v2.4.0.6
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2012
Summary of Oil and Gas Properties

Our oil and gas properties comprised the following (in thousands):

 

     December 31,  
     2012     2011  

Mineral interests in properties:

     

Unproved leasehold costs

    $ 49,148      $ 46,813   

Proved leasehold costs

      32,252        26,845   

Wells and related equipment and facilities

      908,456        626,564   

Support equipment

      6,753        5,135   

Uncompleted wells, equipment and facilities

      28,831        27,302   
  

 

 

    

 

 

  

Total costs

      1,025,440        732,659   

Less accumulated depreciation, depletion and amortization

      (197,751 )      (137,980 ) 
  

 

 

    

 

 

  

Net capitalized costs

    $ 827,689      $ 594,679   
  

 

 

    

 

 

  
Summary of Accrued Liabilities

Following is a summary of our accrued liabilities at December 31, 2012 and 2011 (in thousands):

 

     2012      2011  

Capital expenditures accrued

    $ 25,526       $ 20,512   

Operating expenses and other

      4,314         4,325   
  

 

 

     

 

 

  

Total

    $ 29,840       $ 24,837   
  

 

 

     

 

 

  
Reconciliations of the Numerators and Denominators of our Basic and Diluted Earnings Per Share

The following are reconciliations of the numerators and denominators of our basic and diluted earnings per share, (dollars in thousands, except per-share amounts):

 

     For the Years Ended December 31,  
     2012      2011      2010  

Income (numerator):

         

Net income  — basic

    $ 6,384       $ 7,242       $ 7,462   
  

 

 

     

 

 

     

 

 

  

Weighted average shares (denominator):

         

Weighted average shares — basic

      34,965,182         28,930,792         22,065,797   

Dilution effect of share-based compensation, treasury method

      65,141         227,806         148,273   
  

 

 

     

 

 

     

 

 

  

Weighted average shares — diluted

      35,030,323         29,158,598         22,214,070   
  

 

 

     

 

 

     

 

 

  

Earnings per share:

         

Basic

    $ 0.18       $ 0.25       $ 0.34   
  

 

 

     

 

 

     

 

 

  

Diluted

    $ 0.18       $ 0.25       $ 0.34