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, 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 nine months ended September 30, 2014 and 2013, respectively.

   
Three Months Ended
September 30,
   
Nine Months Ended
September 30,
 
   
2014
   
2013
   
2014
   
2013
 
Capitalized Certain Payroll and Other Internal Costs
  $ 842,641     $ 894,573     $ 1,839,206     $ 2,257,022  
Capitalized Interest Costs
    1,137,655       1,597,129       3,476,446       4,525,906  
      Total
  $ 1,980,296     $ 2,491,702     $ 5,315,652     $ 6,782,928  
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, 2014 and 2013 are as follows:

   
Three Months Ended
September 30,
   
Nine Months Ended
September 30,
 
   
2014
   
2013
   
2014
   
2013
 
Weighted Average Common Shares Outstanding – Basic
    60,559,827       62,426,341       60,753,752       62,750,952  
Plus: Potentially Dilutive Common Shares Including Stock Options and Restricted Stock
    176,675       332,037       196,889       391,286  
Weighted Average Common Shares Outstanding – Diluted
    60,736,502       62,758,378       60,950,641       63,142,238  
                                 
Restricted Stock Excluded from EPS due to the Anti-Dilutive Effect
    5,064       2,290       6,346       9,295