year. Our next stop and the one we have really been looking forward to is to Gary and Chris's house! They are such wonderful, warm people and both are excellent cooks, have great taste in wine and love to entertain. It was a fantastic evening! Thanks to our very good friends!
Day 2 – Oh dear, the weather has become very nasty. We are being pelted with sheets of rain and they are forecasting a month's worth of rain in one day!
However, not to be deterred, Chris and Gary show up to take us first to an aboriginal art studio named Kate O Gallery where we were introduced to a large variety of original art that ranged in price from a few hundred dollars to over a million dollars! It really was spectacular!
Braving the rain, we went for lunch to an Israeli restaurant called Kepos & Co. with a very unique menu. The food and wine were exceptional and we really enjoyed the hummus made fresh at the table and warm bread baked in their wood fired oven.
As our time was winding down, we took Gary and Chris on board the ship for a tour (pre-arranged) as they have never yet sailed. It was a lovely way to finish our visit, showing them where we are living for our 82 day experience.
Sadly, we bid them farewell as we prepared to sail away from Australia and start our South Pacific journey back home. As the weather was not very favourable today,we experienced some rather rough seas…the worst we have had so far on our journey. It was interesting watching the small pilot boat navigate 20 – 30 foot swells. Our evening entertainment was also cancelled because of the motion of the ocean.
Our first time to the Sunshine Coast in Australia and a port of call that is on many ship itineraries but rarely do they actually get into port because it is a tender port where they use a couple of the ship's lifeboats to ferry passengers into town. The swells can get quite high there and it becomes too dangerous to run the tenders.
In our case, it looked like we would make it and I was invited along for a round of golf. I was quite excited about this because I hadn't played in the last couple of months and I have never played golf in Australia.
Unfortunately, just before anyone disembarked the ship, the Captain announced that we were abbreviating our stop in Mooloolaba by 2.5 hours. This made it too tight to get in a round of golf and so the decision was made to cancel golf and perhaps try for another port of call.
What was a huge disappointment turned out to be a delight!
Visitors can enjoy the intimate restaurants, shopping, sparkling white beaches with highly patrolled areas for swimming and surfing, walks along the boardwalk and through tropical foliage. The town – with approximately 17500 residents – is situated approximately 100 km (1 hour) from Brisbane.
The ship's tender dropped us off at Mooloolaba Wharf, one of Mooloolaba's best drawcards. If you're into boats then it is a great place to wander about and pick out your dream cruiser or yacht. If boating's not your thing then content yourself with a wander around the great clothing and specialty shops. There's also a variety of restaurants and bars to choose from which offer great al fresco dining.
We started off with a stroll along the waterfront and made our way to the Mooloolaba Esplanade which is a shopping destination and is the perfect place to go in search for the perfect cup of coffee, lunch, bathing suit or special dress. There's a variety of clothing boutiques offering fashions from Australia and around the world. There are also specialty jewellery stores, galleries and specialty stores selling homewares and gifts. After some retail therapy, we opted for one of the many, many restaurants and in this case a coffee and wine bar.
A lovely lunch of some tapas and a nice cold glass of white wine before we had to start back, along the spectacular beach toward the Wharf to catch our tender.
Mooloolaba Beach is one of the most picturesque on the Sunshine Coast with its clean, white sands and azure waters. The beach is patrolled every day of the year by lifeguards and is perfect for those a little more timid in the sea as the waves aren't too big. The beach is the perfect hang out as long as you remember the sunscreen!
True to the Captains best judgement, the seas were significantly rougher on the ride back to the ship and we were happy it wasn't worse at that point.
Now for a day at sea before we arrive in Sydney, home to our friends Gary and Chris who we are excited to visit with.
What started off as a goldfields port out in the swamp is today one of Australia's best cities. Cairns lies nearly 1,200 miles north of Brisbane and is a city where nature meets concrete. The rainforest and human civilization co-exist gracefully. Pronounced "Caans", Cairns is a great starting point for those interested in exploring northern Queensland which is raw and wild, and of course, the Great Barrier Reef.
It is well known as a base for those interested in sports and activities such as scuba diving, snorkeling, boating, parasailing, hiking through the rain forest, etc. Wildlife is one of Cairns' main attractions for tourists. The rain forest is home to some incredible flora and fauna including animals such as wallabies, gray kangaroos, crocodiles, snakes and even poisonous jelly fish. In fact, the jelly fish is so lethal that for half the year, some of the most stunning beaches in the area are cordoned off from the public and swimming isn't allowed. The wildlife, the forests, and the activities on offer here make Cairns the perfect spot for tourism marketers to sell to tourists. The fact that it is in such close proximity to the Great Barrier Reef also helps.
Our activities in Cairns were at the invitation of our table mates, John and Margaret, who although originally from Australia, now live in Calgary. They had rented a car and were driving up to Port Douglas via Kuranda and invited us along. Since John was used to driving on the left side of the road, we thought that was a good option.
The drive to Kuranda was very nice…a windy road through the forest and the town itself was like a Waskesiu, a small resort town with lots of shops and cafes. We did a quick walk through and stopped for an Aussie Meat Pie. I had the steack and kidney pie and I must say it was excellent.
We stopped at the Barron Falls which in normal times is a raging river with spectacular falls through the deeply cut gorge. Unfortunately, Cairns and area has had a severe drought and as a result, the spectacular falls turned out to be a small version of its former self. The gorge was very impressive.
We followed the coastal road up to Port Douglas and the scenery was amazing! Being landlocked in Saskatchewan gives me a great appreciation for the ocean and the magnificent views we saw along the way to the beachfront town.
However, now we are ready for some beach time at Four Mile Beach! In the pictures below, you will see a "roped off" area in the water. This is the safe swimming zone as box jelly fish are known to infest the waters. These nets around the area keep the stingers out of danger for people in the water. It was low tide and the water was not very deep and very warm.
Compared to Sydney, Cairns is very laid back and easy going. There are several bars, pubs, restaurants, smaller eateries, cafes, and social hangout spots to cater to the hungry and thirsty tourist. One sight that we could not miss out on when we were back in Cairns is the stunning 3 km Esplanade boardwalk.
The ship is docked downtown so access to the Esplanade was very easy. It was also docked right next to Hemingway's Brewery and since all aboard wasn't until 8:30PM and the night was so lovely, why not enjoy a local brew and some snacks!
A couple of days at sea next and then Mooloolaba, Australia! Yes, there is such a place and we are looking forward to it!
G'Day Mate! We have finally reached Down Under. Our first stop is Darwin. For me, the Japanese air raid after Pearl Harbour is what Darwin is most famous for. If you ask the locals, they would say the perfect weekend is going fishing for barra (barramundi) in a tinny (small boat) with an esky (cool box) full of beer. There does seem to be a plethora of pubs and restaurants.
There are a variety of sights and activities to do in and around Darwin, from crocodile performances to national parks, giant termite hills and botanical gardens. We chose to do none of those at all. Instead, since my camera is still not working, we hunted down a camera shop in the hope of getting it fixed. Unfortunately, the one person there (it was Sunday) tried very hard to help but to no avail. It seems that the shutter curtain is locked down…I'm hoping that perhaps in Sydney I might find some help.
Feeling sorry for ourselves, Karen opted for some retail therapy and after, we decided a nice lunch overlooking the water would be just the thing. Off to Stokes Hill Wharf for a nice feed of Barra, calamari and fresh oysters accompanied by a lovely bottle of southern Australian Yulumba Pinot Gris and that completed our short but enjoyable stay in Darwin.
Next stop is Cairns…we better decide what we want to do there soon. Cheers.


This course will examine the growing segment of spas and spa services. The evolution of the spa industry will be detailed from ancient civilizations to today with an emphasis on the interrelatedness of spas, medicine, healthcare, tourism and hospitality. Students will learn the unique aspects of a variety of spa categories including day, resort, medical, destination, hospital, and lifestyle management spa programs. Students will learn resume writing and interview skills. This course will provide the knowledge base necessary for students to successfully attain a position in Spa Management or for the Massage Therapy student to successfully apply for a position in the massage therapy field or establish a private practice. The student should be able to use these preparatory skills to facilitate the attainment of his/her career goals.


This DuckTales t-shirt features an image of the Beagle Boys, the criminal brothers who constantly try to rob the extremely wealthy Scrooge McDuck.
This shirt shows Bigtime, Burger and Bouncer, the three main crooked Beagle family members who work under the direction of Ma Beagle. These brothers were always looking for ways to rob Scrooge's Money Bin, become rich and make Ma Beagle proud...and they always failed with hilarious mishaps in each of their attempts.
The Beagle Boys are instantly recognizable with their red shirts and prison number tags. Everyone will immediately know that you are a fan when you wear this Beagle Boys DuckTales t-shirt!


Simple to follow and easy to do if you are logged into your Google Webmaster Tools Account.
1) Verify your site with Google Webmaster Tools before it will allow you top add a sitemap.
