For the first quarter 2013, the Company reported net income of $19.4
million, or $0.07 per diluted share, compared to net income of $1.7
million, or $0.01 per diluted share, for the same period in 2012. Net
income for the first quarter 2013 includes an unrealized loss of $17.2
million related to the mark-to-market of derivative instruments used for
commodity hedging. The net effect, after-tax, of the non-cash hedging
activities decreased Kodiak's reported net income for the first quarter
2013 by $0.04 per basic and diluted share.
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