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Compensation Plans | 3 Months Ended
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Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Compensation Plans | Note 7 - Compensation Plans Performance Share Units Under the Equity Incentive Compensation Plan The Company grants performance share units (“PSUs”) to eligible employees as part of its equity compensation program. The number of shares of the Company’s common stock issued to settle PSUs ranges from 0% to 200% of the number of PSUs awarded and is determined based on the Company’s performance over a three-year measurement period. The performance criteria for the PSUs are based on a combination of the Company’s annualized total shareholder return (“TSR”) for the performance period and the relative performance of the Company’s TSR compared with the annualized TSR of certain peer companies for the performance period. PSUs are recognized as general and administrative and exploration expense over the vesting periods of the award. Total expense recorded for PSUs for the three months ended March 31, 2015, and 2014, was $2.3 million and $3.2 million, respectively. As of March 31, 2015, there was $18.1 million of total unrecognized compensation expense related to unvested PSU awards, which is being amortized through 2017. There have been no material changes to the outstanding and non-vested PSUs during the three months ended March 31, 2015. Restricted Stock Units Under the Equity Incentive Compensation Plan The Company grants restricted stock units (“RSUs”) as part of its equity compensation program. Each RSU represents a right for one share of the Company’s common stock to be delivered upon settlement of the award at the end of the specified vesting period. RSUs are recognized as general and administrative expense and exploration expense over the vesting periods of the award. Total expense recorded for RSUs for the three months ended March 31, 2015, and 2014, was $2.9 million and $2.8 million, respectively. As of March 31, 2015, there was $19.3 million of total unrecognized compensation expense related to unvested RSU awards, which is being amortized through 2017. There have been no material changes to the outstanding and non-vested RSUs during the three months ended March 31, 2015. Net Profits Plan Cash payments made or accrued under the Company’s Net Profits Plan totaled $1.3 million and $3.3 million for the three months ended March 31, 2015, and 2014, respectively, the majority of which were recorded as general and administrative expense within the accompanying statements of operations. The Company records changes in the present value of estimated future payments under the Net Profits Plan as a separate line item in the accompanying statements of operations. The change in the estimated liability is recorded as a non-cash expense or benefit in the current period. The amount recorded as an expense or benefit associated with the change in the estimated liability is not allocated to general and administrative expense or exploration expense because it is associated with the future net cash flows from oil and gas properties in the respective pools rather than results being realized through current period production. If the Company allocated the change in liability to these specific functional line items, based on the current allocation of actual distributions made by the Company, such expenses or benefits would predominately be allocated to general and administrative expense. As time has passed, the amount distributed relating to prospective exploration efforts has become insignificant as more is paid to employees that have terminated employment and do not provide ongoing exploration support to the Company.

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- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + References No definition available. + Details
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