This process is quite simple and you can either choose to add some code into the "header" of your website OR upload a file into the folder your website sits in on your hosts server. If you are scratching your head at this point, simply download the file option and give to your web master to upload via FTP. Should take him 5 mins max!
2) Once the site has been verified – which happens almost instantly, you simply tell Google Webmaster Tools you have uploaded the file and it'll verify.
4) Then once on your Webmaster Tools home page, select your site and then on the next page in the left nav sidebar, click "Site configuration" and then "Sitemaps".
5) Click the Add/Test Sitemap button in the top right (see the video).
7) Google will then come back almost instantly and say "yes" all is ok or "no" an error means you have not got the right URL for the sitemap so check with your plugin or the sitemap url.
8) If you submit and all is ok, click the Add/Test Sitemap button again (see the video) as Google forgets that if you have the right URL you might want to submit it for their use! Then add the URL again and this time hit "Submit Sitemap" and wait for the page to refresh with the added sitemap. If all goes well Google will show sitemap as "Pending", this changes after 30 mins to a day.
That's how to get lots of pages quickly indexed into Google!


text:
Title Page from Parry Manufacturing Company Catalog
The page shows a drawing of the company's facility in Indianapolis where they built carriages and wagons. Company officers are listed in the upper right corner. The lower left corner gives the cities where the company has branches.
Author(s): Cohen & Co., Printers, Cincinnati, Ohio
Tour of the Universe
Scroll down and click on the astronomical object of your choice and start exploring the Universe...
LSE Literary Weekend - Roundtable on Migrant Literature
The migrant intellectual, writes Edward Said, has 'double perspective'. He or she is in a constant dialogue with his or her old and new home. Their writings often convey both a sense of loss and yearning but also display a richness wrought by the integration of multiple cultural identities, unique experiences and diverse modes of expression. These authors will explore what is it like to be migrant writers in their respective societies-what are the points of divergence, what are the commonalities
FORMATIC – Paris 2011 – Ouverture du colloque Jérôme CLEMENT, Pierre ESPINOZA (audio)
FORMATIC – Paris 2011 – Ouverture du colloque Jérôme CLEMENT, Pierre ESPINOZA
Conférence enregistrée lors du congrès international FORMATIC PARIS 2011. Ouverture du colloque : Jérôme CLEMENT Président de l'Association FORMATIC SantéPierre ESPINOZA (praticien hospitalier télémédecine Hôpital Européen Georges Pompidou – Paris),
Réalisation, production : Canalu UN/3S, CERIMES
Community Language tutors Methodology session Feb 2011 - PPT
Community Language tutors Methodology session Feb 2011 - PPT.
The Evolution of Financial Technology
An unmistakable glow of nostalgia rises from this reunion of "five of the founding fathers of modern finance," in the words of Andrew Lo. The speakers reminisce about their start in economics, and their professional lives at MIT, a decades-long era of intense collaboration and creativity that both transformed the academic field and th
International Economics: Theory and Policy
International Economics: Theory and Policy is built on Steve Suranovic's belief that students need to learn the theory and models to understand how economics works and how economists understand the world. And, that these ideas are accessible to most students if they are explained thoroughly. So, if you are looking for an International Economics text that will prepare your PhD students while promoting serious comprehension for the non-economics major, Steve Suranovic's International Economic
Don't Laugh At Me
Office Hours with Peter Ubel on Making Medical Decisions
Peter Ubel is a physician, a professor of public policy and the Jack O. Blackburn Professor of Marketing at Duke's Fuqua School of Business. He answered questions about his research on how people make health choices during a live "Office Hours" webcast on February 25, 2011.
World's oldest Pteranodon (flying reptile) a native Texan?
Fossilized bones discovered in Texas are from the left wing of an ancient flying reptile that died 89 million years ago. Evidence suggests the specimen may be the earliest occurrence of the prehistoric creature Pteranodon, says paleontologist Timothy S. Myers, Southern Methodist University, who identified the fossils. If the reptile is Pteranodon, it would be the world's oldest and the first of its kind discovered as far south as Texas. See www.smuresearch for the full story.
President Bruininks: Full testimony before Minnesota House, 2/22/11
FULL VERSION - University of Minnesota President Robert Bruininks spoke to the Minnesota House of Representatives Higher Education Policy and Finance Committee on Feb. 22, 2011, testifying on the impact of proposed budget cuts on the university and its students. To read Bruininks' full remarks (PDF), visit: http://z.umn.edu/bruininksremarks
Gov't and the Marketplace Seminar: Toxics 02/22/2011 #1: Burnes Intro
Managing Risk: The Case of Safer Alternatives to Toxics Speakers: Joel Tickner, Associate Professor, Department of Community Health and Sustainability, University of Massachusetts Lowell Robert A. Rio, Senior Vice President for Government Affairs, Associated Industries of Massachusetts Moderator: Jennifer Nash, Senior Research Associate, Nanotechnology and Society Research Group, Northeastern University
Blackboard 9 - Adding a URL (External Link)
Blackboard Collaborate: Accessing & Sharing Recordings
This video will show you how to access recorded Blackboard Collaborate sessions and share them in a course or organization.
"We Are Literally Slaves": An Early Twentieth-Century Black Nanny Sets the Record Straight
In folklore the black nursemaid was seen as a dutiful, self-sacrificing black woman who loved her white family and its children every bit as much as her own. Yet the popular images of the loyal, contented black nursemaid, or "mammy," were unfortunately far from the reality for the African-American women who worked in these homes. In 1912 the Independent printed this quasi-autobiographical account of servant life, as related by an African-American domestic worker, which dispelled the comforting "
"The White Man's Road is Easier!": A Hidatsa Indian Takes up the Ways of the White Man in the Late 1
Following the passage of the Dawes Act in 1887, which forced Plains Indians to give up communal ways of life for individual family farms, many American Indians struggled to adapt to the new ways of life being dictated to them. But while many suffered under the federal government's attempt to exorcise Indian customs and beliefs some, like Edward Goodbird, a member of the Hidatsa tribe in North Dakota, embraced the new order. In this excerpt from his autobiography, Goodbird described the often sub
Cemetery Geology
This field exercise determines the susceptibility of different rocks to weathering, and, using the dates on the tombstones, estimates some weathering rates. Placing the field lab in context for use, this site describes the learning goals, teaching notes and materials, assessment recommendations, and provides links to other resources and references.
SPECTROPHOTOMETRIC DETERMINATION OF ASCORBIC ACID IN ...
An article that describes the flow injection analysis determination of ascobic acid using iron phenanthroline as a redox reagent and UV vis detection.
Author(s): M. Umar Dahot et al.
Healthy Start, Grow Smart
Healthy Start, Grow Smart provides parents of newborns information about checkups and shots, breastfeeding and bottle feeding, changing diapers, installing car seats, bathing, communicating, keeping a memory book, what's it like to be a newborn, and more. This series was an initiative of Laura Bush as the First Lady of Texas and sponsored by the Texas Department of Health. President Bush and Mrs. Bush have asked that this series of booklets be revised and distributed by the U.S. Department of A
Start a Rock Collection
In this OLogy activity, kids learn about how rocks give us important clues about Earth's history. The activity begins with an overview that explains the evidence rocks hold and how kids can begin to make observations about their different traits. Students are then given step-by-step, illustrated directions for collecting rocks, observing and sorting them, and creating a display of their collection. The activity includes a printable rock chart to help kids make their observations.

redpajama_set_name: RedPajamaCommonCrawl


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Local musician Davies shaves hair to support cold caps cancer fundraiser (12 photos)
'I'll do it again' says well-known Sault singer/guitarist
May 26, 2019 4:21 PM By: Darren Taylor
1 / 1 The Sault's Michael Davies, well-known for his music and rock star hair, after having his hair shaved to pay for cold cap rentals for chemotherapy patients at the 'Cancer Doesn't Care About Your Hair, But We Do' fundraiser held at The Machine Shop, May 25, 2019. Darren Taylor/SooToday
In a hugely good-hearted gesture, the Sault's Michael Davies, well-known locally for his music and long, rock star hair, had his hair shaved to help cancer patients avoid chemotherapy-related hair loss at the 'Cancer Doesn't Care About Your Hair, But We Do' fundraiser held at The Machine Shop Saturday evening.
Now in his early 50s, Michael had sported long hair for 37 years.
"It feels weird. My neck's cold for the first time in years," Michael chuckled, speaking to SooToday.
"But it feels good to do this. It'll grow back in a couple of years then I'll do it again. Absolutely, without a doubt. It's a great cause."
"Are you trying to carve a turkey back there?" quipped Michael as a hairstylist took scissors to cut the hair which hung below his shoulders.
Michael has raised $1,635 from a GoFundMe page he established to assist chemotherapy patients pay for rental of special cold caps, which freeze the scalp and allow chemo patients to keep most of their hair as they go through the harsh treatment process.
The cost for renting the caps and accompanying kits is estimated to be about $2,000.
A District of Sault Ste. Marie Social Services case manager by day, Michael is also a well-known local musician and music teacher.
