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Document and Entity Information - USD ($) $ in Billions	6 Months Ended
Document and Entity Information - USD ($) $ in Billions	Jun. 30, 2011	Aug. 05, 2011	Jun. 30, 2010
Document and Entity Information [Abstract]
Entity Registrant Name	COMSTOCK RESOURCES INC
Entity Central Index Key	0000023194
Document Type	10-Q
Document Period End Date	Jun. 30, 2011
Amendment Flag	false
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 1.2
Entity Common Stock, Shares Outstanding		47,647,176

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2011	Dec. 31, 2010
ASSETS
Cash and Cash Equivalents	$ 3,556	$ 1,732
Accounts Receivable:
Oil and gas sales	40,206	28,705
Joint interest operations	11,112	15,982
Marketable Securities	62,482	84,637
Other Current Assets	13,129	4,675
Total current assets	130,485	135,731
Property and Equipment:
Unevaluated oil and gas properties	196,753	225,884
Oil and gas properties, successful efforts method	2,943,581	2,574,717
Other	18,028	18,156
Accumulated depreciation, depletion and amortization	(1,137,075)	(1,002,509)
Net property and equipment	2,021,287	1,816,248
Other Assets	16,677	12,235
Total Assets	2,168,449	1,964,214
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts Payable	134,159	123,275
Deferred Income Taxes Payable	11,427	10,339
Accrued Expenses	26,438	21,450
Total current liabilities	172,024	155,064
Long-term Debt	691,640	513,372
Deferred Income Taxes Payable	217,992	217,993
Reserve for Future Abandonment Costs	7,009	6,674
Other Non-Current Liabilities	2,499	2,580
Total liabilities	$ 1,091,164	$ 895,683
Commitments and Contingencies
Stockholders' Equity:
Common stock - $0.50 par, 75,000,000 shares authorized, 47,647,176 and 47,706,101 shares outstanding at June 30, 2011 and December 31, 2010, respectively	$ 23,824	$ 23,853
Additional paid-in capital	460,928	454,499
Retained earnings	564,202	557,849
Accumulated other comprehensive income	28,331	32,330
Total stockholders' equity	1,077,285	1,068,531
Total liabilities and stockholders' equity	$ 2,168,449	$ 1,964,214

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Revenues:
Oil and gas sales	$ 112,451	$ 90,682	$ 200,489	$ 196,771
Operating expenses:
Production taxes	1,363	4,806	2,089	6,481
Gathering and transportation	6,611	3,679	12,239	8,207
Lease operating	12,437	13,988	23,985	28,148
Exploration	82	99	9,619	1,268
Depreciation, depletion and amortization	74,689	57,398	135,014	116,807
Impairment of oil and gas properties		28		187
(Gain) loss on sale of assets	(26)	797	83	797
General and administrative, net	8,917	9,764	17,345	19,565
Total operating expenses	104,073	90,559	200,374	181,460
Operating income	8,378	123	115	15,311
Other income (expenses):
Interest income		119		258
Other income	83	25	393	45
Interest expense	(10,410)	(7,599)	(20,694)	(15,443)
Gain on sale of marketable securities	8,480	5,692	29,729	5,692
Total other income (expenses)	(1,847)	(1,763)	9,428	(9,448)
Income (loss) before income taxes	6,531	(1,640)	9,543	5,863
Benefit from (provision for) income taxes	(2,582)	21	(3,190)	(140)
Net Income (loss)	$ 3,949	$ (1,619)	$ 6,353	$ 5,723
Net income (loss) per share:
Basic	$ 0.08	$ (0.04)	$ 0.13	$ 0.12
Diluted	$ 0.08	$ (0.04)	$ 0.13	$ 0.12
Weighted average shares outstanding:
Basic	45,992	45,579	45,983	45,494
Diluted	45,992	45,579	45,983	45,571

