Quarterly report pursuant to Section 13 or 15(d)

SIGNIFICANT ACCOUNTING POLICIES (Tables)

v2.4.0.8
SIGNIFICANT ACCOUNTING POLICIES (Tables)
9 Months Ended
Sep. 30, 2013
SIGNIFICANT ACCOUNTING POLICIES [Abstract]  
Capitalized costs related to the exploration and development of crude oil and natural gas properties
Costs associated with production and general corporate activities are expensed in the period incurred. Capitalized costs are summarized as follows for the three and nine months ended September 30, 2013 and 2012, respectively.

 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
 
2013
 
2012
 
2013
 
2012
 
Capitalized Certain Payroll and Other Internal Costs
 
$
894,573
   
$
79,471
   
$
2,257,022
   
$
7,366,101
 
Capitalized Interest Costs
   
1,597,129
     
1,811,088
     
4,525,906
     
4,426,429
 
Total
 
$
2,491,702
   
$
1,890,559
   
$
6,782,928
   
$
11,792,530
 

Reconciliation of denominators used to calculate basic and diluted EPS
The reconciliation of the denominators used to calculate basic EPS and diluted EPS for the three and nine months ended September 30, 2013 and 2012 are as follows:

 
 
Three Months Ended
September 30,
 
 
Nine Months Ended
September 30,
 
 
 
2013
 
 
2012
 
 
2013
 
 
2012
 
Weighted average common shares outstanding – basic
 
 
62,426,341
 
 
 
62,589,256
 
 
 
62,750,952
 
 
 
62,410,110
 
Plus: Potentially dilutive common shares
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stock options and restricted stock
 
 
332,037
 
 
 
293,417
 
 
 
391,286
 
 
 
343,131
 
Weighted average common shares outstanding – diluted
 
 
62,758,378
 
 
 
62,882,673
 
 
 
63,142,238
 
 
 
62,753,241
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Restricted stock excluded from EPS due to the anti-dilutive effect
 
 
2,290
 
 
 
34,702
 
 
 
9,295
 
 
 
23,099