Prior to getting his hair shaved, Michael provided live entertainment at The Machine Shop Saturday with fellow musician John Ferguson, the two of them known as The Tilrays (formerly Stiffler's Mom).
"I'm so proud of him," said girlfriend Robin Wierzbicki.
As reported earlier by SooToday, local awareness of cold caps, available for rental online through a U.S. company, has been raised by the Sault's Andrea Pietramale.
"He (Michael) has loved his hair for as long as people can remember, and the fact he is willing to shave his head for this event shows the support we're getting from the community. Hair means a lot to people, and for me to keep my hair with using the cold caps, and for him being willing to cut his hair to support this great cause means a lot," Andrea told us.
"He told me his mom said 'I've been trying to get him to shave his head for 40 years!'" Andrea chuckled.
Now going through a different, subsequent type of chemo treatment which does not cause hair loss (needing to continue that treatment until November 2019), Andrea hopes to eventually return to her occupation as a schoolteacher.
"I feel fantastic. I couldn't be happier with the turnout tonight. I'm excited," Andrea beamed.
With 1,000 tickets printed for Saturday's fundraiser, approximately 600 were sold, with at least another 30 tickets purchased at the door.
Almost $13,000 had been raised by the time Saturday's fundraiser activities started.
All funds raised at the event (organized by Andrea and Laurie Alfano), including the $25 admission fee and Michael's support, will go to helping men and women pay for cold cap rental fees as they undergo chemo.
One local woman currently undergoing chemo treatments has kept her hair thanks to the cold caps, with two other women having contacted Andrea as they get ready to begin treatment.
"Sault Ste. Marie has been unbelievable with the support we've had. All the prizes donated by sponsors...I never got 'no' for an answer. I just told them my story and they all said 'yes, yes, yes.'"
There were over 100 prizes available, including overnight stays at hotels, hair products and services, massages, jerseys, paintings and portraits.
"This is way bigger than I imagined," Andrea said, intending to continue helping chemo patients on an ongoing basis and considering holding a second cold caps fundraiser next year.
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About the Author: Darren Taylor
Darren Taylor is a news reporter and photographer in Sault Ste Marie. He regularly covers community events, political announcements and numerous board meetings. With a background in broadcast journalism, Darren has worked in the media since 1996.
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Karnataka set to prepare blueprint for development of Anjanadri hills
Karnataka Minister for Tourism, Environment and Ecology Anand Singh said that 62 acres of land is needed for the overall development of Anjanadri hills. He further shared that the famers are ready to give away their lands. The farmers would be given INR 42 lakh compensation per acre of land. He believes that the blueprint will be ready in 15 days
The Karnataka government which is leaving no stone unturned to develop Anjanadri hills - the birthplace of Lord Hanuman, to make it a part of Ayodhya tour corridor, is all set to get the blueprint ready for its comprehensive development.
Karnataka Minister for Tourism, Environment and Ecology Anand Singh said that 62 acres of land is needed for the overall development of Anjanadri hills. "The devout famers have come forward to give away their lands readily. The farmers would be given INR 42 lakh compensation per acre of land. The blueprint will be ready in 15 days," he stated.
"The development will be taken up as per the expert architects. The natural beauty and ambience of Anjanadri hills will be retained while taking up development. In the first phase, rest rooms, parking, tourist rooms, and commercial complexes would come up," Singh said.
Start work in July for development of Anjanadri hills, Bommai to officials
Referring to the proposal for building a 430 metre ropeway for the Anjanadri Hills, Karnataka Chief Minister Basavaraj Bommai instructed the Tourism department to complete the tender process for the comprehensive development of Anjanadri Hills at Kishkinda in Koppal district within two months. The instructions were issued at a meeting chaired by the Chief Minister to review the implementation of Anjanadri Hills Comprehensive Development project.
The Karnataka government has allocated INR 100 crore for the upliftment of Anjanadri. Karnataka Chief Minister Basavaraj Bommai would conduct a helicopter survey of Anjanadri and also hold a meeting to discuss the matters related to developmental work, he said.
Currently, 5,000 devotees visit the birthplace of Lord Hanuman at Anjanadri in Karnataka. The numbers increase up to 25,000 on the weekends. During festivals, around 50,000 devotees pay a visit. "It has also been planned to build a rope-way for Anjanadri hills. IDEK institute will conduct the studies and later a tender will be called for the project under public-private partnership," Anand Singh said.
To connect Anjanadri Hills with the National Highway, 35 km of road will be developed as a four-way highway. Also, 148 acres of land will be acquired and total cost for the project is estimated at INR 400 crore, he said.
Anjanadri hills


Enough time has come. You have halted by the pet shop every-day on the road house from work to dote about the sweet puppies within the window. Usually you return home with the ideas of a sweet pup scampering down your hallways. Well, today you made it happen. You chose to buy your own pup. Nevertheless, before you deliver your puppy house you have to be ready. You have to buy numerous puppy materials so that you can offer a residence to your new puppy or Wonderful Belgium Shepherd Photo Collection.
Beautiful Long Haired Dachshund Picture Gallery is lovely picture inside Dog, posted on April 1, 2015 and has size 640 x 427 px.
Lovely Mini Pinscher Picture Gallery is inspiring image labelled Dog, entry on April 22, 2016 and has size 640 x 480 px.
Cute German Shepherd Picture Collection1 is lovely photo under Dog, submit on December 17, 2016 and has size 816 x 710 px.
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For the transition period from _______________ to ________________
Commission File Number 1-32414
W&T OFFSHORE, INC.
(State of incorporation)
Identification Number)
Nine Greenway Plaza, Suite 300
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes þ No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.
Indicate by check mark whether the registrant is a shell company. Yes ¨ No þ
As of May 4, 2015, there were 75,936,731 shares outstanding of the registrant's common stock, par value $0.00001.
W&T OFFSHORE, INC. AND SUBSIDIARIES
PART I –FINANCIAL INFORMATION
Condensed Consolidated Balance Sheets as of March 31, 2015 and December 31, 2014
Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2015 and 2014
Condensed Consolidated Statement of Changes in Shareholders' Equity for the Three Months Ended March 31, 2015
Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2015 and 2014
EXHIBIT INDEX
(In thousands, except share data)
Property and equipment - at cost:
Oil and natural gas properties and equipment (full cost method, of which $110,704 at
March 31, 2015 and $109,824 at December 31, 2014 were excluded from
amortization)
Preferred stock, $0.00001 par value; 20,000,000 shares authorized; 0 issued at
March 31, 2015 and December 31, 2014
Common stock, $0.00001 par value; 118,330,000 shares authorized;
78,805,904 issued and 75,936,731 outstanding at March 31, 2015;
78,768,588 issued and 75,899,415 outstanding at December 31, 2014
Retained earnings (accumulated deficit)
See Notes to Condensed Consolidated Financial Statements.
(In thousands except per share data)
Ceiling test write-down of oil and natural gas properties
Operating income (loss)
Basic and diluted earnings (loss) per common share
(3.36
Dividends declared per common share
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
(Deficit)
Balances at December 31, 2014
Balances at March 31, 2015
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Ceiling test write-down of oil and gas properties
Cash payments on derivative settlements
Investment in oil and natural gas properties and equipment
Purchases of furniture, fixtures and other
Borrowings of long-term debt - revolving bank credit facility
Repayments of long-term debt - revolving bank credit facility
Dividends to shareholders
Net cash provided by (used in) financing activities
Increase (decrease) in cash and cash equivalents
1. Basis of Presentation
Operations. W&T Offshore, Inc. and subsidiaries, referred to herein as "W&T," "we," "us," "our," or the "Company," is an independent oil and natural gas producer focused primarily in the Gulf of Mexico and onshore Texas. The Company is active in the exploration, development and acquisition of oil and natural gas properties. Our interest in fields, leases, structures and equipment are primarily owned by W&T Offshore, Inc. (on a stand-alone basis, the "Parent Company") and our 100%-owned subsidiary, W & T Energy VI, LLC ("Energy VI").
Interim Financial Statements. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim periods and the appropriate rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, the condensed consolidated financial statements do not include all of the information and footnote disclosures required by GAAP for complete financial statements for annual periods. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.
Operating results for interim periods are not necessarily indicative of the results that may be expected for the entire year. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014.
Transactions between Entities under Common Control. The prior period financial information for the three months ended March 31, 2014 presented in Note 13, Supplemental Guarantor Information, has been retrospectively adjusted due to transactions between entities under common control, as required under authoritative guidance.
Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
Ceiling Test Write-Down. Under the full cost method of accounting, we are required to periodically perform a "ceiling test," which determines a limit on the book value of our oil and natural gas properties. If the net capitalized cost of oil and natural gas properties (including capitalized ARO) net of related deferred income taxes, exceeds the ceiling test limit, the excess is charged to expense on a pre-tax basis and separately disclosed. Any such write downs are not recoverable or reversible in future periods. The ceiling test limit is calculated as: (i) the present value of estimated future net revenues from proved reserves, less estimated future development costs, discounted at 10%; (ii) plus the cost of unproved oil and natural gas properties not being amortized; (iii) plus the lower of cost or estimated fair value of unproved oil and natural gas properties included in the amortization base; and (iv) less related income tax effects. Estimated future net revenues used in the ceiling test for each period are based on current prices, defined by the SEC as the unweighted average of first-day-of-the-month commodity prices over the prior twelve months for that period. All prices are adjusted by field for quality, transportation fees, energy content and regional price differentials.
