Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2012

Share-Based Compensation [Abstract]

The weighted average values for options issued

Number of options issued	$	2,025,750
Weighted average stock price	$	1.65
Weighted average exercise price	$	1.65
Weighted average expected life of options (a)		5.00
Weighted average expected volatility (b)		72.51	%
Weighted average risk-free interest rate		0.81	%
Expected annual dividend per share		—
Weighted average fair value of each option	$	0.98

(a) Based on our expectation of when the options will be exercised. The options have a life of ten years.

(b) The expected volatility of our common stock was estimated using an average of volatilities of publicly traded companies in similar energy businesses.

Stock option activity

	Number of Shares		Weighted average Exercise Price		Aggregate Intrinsic Value* ($000’s)
Outstanding – Beginning of Period		8,826,500	$	5.41	$	—
Granted		2,025,750	$	1.65		790
Exercised		—		—		—
Cancelled		—		—		—
Outstanding – End of Period		10,852,250	$	4.71	$	3,491
Exercisable – End of Period		6,068,162	$	7.35	$	226

* The Aggregate Intrinsic Value was calculated using the June 29, 2012 closing stock price of $2.04.

Stock options outstanding

Exercise Price	Number of Options Outstanding		Weighted Average Remaining Contractual Life (Years)		Number of Exercisable Options
$                      0.90		2,050,000		8.77		—
$                      0.97		100,000		6.93		66,666
$                      1.41		200,000		7.45		100,000
$                      1.65		1,975,750		9.63		—
$                      1.79		50,000		9.64		—
$                      1.96		1,725,000		7.16		1,149,997
$                      5.00		3,247,000		4.88		3,247,000
$                      7.50		33,333		5.26		33,333
$                    10.00		243,333		5.41		243,333
$                    10.12		2,500		6.28		2,500
$                    12.00		6,500		5.49		6,500
$                    13.66		3,000		6.01		3,000
$                    17.76		40,000		5.62		40,000
$                    18.00		16,667		5.70		16,667
$                    18.91		1,099,167		5.63		1,099,166
$                    19.75		13,333		5.80		13,333
$                    20.64		25,000		5.94		25,000
$                    22.75		21,667		5.87		21,667
		10,852,250				6,068,162

Unvested share awards

	June 30, 2012
	Number of Shares			Weighted Average Grant Date Fair Value per Share
Unvested - Beginning of Year		25,000		$	1.87
Granted		34,564			2.16
Cancelled		—			—
Exercised		—			—
Vested		(59,564	)		2.04
Unvested - End of Period		—		$	—