Quarterly report pursuant to Section 13 or 15(d)

SIGNIFICANT ACCOUNTING POLICIES (Tables)

v2.4.0.8
SIGNIFICANT ACCOUNTING POLICIES (Tables)
6 Months Ended
Jun. 30, 2014
SIGNIFICANT ACCOUNTING POLICIES [Abstract]  
Capitalized costs related to the exploration and development of crude oil and natural gas properties
Capitalized costs are summarized as follows for the three and six months ended June 30, 2014 and 2013, respectively.

   
Three Months Ended
June 30,
   
Six Months Ended
June 30,
 
   
2014
   
2013
   
2014
   
2013
 
Capitalized Certain Payroll and Other Internal Costs
  $ 347,689     $ 721,554     $ 996,565     $ 1,362,450  
Capitalized Interest Costs
    1,141,381       1,543,618       2,338,791       2,928,776  
      Total
  $ 1,489,070     $ 2,265,172     $ 3,335,356     $ 4,291,226  
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 six months ended June 30, 2014 and 2013 are as follows:

   
Three Months Ended
June 30,
   
Six Months Ended
June 30,
 
   
2014
   
2013
   
2014
   
2013
 
Weighted Average Common Shares Outstanding – Basic
    60,504,781       62,973,916       60,852,322       62,915,941  
Plus: Potentially Dilutive Common Shares
                               
Stock Options and Restricted Stock
    -       384,236       207,163       421,401  
Weighted Average Common Shares Outstanding – Diluted
    60,504,781       63,358,152       61,059,485       63,337,342  
                                 
Restricted Stock Excluded from EPS due to the Anti-Dilutive Effect
    180,929       3,786       6,998       10,565