Due to declines in the unweighted rolling average of first-day-of-the-month commodity prices in oil and natural gas prices, for the three months ended March 31, 2015, we recorded a ceiling test write-down which is reported as a separate line in the Statement of Operations. We did not have a ceiling test write-down for the three months ended March 31, 2014. Assuming oil and natural gas prices that we realized during the three months ended March 31, 2015 continue, we will likely have additional ceiling test write-downs during 2015. The magnitude of these write-downs cannot be estimated at this time.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
Recent Events. The price we receive for our oil, natural gas liquids ("NGLs") and natural gas production directly affects our revenues, profitability, cash flows, liquidity, access to capital and future rate of growth. The prices of these commodities began falling beginning in the second half of 2014 and were significantly lower in the three months ended March 31, 2015 compared to the last few years.
We have taken several steps to mitigate the effects of these lower prices including: (i) significantly reducing the 2015 capital budget from the previous year; (ii) suspending our drilling and completion activities at several locations; (iii) suspending the regular quarterly common stock dividend and (iv) implementing numerous cost reduction projects to reduce our operating costs.
In April 2015, we entered into the First Amendment to the Fifth Amended and Restated Credit Agreement (the "Amendment"), which (i) set the borrowing base under our revolving credit facility at $600.0 million, (ii) provided that the borrowing base be reduced by $0.33 for every $1.00 of unsecured indebtedness, or debt which is subordinate in security compared to the lien securing borrowings under our revolving credit facility, in excess of the $900.0 million aggregate principal amount of existing notes, until such time as the borrowing base has been redetermined by the lenders, and (iii) amended certain existing covenants. See Note 12 for additional information regarding the Amendment.
In May 2015, we announced the pricing and marketing of a $300.0 million five-year second-lien term loan. The transaction did not close prior to the filing of this Form 10-Q and there is no assurance the term loan will be finalized and made. See Note 12 for additional information.
We have assessed our financial condition, the current capital markets and options given different scenarios of commodity prices and believe we will have adequate liquidity to fund our operations through March 31, 2016; however, we cannot predict how an extended period of low commodity prices will affect our operations and liquidity levels.
Recent Accounting Developments. In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2015-03 ("ASU 2015-03"), Interest – Imputation of Interest (Subtopic 835-30), Simplifying the Presentation of Debt Issuance Costs. The guidance seeks to simplify the presentation of debt issuance costs. The amendment would require debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of debt liability, consistent with debt discounts or premiums. The recognition and measurement guidance for debt issuance costs would not be affected by the amendment. ASU 2015-03 is effective in 2016 and should be applied on a retrospective basis. Early adoption is permitted. We do not expect the revised guidance to materially affect our balance sheet as amounts will be reclassified from long-term assets to partial offsets to long-term debt. The revised guidance will not affect the statements of operations or the statements of cash flows.
In August 2014, the FASB issued Accounting Standards Update No. 2014-15 ("ASU 2014-15"), Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern (Subtopic 205-40). The guidance addresses management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. ASU 2014-15 is effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter. We do not expect the revised guidance to materially affect our evaluation as to being a going concern, or have an effect on our financial statements or related disclosures.
In May 2014, the FASB issued Accounting Standards Update No. 2014-09 ("ASU 2014-09"), Summary and Amendments that Create Revenue from Contracts and Customers (Topic 606). ASU 2014-09 amends and replaces current revenue recognition requirements, including most industry-specific guidance. The revised guidance establishes a five step approach to be utilized in determining when, and if, revenue should be recognized. ASU 2014-09 is effective for annual and interim periods beginning after December 15, 2017. Upon application, an entity may elect one of two methods, either restatement of prior periods presented or recording a cumulative adjustment in the initial period of application. We have not determined the effect ASU 2014-09 will have on the recognition of our revenue, if any, nor have we determined the method we will utilize upon adoption, which would be in the first quarter of 2018.
2. Acquisitions and Divestitures
On September 15, 2014, the Parent Company entered into an asset purchase agreement with a third party to increase its ownership interest from 64.3% to 100% in the Mobile Bay blocks 113 and 132 (the "Fairway Field") and the associated Yellowhammer gas processing plant (collectively, "Fairway"). The Fairway Field is located in the state waters of Alabama and the Yellowhammer gas processing plant is located in the state of Alabama. The effective date of the transaction was July 1, 2014. The transaction included customary adjustments for the effective date, certain closing adjustments and our assumption of the related asset retirement obligations ("ARO"). A net purchase price increase of $1.3 million for customary final closing adjustments was recorded in 2015. The acquisition was funded from borrowings under our revolving bank credit facility and cash on hand.
The following table presents the purchase price allocation, including adjustments, for the increased ownership interest in Fairway (in thousands):
Cash consideration:
Evaluated properties including equipment
Non-cash consideration:
Asset retirement obligations - non-current
Total consideration
The acquisition was recorded at fair value, which was determined by applying the market and income approaches using Level 3 inputs. The Level 3 inputs were: (i) analysis of comparable transactions obtained from various third-parties, (ii) estimates of ultimate recoveries of reserves and (iii) estimates of discounted cash flows based on estimated reserve quantities, reserve categories, timing of production, costs to produce and develop reserves, future prices, ARO and discount rates. The estimates and assumptions were determined by management and third-parties. The fair value is based on subjective estimates and assumptions, which are inherently imprecise, and the actual realized values could vary significantly from these estimates. No goodwill was recorded in connection with this acquisition of an additional working interest in Fairway.
Woodside Properties
On May 20, 2014, Energy VI entered into a purchase and sale agreement to acquire certain oil and natural gas property interests from Woodside Energy (USA) Inc. ("Woodside"). The properties acquired from Woodside (the "Woodside Properties") consisted of a 20% non-operated working interest in the producing Neptune field (deepwater Atwater Valley blocks 574, 575 and 618), along with an interest in the Neptune tension-leg platform, associated production facilities and various interests in 24 other deepwater lease blocks. All of the Woodside Properties are located in the Gulf of Mexico. The effective date of the transaction was November 1, 2013. The transaction included customary adjustments for the effective date, certain closing adjustments and our assumption of the related ARO. The acquisition was funded from borrowings under our revolving bank credit facility and cash on hand.
The following table presents the purchase price allocation, including adjustments, for the acquisition of the Woodside Properties (in thousands):
Unevaluated properties
Sub-total cash consideration
Asset retirement obligations - current
Sub-total non-cash consideration
The acquisition was recorded at fair value, which was determined by applying the market and income approaches using Level 3 inputs. The Level 3 inputs were: (i) analysis of comparable transactions obtained from various third-parties, (ii) estimates of ultimate recoveries of reserves and (iii) estimates of discounted cash flows based on estimated reserve quantities, reserve categories, timing of production, costs to produce and develop reserves, future prices, ARO and discount rates. The estimates and assumptions were determined by management and third-parties. The fair value is based on subjective estimates and assumptions, which are inherently imprecise, and the actual realized values could vary significantly from these estimates. No goodwill was recorded in connection with the Woodside Properties acquisition.
2014 Acquisitions — Revenues, Net Income and Pro Forma Financial Information
The increase in working interest ownership for Fairway was not included in our consolidated results until the property transfer date, which occurred in September 2014 and the incremental revenue and operating expenses were immaterial for the three month period ended March 31, 2015. Unaudited pro forma information is not presented as the pro forma information is not materially different from the reported results presented for the three months ended March 31, 2014.
The Woodside Properties were not included in our consolidated results until the property transfer date, which occurred in May 2014. For the three months ended March 31, 2015, the Woodside Properties accounted for $5.5 million of revenues, $3.2 million of direct operating expenses, $4.1 million of depreciation, depletion, amortization and accretion ("DD&A") and $0.6 million of income tax benefit, resulting in $1.2 million of net loss. The net loss attributable to the Woodside Properties does not reflect certain expenses, such as general and administrative expenses ("G&A") and interest expense; therefore, this information is not intended to report results as if these operations were managed on a stand-alone basis. In addition, the Woodside Properties are not recorded in a separate entity for tax purposes; therefore, income tax was estimated using the federal statutory tax rate.
In accordance with the applicable accounting guidance, the unaudited pro forma financial information was computed as if the acquisition of the Woodside Properties had been completed on January 1, 2013. The financial information was derived from W&T's audited historical consolidated financial statements for annual periods, W&T's unaudited historical condensed consolidated financial statements for interim periods, and the Woodside Properties' unaudited historical financial statements for the annual and interim periods.
