QUARTERLY INFORMATION (UNAUDITED)

12 Months Ended

Dec. 31, 2011

QUARTERLY INFORMATION (UNAUDITED)

QUARTERLY INFORMATION (UNAUDITED)

NOTE L—QUARTERLY INFORMATION (UNAUDITED)

        Summarized quarterly financial data for the years ended December 31, 2011 and 2010 are as follows:

	2011
	Quarter
	First			Second		Third		Fourth		Year
	(in thousands, except per share amounts)
Revenues	$	23,180		$	26,893	$	26,018	$	27,280	$	103,371
Gross profit		15,445			18,187		18,124		20,978		72,734
Net income (loss)		(576	)		9,030		10,184		3,001		21,639
Net income (loss) applicable to common stockholders		(579	)		9,027		10,181		3,000		21,629
Earnings (loss) per share
Basic	$	(0.01	)	$	0.13	$	0.14	$	0.04	$	0.31
Diluted	$	(0.01	)	$	0.13	$	0.14	$	0.04	$	0.30

	2010
	Quarter
	First		Second		Third		Fourth		Year
	(in thousands, except per share amounts)
Revenues	$	21,589	$	20,982	$	23,117	$	22,587	$	88,275
Gross profit		14,358		14,248		15,451		15,373		59,430
Net income		7,186		8,563		4,320		314		20,383
Net income applicable to common stockholders		7,175		8,560		4,317		313		20,365
Earnings per share
Basic and diluted	$	0.10	$	0.12	$	0.06	$	0.00	$	0.29

        Quarterly and year-to-date computations of per share amounts are made independently. Therefore, the sum of quarterly per share amounts may not agree with per share amounts for the year. Gross profit represents oil and gas revenues less lease operating expenses.