Consolidated Statement of Stockholders' Equity and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2011
Statement [Line Items]
Beginning Balance		$ 1,068,531
Stock-based compensation		7,012
Excess income taxes from stock-based compensation		(612)
Net income	$ 3,949	6,353
Net change in unrealized gains and losses on marketable securities, net of income taxes		(3,999)
Total comprehensive income (loss)	(5,848)	2,354
Ending Balance	1,077,285	1,077,285
Common Stock
Statement [Line Items]
Beginning Balance		$ 23,853
Beginning Balance, shares		47,706
Stock-based compensation		$ (29)
Stock-based compensation, shares		(59)
Ending Balance	$ 23,824	$ 23,824
Ending Balance, shares	47,647	47,647
Additional Paid-in Capital
Statement [Line Items]
Beginning Balance		$ 454,499
Stock-based compensation		7,041
Excess income taxes from stock-based compensation		(612)
Ending Balance	$ 460,928	460,928
Retained Earnings
Statement [Line Items]
Beginning Balance		557,849
Net income		6,353
Ending Balance	564,202	564,202
Accumulated Other Comprehensive Income (Loss)
Statement [Line Items]
Beginning Balance		32,330
Net change in unrealized gains and losses on marketable securities, net of income taxes		(3,999)
Ending Balance	$ 28,331	$ 28,331

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 6,353	$ 5,723
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sale of assets	(29,646)	(4,895)
Deferred income taxes	2,621	(43)
Impairments	9,454	187
Depreciation, depletion and amortization	135,014	116,807
Debt issuance cost and discount amortization	2,403	1,226
Stock-based compensation	7,012	8,542
Excess income taxes from stock-based compensation	612	(1,531)
Increase in accounts receivable	(6,631)	(1,454)
(Increase) decrease in other current assets	(8,454)	49,436
Increase (decrease) in accounts payable and accrued expenses	(836)	25,226
Net cash provided by operating activities	117,902	199,224
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(332,537)	(258,493)
Proceeds from asset sales	45,648	11,624
Net cash used for investing activities	(286,889)	(246,869)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings	465,000
Principal payments on debt	(287,000)	(3,000)
Debt issuance costs	(6,577)
Proceeds from issuance of common stock		1,293
Excess income taxes from stock-based compensation	(612)	1,531
Net cash provided by (used for) financing activities	170,811	(176)
Net increase (decrease) in cash and cash equivalents	1,824	(47,821)
Cash and cash equivalents, beginning of period	1,732	90,472
Cash and cash equivalents, end of period	$ 3,556	$ 42,651

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2011

Summary of Significant Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES —

Basis of Presentation

In management’s opinion, the accompanying unaudited consolidated financial statements contain all adjustments (consisting solely of normal recurring adjustments) necessary to present fairly the financial position of Comstock Resources, Inc. and subsidiaries (“Comstock” or the “Company”) as of June 30, 2011 and the related results of operations for the three months and six months ended June 30, 2011 and 2010 and cash flows for the six months ended June 30, 2011 and 2010.

The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States have been omitted pursuant to those rules and regulations, although Comstock believes that the disclosures made are adequate to make the information presented not misleading. These unaudited consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in Comstock’s Annual Report on Form 10-K for the year ended December 31, 2010.

The results of operations for the three months and six months ended June 30, 2011 are not necessarily an indication of the results expected for the full year.

These unaudited consolidated financial statements include the accounts of Comstock and its wholly owned and controlled subsidiaries. Intercompany balances and transactions have been eliminated in consolidation.

Reclassifications

Certain reclassifications have been made to prior periods’ financial statements to conform to the current presentation.

Marketable Securities

As of June 30, 2011 the Company held 2,056,000 shares of Stone Energy Corporation common stock which was reflected in the consolidated balance sheets as marketable securities. As of June 30, 2011, the cost basis of the marketable securities was $18.9 million and the estimated fair value was $62.5 million, after recognizing an unrealized gain after income taxes of $28.3 million. The Company does not exert influence over the operating and financial policies of Stone Energy Corporation, and has classified its investment in these shares as an available-for-sale security in the consolidated balance sheets. Available-for-sale securities are accounted for at fair value, with any unrealized gains and unrealized losses not determined to be other than temporary reported in the consolidated balance sheet within accumulated other comprehensive income as a separate component of stockholders’ equity. The Company utilizes the specific identification method to determine the cost of any securities sold. During the three months and six months ended June 30, 2011 the Company sold 370,000 and 1,741,000 shares, respectively, of Stone Energy Corporation for $11.9 million and $45.7 million, respectively. Comstock realized a gain before income taxes on these sales of $8.5 million and $29.7 million, for the three months and six months ended June 30, 2011, respectively. During the three months and six months ended June 30, 2010, the Company sold 520,000 shares of Stone Energy Corporation for $10.5 million and realized gains before income taxes of $5.7 million on these sales.