The pro forma adjustments were based on estimates by management and information believed to be directly related to the purchase of the Woodside Properties. The pro forma financial information is not necessarily indicative of the results of operations had the purchase occurred on January 1, 2013. Had we owned the Woodside Properties during the periods indicated, the results may have been substantially different. For example, we may have operated the assets differently than Woodside; the realized sales prices for oil, NGLs and natural gas may have been different; and the costs of operating the Woodside Properties may have been different.
The following table presents a summary of our pro forma financial information (in thousands, except earnings per share):
Basic and diluted earnings per common share
For the pro forma financial information, certain information was derived from our financial records, Woodside's financial records and certain information was estimated.
The following table presents incremental items included in the pro forma information reported above for the Woodside Properties (in thousands):
Revenues (a)
Direct operating expenses (a)
DD&A (b)
G&A (c)
Interest expense (d)
Capitalized interest (e)
Income tax expense (f)
The sources of information and significant assumptions are described below:
Revenues and direct operating expenses for the Woodside Properties were derived from the historical financial records of Woodside.
DD&A was estimated using the full-cost method and determined as the incremental DD&A expense due to adding the Woodside Properties' costs, reserves and production into our full cost pool in order to compute such amounts. The purchase price allocated to unevaluated properties for oil and natural gas interests was excluded from the DD&A expense estimation. ARO was estimated by W&T management.
Estimated insurance costs related to the Woodside Properties.
The acquisition was assumed to be funded entirely with borrowed funds. Interest expense was computed using assumed borrowings of $54.8 million, which equates to the cash component of the acquisition purchase price, and an interest rate of 1.8%, which equates to the rates applied to incremental borrowings on the revolving bank credit facility.
The change to capitalized interest was computed for the addition to the pool of unevaluated properties and the capitalization interest rate was adjusted for the assumed borrowings. The negative amount represents a decrease to net expenses.
Income tax expense was computed using the 35% federal statutory rate.
The pro forma adjustments do not include adjustments related to any other acquisitions or divestitures.
3. Asset Retirement Obligations
Our ARO primarily represents the estimated present value of the amount we will incur to plug, abandon and remediate our producing properties at the end of their productive lives in accordance with applicable laws.
A summary of the changes to our ARO is as follows (in thousands):
Balance, December 31, 2014
Liabilities settled
Liabilities incurred
Revisions of estimated liabilities (1)
Balance, March 31, 2015
(1) Revisions were primarily attributable to increases from non-operated properties.
4. Derivative Financial Instruments
Our market risk exposure relates primarily to commodity prices and interest rates. As of March 31, 2015 and December 31, 2014, we did not have any open derivative contracts. During 2014, we used crude oil swap contracts and have used various derivative instruments in recent years to manage our exposure to commodity price risk from sales of our oil and natural gas. While these contracts were intended to reduce the effects of price volatility, they may have limited income from favorable price movements.
We have elected not to designate our commodity derivative contracts as hedging instruments; therefore, all changes in the fair value of derivative contracts were recognized currently in earnings during the three months ended March 31, 2014. The cash flows of all of our commodity derivative contracts are included in Net cash provided by operating activities on the Condensed Consolidated Statements of Cash Flows.
Changes in the fair value of our oil derivative contracts were as follows (in thousands):
Cash payments on derivative settlements, net, are included within Net cash provided by operating activities on the Condensed Consolidated Statements of Cash Flows and were as follows (in thousands):
5. Long-Term Debt
Our long-term debt was as follows (in thousands):
8.50% Senior Notes
Debt premiums, net of amortization
Revolving bank credit facility
Total long-term debt
Current maturities of long-term debt
Long term debt, less current maturities
At March 31, 2015 and December 31, 2014, the balance outstanding of our senior notes, which bear an annual interest rate of 8.50% and mature on June 15, 2019 (the "8.50% Senior Notes"), was classified as long-term at their carrying value. Interest on the 8.50% Senior Notes is payable semi-annually in arrears on June 15 and December 15. The estimated annual effective interest rate on the 8.50% Senior Notes is 8.4%, which includes amortization of debt issuance costs and premiums. We are subject to various financial and other covenants under the indenture governing the 8.50% Senior Notes and we were in compliance with those covenants as of March 31, 2015.
As of March 31, 2015, the Fifth Amended and Restated Credit Agreement (the "Original Credit Agreement") governed our revolving bank credit facility and matures on November 8, 2018. Borrowings under our revolving bank credit facility are secured by our oil and natural gas properties. Availability under such facility is subject to a semi-annual redetermination of our borrowing base that occurs in the spring and fall of each year and is calculated by our lenders based on their evaluation of our proved reserves and their own internal criteria.
At both March 31, 2015 and December 31, 2014, we had $0.6 million of letters of credit outstanding under the revolving bank credit facility. The estimated annual effective interest rate was 3.2% for the three months ended March 31, 2015 for borrowings under the revolving bank credit facility. The estimated annual effective interest rate includes amortization of debt issuance costs and excludes commitment fees and other costs. As of March 31, 2015, our borrowing base was $750.0 million and our borrowing availability was $235.4 million.
In April 2015, we entered into the Amendment to the Original Credit Agreement (collectively, the "Credit Agreement"). The maturity date of the Original Credit Agreement was not changed by the Amendment and remains at November 8, 2018. The Amendment lowered the borrowing base to $600.0 million, revised the financial covenant tests and obligated us to certain additional restrictions and conditions. In addition, the Amendment modified certain financial ratio covenants retroactively to the reporting period for March 31, 2015. See Note 12 for information on the Amendment, the Credit Agreement and a pending term loan transaction.
Under the Credit Agreement, we are subject to various financial covenants calculated as of the last day of each fiscal quarter, including a minimum current ratio, a maximum leverage ratio, a maximum first lien leverage ratio, a maximum secured debt leverage ratio and a minimum interest coverage ratio. We were in compliance with all applicable covenants of the Credit Agreement as of March 31, 2015.
For information about fair value measurements for our 8.50% Senior Notes and revolving bank credit facility, refer to Note 6.
We measure the fair value of our open derivative financial instruments by applying the income approach, using models with inputs that are classified within Level 2 of the valuation hierarchy. The inputs used for the fair value measurement of our derivative financial instruments are the exercise price, the expiration date, the settlement date, notional quantities, the implied volatility, the discount curve with spreads and published commodity futures prices. The fair value of our 8.50% Senior Notes is based on quoted prices, although the market is not an active market; therefore, the fair value is classified within Level 2. The carrying amount of debt under our revolving bank credit facility approximates fair value because the interest rates are variable and reflective of market rates.
The following table presents the fair value of our 8.50% Senior Notes and revolving bank credit facility, both of which are reported as liabilities (in thousands):
The 8.50% Senior Notes and revolving bank credit facility are reported in the balance sheet at their carrying value as described in Note 5.
7. Share-Based Compensation and Cash-Based Incentive Compensation
In 2010, the W&T Offshore, Inc. Amended and Restated Incentive Compensation Plan (the "Plan") was approved by our shareholders, and amendments to the Plan were approved by our shareholders in May 2013. As allowed by the Plan, during 2014 and in 2013, the Company granted restricted stock units ("RSUs") to certain of its employees. During the three months ended March 31, 2015, no RSUs were granted. RSUs are a long-term compensation component of the Plan, which are granted to only certain employees, and are subject to adjustments at the end of the applicable performance period based on the achievement of certain predetermined criteria. In addition to share-based compensation, the Company may grant to its employees cash-based incentive awards, which are a short-term component of the Plan and are based on the Company and the employee achieving certain pre-defined performance criteria.
During 2014, RSUs granted were subject to adjustments based on achievement of a combination of performance criteria, which was comprised of: (i) net income before income tax expense, net interest expense, depreciation, depletion, amortization, accretion and certain other items ("Adjusted EBITDA") for 2014 and (ii) Adjusted EBITDA as a percent of total revenue ("Adjusted EBITDA Margin") for 2014. For 2014, the Company was above target for Adjusted EBITDA and was slightly below target for Adjusted EBITDA Margin.
During 2013, RSUs granted were also subject to adjustments based on achievement of a combination of performance criteria, which was comprised of: (i) Adjusted EBITDA for 2013; (ii) Adjusted EBITDA Margin for 2013; and (iii) the Company's total shareholder return ("TSR") ranking against peer companies' TSR for 2013, 2014 and January 1, 2015 to October 31, 2015. TSR is determined based upon the change in the entity's stock price plus dividends for the applicable performance period. For 2013, the Company exceeded the target for Adjusted EBITDA and was approximately at target for 2013 Adjusted EBITDA Margin. For 2014 and 2013, the Company was below target for the TSR rankings for each period.
All RSUs granted to date are subject to employment-based criteria and vesting occurs in December of the second year after the grant. For example, the RSUs granted during 2013 will vest in December 2015 to eligible employees assuming the requisite performance goals are also satisfied.
