Earnings Per Share (Policies) |
6 Months Ended |
|---|---|
Jun. 30, 2015 | |
| Earnings Per Share [Abstract] | |
| Earning Per Share |
Because it is management’s stated intention to redeem the
principal amount of our 1 3⁄4%
Senior Convertible Notes due 2017 (the “2017 Convertible
Notes”) (see Note
4 – Long-Term Debt)
in cash, we have used the treasury method for determining dilution
in the diluted earnings per share computation. For the three and
six months ended June 30, 2015, there was no dilutive effect
on the diluted earnings per share computation because we had a net
loss for such periods. For the three months ended June 30,
2014, the average price of our common stock exceeded the effective
conversion price for such notes, resulting in a dilutive effect on
the diluted earnings per share computation for the three and six
months ended June 30, 2014. For all periods presented, the
average price of our common stock was less than the strike price of
the Sold Warrants (as defined in Note
4 – Long-Term Debt)
and therefore, such warrants were not dilutive for such periods.
Based on the terms of the Purchased Call Options (as defined
in Note
4 – Long-Term Debt),
such call options are antidilutive and therefore were not included
in the calculation of diluted earnings per share.
|
| Derivative Instruments and Hedging Activities | The nature of a derivative instrument must be evaluated to determine if it qualifies as a hedging instrument. If the instrument qualifies as a hedging instrument, it is recorded as either an asset or liability measured at fair value and subsequent changes in the derivative’s fair value are recognized in stockholders’ equity through other comprehensive income (loss), net of related taxes, to the extent the hedge is considered effective. Monthly settlements of effective hedges are reflected in revenue from oil and gas production and cash flows from operating activities. Instruments not qualifying as hedging instruments are recorded in our balance sheet at fair value, and changes in fair value are recognized in earnings through derivative expense (income). Monthly settlements of ineffective hedges and derivative instruments not qualifying as hedging instruments are recognized in earnings through derivative expense (income) and cash flows from operating activities. |