Property and Equipment

The Company follows the successful efforts method of accounting for its oil and natural gas properties. Costs incurred to acquire oil and gas leasehold are capitalized. Unproved oil and gas properties are periodically assessed and any impairment in value is charged to exploration expense. The costs of unproved properties which are determined to be productive are transferred to oil and gas properties and amortized on an equivalent unit-of-production basis. An impairment charge of $9.5 million related to certain leases that were expected to expire prior to the Company conducting drilling operations was recognized in exploration expense in the six months ended June 30, 2011.

The Company also assesses the need for an impairment of the costs capitalized for its oil and gas properties on a property or cost center basis. The Company recognized impairment charges related to its oil and gas properties of $0.2 million during the six months ended June 30, 2010. There were no impairment charges related to oil and gas properties recognized during the three months and six months ended June 30, 2011.

Reserve for Future Abandonment Costs

Comstock’s asset retirement obligations relate to future plugging and abandonment expenses on its oil and gas properties and related facilities disposal. The following table summarizes the changes in Comstock’s total estimated liability during the six months ended June 30, 2011 and 2010:


	Six Months Ended
	June 30,
	2011			2010
	(In thousands)
Beginning future abandonment costs	$	6,674		$	6,561
Accretion expense		186			191
New wells placed on production and changes in estimates		191			131
Liabilities settled		(42	)		(43	)

Future abandonment costs — end of period	$	7,009		$	6,840

Revenue Recognition and Gas Balancing

Comstock utilizes the sales method of accounting for oil and natural gas revenues whereby revenues are recognized at the time of delivery based on the amount of oil or natural gas sold to purchasers. Revenue is typically recorded in the month of production based on an estimate of the Company’s share of volumes produced and prices realized. Revisions to such estimates are recorded as actual results are known. The amount of oil or natural gas sold may differ from the amount to which the Company is entitled based on its revenue interests in the properties. The Company did not have any significant imbalance positions at June 30, 2011 or December 31, 2010.

Derivative Financial Instruments

The Company did not have any derivative financial instruments outstanding during the three months and six months ended June 30, 2011 or June 30, 2010.

Stock-Based Compensation

Comstock accounts for employee stock-based compensation under the fair value method. Compensation cost is measured at the grant date based on the fair value of the award and is recognized over the award vesting period. During the three months ended June 30, 2011 and 2010, the Company recognized $3.9 million and $4.3 million, respectively, of stock-based compensation expense within general and administrative expenses related to awards of restricted stock or stock options to its employees and directors. During the six months ended June 30, 2011 and 2010, the Company recognized $7.0 million and $8.5 million, respectively, of stock-based compensation expense within general and administrative expenses related to awards of restricted stock or stock options.

As of June 30, 2011, Comstock had 1,638,400 shares of unvested restricted stock outstanding at a weighted average grant date fair value of $35.17 per share. Total unrecognized compensation cost related to unvested restricted stock grants of $28.0 million as of June 30, 2011 is expected to be recognized over a period of 2.4 years. During the six months ended June 30, 2011 the Company awarded a total of 26,000 shares of restricted stock to its independent directors which will vest three years from the date of the grant. The grant date fair value was $26.52 per share for the 2011 awards.

As of June 30, 2011, Comstock had outstanding options to purchase 203,150 shares of common stock at a weighted average exercise price of $36.64 per share. All of the stock options were exercisable and there were no unrecognized costs related to the options as of June 30, 2011. The Company received $1.3 million in cash proceeds from the exercise of stock options during the six months ended June 30, 2010. No stock options were exercised during the six months ended June 30, 2011.

Income Taxes

The following is an analysis of consolidated income tax expense:


	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2011		2010			2011		2010
			(In thousands)
Current provision (benefit)	$	410	$	(33	)	$	569	$	183
Deferred provision (benefit)		2,172		12			2,621		(43	)

Provision for (benefit from) income taxes	$	2,582	$	(21	)	$	3,190	$	140

Deferred income taxes are provided to reflect the future tax consequences or benefits of differences between the tax basis of assets and liabilities and their reported amounts in the financial statements using enacted tax rates. The difference between the Company’s customary rate of 35% and the effective tax rate on income before income taxes is due to the following:


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
Tax at statutory rate		35.0	%		35.0	%		35.0	%		35.0	%
Tax effect of:
Nondeductible stock-based compensation		4.3	%		(35.7	%)		(2.0	%)		(24.2	%)
State income taxes, net of federal benefit		(0.1	%)		(0.5	%)		0.2	%		(1.2	%)
Net operating loss carryback adjustments		—	%		—	%		—	%		(6.3	%)
Domestic production activities deduction		—	%		3.2	%		—	%		0.3	%
Other		0.3	%		(0.7	%)		0.2	%		(1.2	%)

Effective tax rate		39.5	%		1.3	%		33.4	%		2.4	%

The Company’s non-deductible stock-based compensation has the effect of increasing the Company’s annualized effective tax rate in the case of an income tax provision or decreasing the effective tax rate in the case of an income tax benefit. The effective tax rate for the six months ended June 30, 2011 reflects the benefit from a decrease in non-deductible compensation which resulted from the early retirement of one of the Company’s executives. The 2010 effective tax rate was based on an expected income tax benefit for the full year and reflects a benefit from adjustments related to refund claims resulting from net operating loss carrybacks.

The Company’s federal income tax returns for the years subsequent to December 31, 2006 remain subject to examination. The Company’s income tax returns in major state income tax jurisdictions remain subject to examination from various periods subsequent to December 31, 2005. State tax returns in one state jurisdiction are currently under review. The Company has evaluated the preliminary findings in this jurisdiction and believes it is more likely than not that the ultimate resolution of these matters will not have a material effect on its financial statements. The Company currently believes that all other significant filing positions are highly certain and that all of its other significant income tax positions and deductions would be sustained under audit or the final resolution would not have a material effect on the consolidated financial statements. Therefore the Company has not established any significant reserves for uncertain tax positions.

Fair Value Measurements

As of June 30, 2011, the Company held certain items that are required to be measured at fair value. These included cash equivalents held in money market funds and marketable securities comprised of shares of Stone Energy Corporation common stock. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The estimated fair value for the items in the Company’s financial statement were based on Level 1 inputs where the inputs used to measure fair value are unadjusted quoted prices that are available in active markets for the identical assets or liabilities as of the reporting date.

The following table summarizes financial assets and liabilities accounted for at fair value as of June 30, 2011:


	Carrying
	Value
	Measured at
	Fair Value
	(In thousands)
Items measured at fair value on a recurring basis:
Cash equivalents — money market funds	$	3,556
Marketable securities		62,482

Total assets	$	66,038

The following table presents the carrying amounts and estimated fair value of the Company’s other financial instruments as of June 30, 2011 and December 31, 2010:


	As of June 30, 2011				As of December 31, 2010
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
			(In thousands)
Long-term debt, including current portion	$	691,640	$	705,500	$	513,372	$	518,930

The fair market value of the Company’s fixed rate debt was based on their market prices as of June 30, 2011 and December 31, 2010. The fair value of the floating rate debt outstanding at June 30, 2011 and December 31, 2010 approximated its carrying value.

Earnings Per Share

Basic earnings per share is determined without the effect of any outstanding potentially dilutive stock options and diluted earnings per share is determined with the effect of outstanding stock options that are potentially dilutive. Unvested share-based payment awards containing nonforfeitable rights to dividends are considered to be participatory securities and are included in the computation of basic and diluted earnings per share pursuant to the two-class method. Basic and diluted earnings per share for the three months and six months ended June 30, 2011 and 2010, respectively, were determined as follows:


	Three Months Ended June 30,
	2011							2010
						Per		Income					Per
	Income			Shares		Share		(Loss)			Shares		Share
				(In thousands, except per share amounts)
Net Income (Loss)	$	3,949						$	(1,619	)
Income Allocable to Unvested Stock Grants		(136	)						—

Basic Net Income (Loss) Attributable to Common Stock	$	3,813			45,992	$	0.08	$	(1,619	)		45,579	$	(0.04	)

Effect of Dilutive Securities:
Stock Options		—			—				—			—

Diluted Net Income (Loss) Attributable to Common Stock	$	3,813			45,992	$	0.08	$	(1,619	)		45,579	$	(0.04	)


	Six Months Ended June 30,
	2011							2010
						Per							Per
	Income			Shares		Share		Income			Shares		Share
				(In thousands, except per share amounts)
Net Income	$	6,353						$	5,723
Income Allocable to Unvested Stock Grants		(224	)						(206	)

Basic Net Income Attributable to Common Stock	$	6,129			45,983	$	0.13	$	5,517			45,494	$	0.12