The 2014 annual incentive award for the Chief Executive Officer ("CEO") was settled in shares of common stock based on a pre-determined price of $14.66 per share, pursuant to the terms of his award. In March 2015, after reductions for employee payroll and withholding taxes, the net amount of the CEO's 2014 award resulted in 37,316 shares of common stock issued to the CEO. The 2013 annual incentive award for the CEO was settled in shares of common stock based at the price of $14.84, which was the Company's closing price the day prior to the settlement date. In March 2014, after reductions for employee payroll and withholding taxes, the net amount of the CEO's 2013 award resulted in 42,547 shares of common stock issued to the CEO. The CEO awards for both years were 100% performance based and were subject to pre-defined performance measures, which were the same pre-defined performance measures established for the other eligible Company employees, and were subject to approval of the Compensation Committee.
Under the Director Compensation Plan, shares of restricted stock ("Restricted Shares") have been granted to the Company's non-employee directors. No grants to non-employee directors were made during the three months ended March 31, 2015 but grants were made during 2014 and 2013. The Restricted Shares are subject to service conditions and vesting occurs at the end of specified service periods.
At March 31, 2015, there were 4,752,766 shares of common stock available for issuance in satisfaction of awards under the Plan and 500,564 shares of common stock available for issuance in satisfaction of awards under the Director Compensation Plan. The shares available for both plans are reduced when Restricted Shares or shares of common stock are granted. RSUs reduce the shares available in the Plan when the RSUs are settled in shares of common stock, net of withholding tax. Although the Company has the option to settle RSUs in stock or cash at vesting, only common stock has been used to settle vested RSUs to date.
We recognize compensation cost for share-based payments to employees and non-employee directors over the period during which the recipient is required to provide service in exchange for the award, based on the fair value of the equity instrument on the date of grant. We are also required to estimate forfeitures, resulting in the recognition of compensation cost only for those awards that are expected to actually vest.
Awards Based on Restricted Stock to Non-Employee Directors. As of March 31, 2015, all of the unvested shares of Restricted Shares outstanding were issued to the non-employee directors. Restricted Shares are subject to forfeiture until vested and cannot be sold, transferred or disposed of during the restricted period. The holders of Restricted Shares generally have the same rights as a shareholder of the Company with respect to such Restricted Shares, including the right to vote and receive dividends or other distributions paid with respect to the Restricted Shares. The fair value of Restricted Shares was estimated by using the Company's closing price on the grant date.
Subject to the satisfaction of service conditions, the outstanding Restricted Shares issued to the non-employee directors as of March 31, 2015 are expected to vest as follows:
Restricted Shares
There were no grants, forfeitures or vesting of Restricted Shares during the first quarter of 2015 or the first quarter of 2014.
Awards Based on Restricted Stock Units. As of March 31, 2015, the Company had outstanding RSUs issued to certain employees. As described above, the RSUs granted during 2014 and 2013 were 100% performance based and were subject to pre-defined performance measures. A portion of the RSUs granted during 2013 remains subject to the performance measure of TSR for the defined period in 2015; therefore, the number of RSUs may be adjusted upon determination of the performance. The RSUs subject to performance measurement which has not yet been determined are disclosed in the table below for RSUs potentially eligible to vest.
The fair value for the RSUs granted during 2014 was determined using the Company's closing price on the grant date as the performance measures were all Company-specific performance measures comprised of Adjusted EBITDA and Adjusted EBITDA Margin. The fair value for the 2013 RSUs was determined separately for the components related to the TSR targets and the Company specific performance measures (Adjusted EBITDA and Adjusted EBITDA Margin). The fair value for the 2013 RSUs component related to TSR targets was determined by using a Monte Carlo simulation probabilistic model. The inputs used in the probabilistic model for the Company and the peer companies were: average closing stock prices during January 2013; risk-free interest rates using the London Interbank Offered Rate ("LIBOR") ranging from 0.27% to 0.91% over the service period; expected volatilities ranging from 30% to 63%; expected dividend yields ranging from 0.0% to 3.1%; and correlation factors ranging from a negative 84% to a positive 95%. The expected volatilities, expected dividends and correlation factors were developed using historical data. The fair value of all other 2013 RSUs components was determined using the Company's closing price on the grant date.
All RSUs awarded are subject to forfeiture until vested and cannot be sold, transferred or otherwise disposed of during the restricted period. Dividend equivalents are earned at the same rate as dividends paid on our common stock after achieving the specified performance requirement for that component of the RSUs.
A summary of activity in 2015 related to RSUs is as follows:
Grant Date Fair
Value Per Unit
Nonvested, December 31, 2014
Nonvested, March 31, 2015
All of the outstanding RSUs are subject to the satisfaction of service conditions and a portion of the outstanding RSUs are also subject to pre-defined performance measurements. The RSUs outstanding as of March 31, 2015 potentially eligible to vest are listed in the table below:
2015 - subject to service requirements
2015 - subject to service and other requirements (1)
In addition to service requirements, these RSUs are also subject to TSR performance requirements not yet measureable, with awards ranging from 0% to 200% of amounts granted.
The grant date fair value of RSUs granted during the three months ended March 31, 2014 was $19.4 million. During the first quarter of 2015 and the first quarter of 2014, no RSUs vested.
Share-Based Compensation. A summary of incentive compensation expense under share-based payment arrangements and the related tax benefit is as follows (in thousands):
Share-based compensation expense from:
Restricted stock
Share-based compensation tax benefit:
Tax benefit computed at the statutory rate
Unrecognized Share-Based Compensation. As of March 31, 2015, unrecognized share-based compensation expense related to our awards of Restricted Shares and RSUs was $0.4 million and $13.7 million, respectively. Unrecognized share-based compensation expense will be recognized through April 2017 for Restricted Shares and November 2016 for RSUs.
Cash-Based Incentive Compensation. As defined by the Plan, annual incentive awards may be granted to eligible employees and payable in cash. (In the case of the award to the CEO, the awards for 2014 and 2013 were paid in shares of common stock as described above.) These awards are performance-based awards consisting of one or more business criteria or individual performance criteria and a targeted level or levels of performance with respect to each of such criteria. Generally, the performance period is the calendar year and determination and payment is made in cash in the first quarter of the following year. As of March 31, 2015, the Company did not issue any cash-based incentive awards for 2015.
Share-Based Compensation and Cash-Based Incentive Compensation Expense. A summary of incentive compensation expense is as follows (in thousands):
Share-based compensation included in:
Cash-based incentive compensation included in:
Lease operating expense
General and administrative (1)
Total charged to operating income
Adjustments to true up estimates to actual payments resulted in net credit balances to expense for the three months ended March 31, 2015.
Income tax benefit was $103.6 million and income tax expense was $6.6 million for the three months ended March 31, 2015 and 2014, respectively. Our annualized effective tax rate of 28.9% for the three months ended March 31, 2015 differs from the federal statutory rate of 35% due to the effect of a valuation allowance for our deferred tax assets. Our effective tax rate for the three months ended March 31, 2014 was 37.3% and differed from the federal statutory rate of 35.0% primarily as a result of state income taxes and other permanent items.
During the quarter ended March 31, 2015, we recorded a valuation allowance of $22.5 million related to federal deferred tax assets and net operating losses. Additionally, as of March 31, 2015 and December 31, 2014, we had a valuation allowance related to Louisiana state net operating losses. Deferred tax assets are recorded related to net operating losses and temporary differences between the book and tax basis of assets and liabilities expected to produce tax deductions in future periods. The realization of these assets depends on recognition of sufficient future taxable income in specific tax jurisdictions in which those temporary differences or net operating losses are deductible. In assessing the need for a valuation allowance on our deferred tax assets, we consider whether it is more likely than not that some portion or all of them will not be realized. The tax years from 2010 through 2014 remain open to examination by the tax jurisdictions to which we are subject.
We recognize interest and penalties related to unrecognized tax benefits in income tax expense. During the three months ended March 31, 2015 and 2014, we recorded immaterial amounts of accrued interest expense related to our unrecognized tax benefit.
The following table presents the calculation of basic and diluted earnings (loss) per common share (in thousands, except per share amounts):
Less portion allocated to nonvested shares
Net income (loss) allocated to common shares
Shares excluded due to being anti-dilutive (weighted-average)
10. Dividends
During the three months ended March 31, 2015, we did not declare or pay any dividends. During the three months ended March 31, 2014, we paid regular cash dividends per common share of $0.10. Pursuant to the Credit Agreement, the regular quarterly dividend is suspended until June 2016, and may be suspended further depending on certain financial covenants. See Note 12 for additional information.
11. Contingencies
Notification by ONRR of Fine for Non-compliance. In December 2013 and January 2014, we were notified by the Office of Natural Resources Revenue ("ONRR") of an underpayment of royalties on certain Federal offshore oil and gas leases that cumulatively approximated $30,000 over several years, which represents 0.0045% of royalty payments paid by us during the same period of the underpayment. In March 2014, we received notice from the ONRR of a statutory fine of $2.3 million relative to such underpayment. We believe the fine is excessive and extreme considering the circumstances and in relation to the amount of underpayment. On April 23, 2014, we filed a request for a hearing on the record and a general denial of the ONRR's allegations contained in the notice. We intend to contest the fine to the fullest extent possible. The ultimate resolution may result in a waiver of the fine, a reduction of the fine, or payment of the full amount plus interest covering several years. As no amount has been determined as more likely than any other within the range of possible resolutions, no amount has been accrued as of March 31, 2015 or December 31, 2014 per authoritative guidance. However, we cannot state with certainty that our estimate of the exposure is accurate concerning this matter.
