Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

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Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Operating revenues:      
Oil sales $ 88,960 $ 96,584 $ 100,962
Natural gas sales 13,609 14,149 26,682
Total operating revenues 102,569 110,733 127,644
Operating expenses:      
Lease operating expenses 19,779 23,330 18,285
Production taxes 4,133 3,224 2,062
Depreciation, depletion and amortization 43,967 49,701 48,701
General and administrative 20,534 20,358 16,636
Accretion expense 1,785 2,253 2,338
Impairment of other property and equipment 1,707 1,177 0
Total operating expenses 91,905 100,043 88,022
Income from operations 10,664 10,690 39,622
Other (income) expenses:      
Interest expense 6,094 9,108 11,717
Gain on early extinguishment of debt (3,696) (1,366) (1,942)
Gain on acquired equipment 0 0 (5,041)
Loss (gain) on derivative contracts 1,360 (1,717) 0
Other income (485) (79) (1,426)
Total other expenses 3,273 5,946 3,308
Income before income taxes 7,391 4,744 36,314
Income tax expense (benefit) 3,104 2,223 (69,283)
Income before equity in earnings of Medusa Spar LLC 4,287 2,521 105,597
Equity in earnings of Medusa Spar LLC, net of tax 17 226 799
Net income 4,304 2,747 106,396
Preferred stock dividends (4,627) 0 0
Income (loss) available to common shareholders $ (323) $ 2,747 $ 106,396
Income (loss) per common share:      
Basic (in dollars per share) $ (0.01) $ 0.07 $ 2.81
Diluted (in dollars per share) $ (0.01) $ 0.07 $ 2.76
Shares used in computing income per common share:      
Basic (in shares) 40,133 39,522 37,908
Diluted (in shares) 40,133 [1] 40,337 [1] 38,582 [1]
[1] Because the Company reported a loss for the year ended December 31, 2013, no unvested stock awards were included in computing loss per share because the effect was anti-dilutive.