XML 75 R23.htm IDEA: XBRL DOCUMENT v2.4.0.6
Selected Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2012
Quarterly Financial Information Disclosure [Abstract]  
Selected Quarterly Financial Data (Unaudited)
Selected Quarterly Financial Data (Unaudited)
 
Operating
Revenues
 
Net Earnings (Loss)
 
Basic Net
Earnings (Loss)
Per Share(3)(4)
 
Diluted Net Earnings (Loss) Per Share(3)(4)
2012
 
 
 
 
 
 
 
First Quarter
$
241,492

 
$
33,898

 
$
0.62

 
$
0.61

Second Quarter
229,221

 
81,016

 
1.47

 
1.46

Third Quarter
244,369

 
18,126

 
0.33

 
0.33

Fourth Quarter(1)
259,750

 
38,499

 
0.70

 
0.69

 
$
974,832

 
$
171,539

 
$
3.11

 
$
3.09

2011
 
 
 
 
 
 
 
First Quarter
$
197,486

 
$
(52,497
)
 
$
(0.98
)
 
$
(0.98
)
Second Quarter
242,709

 
105,166

 
1.93

 
1.90

Third Quarter
238,763

 
134,001

 
2.45

 
2.42

Fourth Quarter(2)
240,600

 
(414,733
)
 
(7.62
)
 
(7.62
)
 
$
919,558

 
$
(228,063
)
 
$
(4.21
)
 
$
(4.21
)
_______________________________________________________________________________
(1)
In the fourth quarter of 2012, the Company recorded a $7.2 million income tax benefit for research and development tax credits.
(2)
In the fourth quarter of 2011, the Company recorded an impairment of $625.0 million related to its E. Texas natural gas assets, largely due to the impact of lower natural gas prices.
(3)
Due to the volatility of commodity prices, the estimated fair value of the Company's commodity derivative instruments is subject to fluctuations. As a result, the Company may recognize significant unrealized gains and losses (non-cash changes in fair value) on commodity derivative instruments from period to period.
(4)
The sum of the individual quarterly net earnings (loss) per common share amounts may not agree with year-to-date net earnings (loss) per common share as each quarterly computation is based on the weighted average number of common shares outstanding during that period. Potentially dilutive securities were included in the computation of diluted net earnings (loss) per common share for each quarter in which the Company reported net earnings.