Apache Lawsuit. On December 15, 2014, Apache Corporation ("Apache") filed a lawsuit against W&T Offshore, Inc., alleging that W&T breached the joint operating agreement ("JOA") related to deepwater wells in the Mississippi Canyon area of the Gulf of Mexico. That lawsuit, styled Apache Corporation v. W&T Offshore, Inc., is currently pending in the United States District Court for the Southern District of Texas. Apache contends that W&T has failed to pay its proportional share of the costs associated with plugging and abandoning three wells that are subject to the JOA. We contend that the costs incurred by Apache are excessive and unreasonable. Apache seeks an award of unspecified actual damages, interest, court costs, and attorneys' fees. In February 2015, we made a payment to Apache for our net share of the amounts that we believe are reasonable to plug and abandon the three wells, all of which was originally recorded as an asset retirement obligation and was accrued on our balance sheet as of December 31, 2014. Our estimate of the potential exposure ranges from zero to $32 million related to this matter, which excludes potential interest, court costs and attorneys' fees.
Insurance Claims. During the fourth quarter of 2012, underwriters of W&T's excess liability policies ("Excess Policies") (Indemnity Insurance Company of North America, New York Marine & General Insurance Company, Navigators Insurance Company, XL Specialty Insurance Company, National Liability & Fire Insurance Company ("Starr Marine") and Liberty Mutual Insurance Co.) filed declaratory judgment actions in the United States District Court for the Southern District of Texas (the "District Court") seeking a determination that our Excess Policies do not cover removal-of-wreck and debris claims arising from Hurricane Ike except to the extent we have first exhausted the limits of our Energy Package (defined as certain insurance policies relating to our oil and gas properties which includes named windstorm coverage) with only removal-of-wreck and debris claims. The court consolidated the various suits filed by the underwriters. In January 2013, we filed a motion for summary judgment seeking the court's determination that such Excess Policies do not require us to exhaust the limits of our Energy Package policies with only removal-of-wreck and debris claims. In July 2013, the District Court ruled in favor of the underwriters, adopting their position that the Excess Policies cover removal-of-wreck and debris claims only to the extent the limits of our Energy Package policies have been exhausted with removal-of-wreck and debris claims. We appealed the decision in the United States Court of Appeals for the Fifth Circuit (the "Fifth Circuit") and, in June 2014, the Fifth Circuit reversed the District Court's ruling and ruled in our favor. The underwriters filed three separate briefs requesting a rehearing or a certification to the Texas Supreme Court, all of which the Court denied. A brief was subsequently filed by one underwriter requesting a rehearing to the District Court of the Fifth Circuit's decision, which the District Court denied. Claims of approximately $42 million were filed, of which approximately $1 million was paid under the Energy Package and of which approximately $1 million was paid under our Comprehensive General Liability policy. One of the underwriters, Liberty Mutual Insurance Co., paid their portion of the settlement (approximately $5 million), in addition to a portion of interest owed. The other underwriters have not paid in accordance with the Fifth Circuit ruling, and we filed a lawsuit in September 2014 against these underwriters for amounts owed, interest, attorney fees and damages. Subsequent to the filing of that lawsuit, Starr Marine has paid their portion ($5 million) of the first excess liability policy without interest. The lawsuit includes claims for interest underpaid by Liberty Mutual Insurance Co. and interest not paid by Starr Marine. The revised estimate of potential reimbursement is approximately $30 million, plus interest, attorney fees and damages, if any. Removal-of-wreck costs are recorded in Oil and natural gas properties and equipment on the Condensed Consolidated Balance Sheets and recoveries from claims made on these Excess Policies will be recorded as reductions in this line item, which will reduce our future DD&A rate.
Royalties. In 2009, the Company recognized allowable reductions of cash payments for royalties owed to the ONRR for transportation of their deepwater production through our subsea pipeline systems. In 2010, the ONRR audited the calculations and support related to this usage fee, and in 2010, we were notified that the ONRR had disallowed approximately $4.7 million of the reductions taken. We recorded a reduction to other revenue in 2010 to reflect this disallowance; however, we disagree with the position taken by the ONRR. We filed an appeal with the ONRR, which was denied in May 2014. On June 17, 2014, we filed an appeal with the Board of Land Appeals (the "BLA") under the Department of the Interior. W&T's brief was filed in November 2014 and we expect the briefing before BLA to be completed in the first half of 2015.
Other Claims. We are a party to various pending or threatened claims and complaints seeking damages or other remedies concerning our commercial operations and other matters in the ordinary course of our business. In addition, claims or contingencies may arise related to matters occurring prior to our acquisition of properties or related to matters occurring subsequent to our sale of properties. In certain cases, we have indemnified the sellers of properties we have acquired, and in other cases, we have indemnified the buyers of properties we have sold. We are also subject to federal and state administrative proceedings conducted in the ordinary course of business. Although we can give no assurance about the outcome of pending legal and federal or state administrative proceedings and the effect such an outcome 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 insurance, will not have a material adverse effect on our consolidated financial position, results of operations or liquidity.
Contingent Liability Recorded. There were no material expenses recognized related to accrued and settled claims, complaints and fines for the three months ended March 31, 2015 and 2014. As of March 31, 2015 and December 31, 2014, we have recorded in liabilities no material amounts for claims, complaints and fines.
12. Subsequent Events
Amendment to the Credit Agreement. On April 23, 2015, the Company entered into the Amendment among the Company, as the borrower, Toronto Dominion (Texas) LLC, as the administrative agent, the lenders and other parties thereto. The Credit Agreement, as amended, provides a secured revolving bank credit facility that matures on November 8, 2018. The Amendment set the borrowing base as of the date of the Amendment at $600.0 million, subject to adjustments as described below.
The Amendment increased the applicable margin applied to borrowings under the Credit Agreement by 50 basis points (0.5%) on an annual basis such that the LIBOR borrowings are subject to applicable margins ranging from 2.25% to 3.25% and alternate base rate borrowings are subject to applicable margins ranging from 1.25% to 2.25%.
The Amendment permits the Company to issue additional unsecured indebtedness, or indebtedness which is subordinate in security compared to the lien securing the indebtedness under the Credit Agreement, above its current $900.0 million in aggregate principal amount of outstanding senior notes, provided that, among other things, (A) no event of default has occurred or would result from such incurrence, (B) the Company is in compliance with its current ratio, leverage ratio, secured debt leverage ratio and interest coverage ratio after giving pro forma effect to the incurrence of the additional indebtedness, and (C) such additional indebtedness matures at least six months after the maturity date of the Credit Agreement and is not subject to covenants and events of default that are, taken as a whole, materially more onerous than those provided for in the Credit Agreement.
Following the Amendment, if the Company issues additional unsecured indebtedness in excess of the $900.0 million in aggregate principal amount of existing senior notes or if the Company issues debt that is subordinated in security to the indebtedness secured under the Credit Agreement, the borrowing base then in effect will be reduced by $0.33 for each dollar of such excess until the borrowing base is redetermined. In addition, the borrowing base will be reduced to $550.0 million effective October 1, 2015 irrespective of whether any additional indebtedness is issued. The Amendment also restricts the ability of the Company to make distributions or repurchase the existing senior notes or other permitted indebtedness (i) until June 30, 2016, (ii) if an event of default is continuing or would result from such distribution or (iii) if a borrowing base deficiency is continuing or would result therefrom; provided that the restriction in clause (i) of this sentence does not apply to (A) scheduled payments of interest, principal or redemptions on the Company's existing senior notes or other permitted additional debt and (B) the redemption or repurchase by the Company of its outstanding senior notes in an aggregate principal amount equal to the aggregate principal amount of any new issuance of senior unsecured notes, provided that any such new notes are not subject to covenants and events of default that are, taken as a whole, materially more restrictive on the Company than its outstanding senior notes and such new notes mature at least six months after the maturity date of the Credit Agreement.
The Amendment revised the financial covenants, with definitions of capitalized terms contained in the Credit Agreement, as follows:
the maximum Leverage Ratio is suspended through the first quarter of 2016; then limited to 5.00:1.00 for the second quarter of 2016; 4.50:1.00 for the third quarter of 2016; and 4.00:1.00 thereafter;
the minimum Current Ratio is 0.75:1.00 for the first quarter of 2015 through the fourth quarter of 2015; and 1.00:1.00 thereafter;
a maximum First Lien Leverage Ratio of 2.50:1.00 is effective for the first quarter of 2015 and thereafter;
a maximum Secured Debt Leverage Ratio of 3.50:1.00 is effective for the first quarter of 2015 and thereafter; and
a minimum Interest Coverage Ratio of 2.20:1.00 is effective for the first quarter of 2015 and thereafter.
