Quarterly report pursuant to Section 13 or 15(d)

SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.8.0.1
SIGNIFICANT ACCOUNTING POLICIES (Tables)
9 Months Ended
Sep. 30, 2017
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, 2017 and 2016, respectively.

 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2017
 
2016
 
2017
 
2016
Capitalized Certain Payroll and Other Internal Costs
$
201,875

 
$
239,132

 
$
647,519

 
$
1,674,015

Capitalized Interest Costs
36,919

 
79,805

 
108,687

 
289,409

Total
$
238,794

 
$
318,937

 
$
756,206

 
$
1,963,424

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, 2017 and 2016 are as follows:
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2017
 
2016
 
2017
 
2016
Weighted Average Common Shares Outstanding – Basic
61,843,377

 
61,237,627

 
61,645,920

 
61,127,577

Plus: Potentially Dilutive Common Shares Including Stock Options and Restricted Stock

 

 
345,372

 

Weighted Average Common Shares Outstanding – Diluted
61,843,377

 
61,237,627

 
61,991,292

 
61,127,577

 
 
 
 
 
 
 
 
Restricted Stock and Stock Options Excluded From EPS Due To The Anti-Dilutive Effect
1,838,101

 
574,862

 
760,782

 
885,200