Effect of Dilutive Securities:
Stock Options		—			—				—			77

Diluted Net Income Attributable to Common Stock	$	6,129			45,983	$	0.13	$	5,517			45,571	$	0.12

At June 30, 2011 and December 31, 2010, 1,638,400 and 2,069,275 shares of restricted stock are included in common stock outstanding as such shares have a nonforfeitable right to participate in any dividends that might be declared and have the right to vote. Weighted average shares of unvested restricted stock were as follows:

Three Months Ended

Six Months Ended

June 30,

2011

2010

2011

2010

(In thousands)

Unvested restricted stock

1,644

1,698

1,680

1,698

The shares of unvested stock were excluded from the computation of earnings per share as anti-dilutive to earnings for the three month period ended June 30, 2010 due to the net loss in this period.

Options to purchase common stock that were outstanding and that were excluded as anti-dilutive from the determination of diluted earnings per share were as follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2011		2010		2011		2010
	(In thousands except per share data)
Weighted average anti-dilutive stock options		216		270		226		40
Weighted average exercise price	$	36.39	$	36.38	$	36.22	$	54.36

The excluded options that were anti-dilutive were at exercise prices in excess of the average stock price for each of the periods presented. All stock options were excluded as anti-dilutive for the three months ended June 30, 2010 due to the net loss in that period.

Supplementary Information With Respect to the Consolidated Statements of Cash Flows

For the purpose of the consolidated statements of cash flows, the Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. At June 30, 2011 and December 31, 2010 the Company’s cash investments consisted of prime shares held in institutional preferred money market funds.

The following is a summary of cash payments made for interest and income taxes:


	Six Months Ended June 30,
	2011		2010
	(In thousands)
Cash Payments:
Interest payments	$	20,564	$	20,284
Income tax payments (refunds)	$	19	$	(48,843	)

The Company capitalizes interest on its unevaluated oil and gas property costs during periods when it is conducting exploration activity on this acreage. For the three months and six months ended June 30, 2011, the Company capitalized interest of $3.5 million and $6.6 million, respectively, which reduced interest expense and increased the carrying value of its unevaluated oil and gas properties. The Company capitalized interest of $2.9 million and $5.5 million during the three months and six months ended June 30, 2010, respectively.

Comprehensive Income (Loss)

Comprehensive income (loss) consists of the following:


	Three Months Ended June 30,						Six Months Ended June 30,
	2011			2010			2011			2010
				(In thousands)
Net income (loss)	$	3,949		$	(1,619	)	$	6,353		$	5,723
Other comprehensive income (loss):
Realized gain on marketable securities reclassified to earnings, net of income tax expense of $2,968, $1,992, $10,405 and $1,992		(5,512	)		(3,700	)		(19,324	)		(3,700	)
Unrealized gain (loss) on marketable securities, net of income tax expense (benefit) of ($2,307), ($10,630), $8,252, and ($11,188)		(4,285	)		(19,742	)		15,325			(20,778	)

Total comprehensive income (loss)	$	(5,848	)	$	(25,061	)	$	2,354		$	(18,755	)

Accumulated other comprehensive income for the three months and six months ended June 30, 2011, which is related solely to changes in the fair value of our marketable securities, is comprised of the following:


	Three Months			Six Months
	Ended			Ended
	June 30, 2011			June 30, 2011
	(In thousands)
Balance as of beginning of the period	$	38,128		$	32,330
Realized gain on sale of marketable securities, net of income taxes, reclassified to earnings		(5,512	)		(19,324	)
Changes in the value of marketable securities, net of income taxes		(4,285	)		15,325

Balance as of June 30, 2011	$	28,331		$	28,331

Subsequent Events

Subsequent events were evaluated through the issuance date of these consolidated financial statements.

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2011

Summary of Significant Accounting Policies (Policies) [Abstract]

Basis of Presentation

The results of operations for the three months and six months ended June 30, 2011 are not necessarily an indication of the results expected for the full year.

Reclassifications

Certain reclassifications have been made to prior periods’ financial statements to conform to the current presentation.

Marketable Securities

Property and Equipment

Reserve for Future Abandonment Costs


	Six Months Ended
	June 30,
	2011			2010
	(In thousands)
Beginning future abandonment costs	$	6,674		$	6,561
Accretion expense		186			191
New wells placed on production and changes in estimates		191			131
Liabilities settled		(42	)		(43	)

Future abandonment costs — end of period	$	7,009		$	6,840

Revenue Recognition and Gas Balancing

Derivative Financial Instruments

The Company did not have any derivative financial instruments outstanding during the three months and six months ended June 30, 2011 or June 30, 2010.