The Amendment increases the mortgaged collateral requirement from 80% to 90% of the total value of both the (i) total proved oil and gas reserves of the loan parties and (ii) the proved developed producing reserves of the loan parties. The Amendment requires the Company to establish and maintain minimum hedge positions by June 1, 2015 of 25% of estimated oil and gas production for the period of June 1 to December 31, 2015 and 35% of estimated oil and gas production for 2016.
The foregoing description of the Credit Agreement does not purport to be complete and is qualified in its entirety by reference to the Amendment and the Original Credit Agreement.
Second Lien Term Loan. On May 5, 2015, we announced the pricing and marketing of a $300.0 million five-year second-lien term loan. The term loan is expected to be made subject to a 1.0% discount to principal bearing interest at an annual rate of 9.0%. It is expected that the CEO, or an entity controlled by the CEO, will participate in the term loan for a $5.0 million principal commitment on the same terms as the other lenders. Net borrowings under the term loan will be used to repay a portion of the outstanding borrowings under the revolver bank credit facility. Upon issuance of the term loan, the borrowing base of the revolving bank credit facility will be reduced from $600.0 million to $500.0 million pursuant to the terms of the Credit Agreement, as amended.
The lender commitments and making of the term loan are subject to the negotiation, approval and execution of definitive loan documentation, which includes an intercreditor agreement to be approved by the lenders under the Credit Agreement, as amended. The transaction did not close prior to the filing of this Form 10-Q. While the transaction is expected to close during May 2015, there is no assurance the term loan will be finalized and made.
13. Supplemental Guarantor Information
Our payment obligations under the 8.50% Senior Notes and the Credit Agreement (see Note 5 and Note 12) are fully and unconditionally guaranteed by certain of our 100%-owned subsidiaries, including W & T Energy VI, LLC and W & T Energy VII, LLC (together, the "Guarantor Subsidiaries"). W & T Energy VII, LLC does not currently have any active operations or contain any assets. Guarantees of the 8.50% Senior Notes will be released under certain circumstances, including:
(1) in connection with any sale or other disposition of all or substantially all of the assets of a Guarantor Subsidiary (including by way of merger or consolidation) to a person that is not (either before or after giving effect to such transaction) the Company or a Restricted Subsidiary (as such term is defined in the indenture governing the 8.50% Senior Notes of the Company, if the sale or other disposition does not violate the "Asset Sales" provisions of the indenture;
(2) in connection with any sale or other disposition of the capital stock of such Guarantor Subsidiary to a person that is not (either before or after giving effect to such transaction) the Company or a Restricted Subsidiary of the Company, if the sale or other disposition does not violate the "Asset Sales" provisions of the indenture and the Guarantor Subsidiary ceases to be a subsidiary of the Company as a result of such sales or disposition;
(3) if such Guarantor Subsidiary is a Restricted Subsidiary and the Company designates such Guarantor Subsidiary as an Unrestricted Subsidiary in accordance with the applicable provisions of the indenture;
(4) upon Legal Defeasance or Covenant Defeasance (as such terms are defined in the indenture) or upon satisfaction and discharge of the indenture;
(5) upon the liquidation or dissolution of such Guarantor Subsidiary, provided no event of default has occurred and is continuing; or
(6) at such time as such Guarantor Subsidiary is no longer required to be a Guarantor Subsidiary as described in the indenture, provided no event of default has occurred and is continuing.
The following condensed consolidating financial information presents the financial condition, results of operations and cash flows of the Parent Company and the Guarantor Subsidiaries, together with consolidating adjustments necessary to present the Company's results on a consolidated basis. Transfers of property, including related ARO and deferred income tax liabilities, were made during 2014 from the Parent Company to the Guarantor Subsidiaries to assist the Parent Company to continue to qualify for a waiver of certain supplemental bonding requirements from the Bureau of Ocean Energy Management. As these transfers were transactions between entities under common control, the prior period financial information has been retrospectively adjusted for comparability purposes, as prescribed under authoritative guidance. The condensed consolidating financial information for the prior period ended March 31, 2014 was adjusted as if all transfers occurred at the beginning of the period presented. None of the above adjustments had any effect on the consolidated results for the current or prior periods presented.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
Condensed Consolidating Balance Sheet as of March 31, 2015


Please mark your calendars to attend the 17th Annual Breast Cancer Awareness Tea on Sunday, September 30, 2018 at the Avalon Manor in Merrillville.
We are making two changes this year.
1) Where we normally take reservations for 800 guests, we are going to stop taking reservations at 700 guests this year. This is to allow for more space for our raffle area, guest tables and to allow our servers to get around the tables with more ease.
2) We are raising the price of the tickets to $45. This is only the third time in 17 years that we have increased the ticket price. Hopefully our guests will appreciate the wonderful day they have, delicious meal, gift bags, gift items, etc.
Prices of everything continues to go up and we do have to keep in mind that this is a "fundraiser" to support the men and women of our community who use the products and services we provide.
Invitations will be sent out around July 1. Looking forward to seeing you in September.
*Sponsorship logos will be displayed when provided in a timely manner.
Should you choose to sponsor a centerpiece in honor of a survivor, a recently diagnosed individual or someone who may have been lost to breast cancer, we will acknowledge your honoree on a table card.
Pink Ribbon is a recognized 501c3 Not-For-Profit organization registered with the State of Indiana.


Friends, I hope it's all going well.
Last night I went to the Athenaeum in La Jolla to hear a trio led by Colombian harpist Edmar Castaneda. It was amazing and beautiful and so unique in it's color and angle. You take three musos fully accomplished on their instruments and add in their enthusiasm for the full ride and you've got a great night of music.
I think today (Thursday) they're giving a workshop at the Athenaeum and if you're not busy you should check them out. I wish I could make it but Leonard and Geoffrey Keezer are coming to the studio today to record a new duo project Leonard's been cooking up. That'll be great too! Leonardismo!
Loving the scene at the 2011 Del Mar 15th Street Christmas music moment.
Tonight is a Roxy Solo Guitar night and it's a guaranteed good mix of the classic north county hang element with great food plus passer-byers that fall in for a little softshoe and finally—some tunes by me. Hope to see you there.


Buckminster Fuller was born a few months before my mother's father, and eight years before the Wright brothers flew. It was the time when electrical utilities, telephones, and movies were novelties. Fuller's lifetime went from cowboys and locomotives to astronauts tending geo-synchronous communication satellites. Hunger became less common during Fuller's lifetime, and quality of life improved radically.
He was severely myopic, something nobody noticed until Bucky started school. Later, he said that his impairment forced him to pay attention to large patterns, and made him less likely to prejudge the things he studied. The United States Patent Office awarded Richard Buckminster Fuller twenty-eight patents, and he invented his own geometry (he would say he discovered nature's coordinate system), but Fuller claimed that he didn't set out to create the things he did. His goal was to improve the life of every human being, and he might have come up with "flying carpet slippers" if that was what the world needed.
Inventing what the world needed was his lifework. Those needs, and the way the world could work to provide for them, were the big patterns Bucky worked with. The world is the beneficiary of practically limitless solar and gravitational energy. A worldwide effort to discover how to provide for ourselves, a "Design Science Year," would bring what Buckminster Fuller called "four billion billionaires as yet wholly unaware of their good fortune," into their inheritance.


Many people today are living to see eighty years or more. The advanced years of life can bring many challenges, with troubling conditions like dementia becoming a lot more common.
GPS Tracking is a powerful tool that is useful in a huge variety of environments. Businesses that make the best possible use of this technology can achieve valuable things that would otherwise be impossible. A look at a few of the most common business related applications will make this clear.
Fleet management. Many companies today maintain large fleets of trucks or other types of vehicles. With operating costs inevitably being high and schedules tight, any means of managing these assets more effectively can be helpful. Installing a transmitter-equipped GPS Tracker into every vehicle a company owns can produce a wide range of associated improvements. From keeping tabs on the activities of drivers to more responsive routing, this frequently proves to be one of the most productive applications for GPS of all.
Tracking assets. Some of the most valuable and important corporate assets of all are routinely found in motion. When assets will be transferred and transported regularly or even just occasionally, GPS Tracking can make it much easier to keep on top of these movements. Once again, a relatively small and simple investment into the necessary equipment and software can produce huge returns that will keep accruing for a long time to come.
Preventing theft. The loss of expensive assets or inventory to outsiders or even employees is a threat that many companies must grapple with. Appropriate use of GPS can make absconding with just about anything of value a lot more difficult and perilous for the thief. The confidence and security that the technology can enable when applied in this way can open up new opportunities for improvement of many different kinds.
Managing personnel. Human beings can be tracked using GPS just as well as anything else. When knowledge of employee movements and current location is important, equipping each worker with a GPS unit will make everything much easier to manage.
With these being only a few of the most common applications for GPS in business environments, there are many more possibilities to explore. Companies that make good use of GPS often find that formerly formidable challenges will be easily overcome in the process. That can enable any of many desirable results, from increased efficiency and security to an improved bottom line.


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