Stock Compensation Plans

9 Months Ended

Sep. 30, 2011

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

STOCK COMPENSATION PLANS

We recognized $0.9 million and $1.1 million of stock compensation expense for the three months ended September 30, 2011 and 2010, respectively and $3.3 million and $4.7 million for the nine months ended September 30, 2011 and 2010, respectively. These non-cash expenses are reflected as a component of the Company’s general and administrative expense. To the extent amortization of compensation costs relates to employees directly involved in exploration and development activities, such amounts are capitalized to oil and natural gas properties. Stock based compensation capitalized as part of oil and natural gas properties was $0.1 million and $0.2 million for the three months ended September 30, 2011 and 2010, respectively, and $0.4 million and $0.9 million for the nine months ended September 30, 2011 and 2010, respectively.

Restricted Stock

A summary of the status of our unvested shares of restricted stock and the changes for the year ended December 31, 2010 and the nine months ended September 30, 2011 is presented below:

	Number of unvested restricted shares		Weighted average  grant- date fair value per share
Unvested shares as of December 31, 2009	580,530		$	22.35
Granted	359,385		$	6.34
Vested	(220,016	)	$	24.21
Forfeited	(27,903	)	$	23.11
Unvested shares as of December 31, 2010	691,996		$	13.47
Granted	807,848		$	4.79
Vested	(245,924	)	$	16.46
Forfeited	(4,913	)	$	19.54
Unvested shares as of September 30, 2011	1,249,007		$	7.25

As of September 30, 2011, there was $8.0 million of unrecognized compensation expense related to non-vested restricted stock grants. This unrecognized compensation cost is expected to be recognized over a weighted-average period of 2.22 years.