Stock-Based Compensation

Income Taxes

The following is an analysis of consolidated income tax expense:


	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2011		2010			2011		2010
			(In thousands)
Current provision (benefit)	$	410	$	(33	)	$	569	$	183
Deferred provision (benefit)		2,172		12			2,621		(43	)

Provision for (benefit from) income taxes	$	2,582	$	(21	)	$	3,190	$	140


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
Tax at statutory rate		35.0	%		35.0	%		35.0	%		35.0	%
Tax effect of:
Nondeductible stock-based compensation		4.3	%		(35.7	%)		(2.0	%)		(24.2	%)
State income taxes, net of federal benefit		(0.1	%)		(0.5	%)		0.2	%		(1.2	%)
Net operating loss carryback adjustments		—	%		—	%		—	%		(6.3	%)
Domestic production activities deduction		—	%		3.2	%		—	%		0.3	%
Other		0.3	%		(0.7	%)		0.2	%		(1.2	%)

Effective tax rate		39.5	%		1.3	%		33.4	%		2.4	%

Fair Value Measurements

The following table summarizes financial assets and liabilities accounted for at fair value as of June 30, 2011:


	Carrying
	Value
	Measured at
	Fair Value
	(In thousands)
Items measured at fair value on a recurring basis:
Cash equivalents — money market funds	$	3,556
Marketable securities		62,482

Total assets	$	66,038

The following table presents the carrying amounts and estimated fair value of the Company’s other financial instruments as of June 30, 2011 and December 31, 2010:


	As of June 30, 2011				As of December 31, 2010
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
			(In thousands)
Long-term debt, including current portion	$	691,640	$	705,500	$	513,372	$	518,930

Earnings Per Share


	Three Months Ended June 30,
	2011							2010
						Per		Income					Per
	Income			Shares		Share		(Loss)			Shares		Share
				(In thousands, except per share amounts)
Net Income (Loss)	$	3,949						$	(1,619	)
Income Allocable to Unvested Stock Grants		(136	)						—

Basic Net Income (Loss) Attributable to Common Stock	$	3,813			45,992	$	0.08	$	(1,619	)		45,579	$	(0.04	)

Effect of Dilutive Securities:
Stock Options		—			—				—			—

Diluted Net Income (Loss) Attributable to Common Stock	$	3,813			45,992	$	0.08	$	(1,619	)		45,579	$	(0.04	)


	Six Months Ended June 30,
	2011							2010
						Per							Per
	Income			Shares		Share		Income			Shares		Share
				(In thousands, except per share amounts)
Net Income	$	6,353						$	5,723
Income Allocable to Unvested Stock Grants		(224	)						(206	)

Basic Net Income Attributable to Common Stock	$	6,129			45,983	$	0.13	$	5,517			45,494	$	0.12

Effect of Dilutive Securities:
Stock Options		—			—				—			77

Diluted Net Income Attributable to Common Stock	$	6,129			45,983	$	0.13	$	5,517			45,571	$	0.12

Three Months Ended

Six Months Ended

June 30,

2011

2010

2011

2010

(In thousands)

Unvested restricted stock

1,644

1,698

1,680

1,698

The shares of unvested stock were excluded from the computation of earnings per share as anti-dilutive to earnings for the three month period ended June 30, 2010 due to the net loss in this period.

Options to purchase common stock that were outstanding and that were excluded as anti-dilutive from the determination of diluted earnings per share were as follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2011		2010		2011		2010
	(In thousands except per share data)
Weighted average anti-dilutive stock options		216		270		226		40
Weighted average exercise price	$	36.39	$	36.38	$	36.22	$	54.36

Supplementary Information With Respect to the Consolidated Statements of Cash Flows

The following is a summary of cash payments made for interest and income taxes:


	Six Months Ended June 30,
	2011		2010
	(In thousands)
Cash Payments:
Interest payments	$	20,564	$	20,284
Income tax payments (refunds)	$	19	$	(48,843	)

Comprehensive Income (Loss)

Comprehensive Income (Loss)

Comprehensive income (loss) consists of the following:


	Three Months Ended June 30,						Six Months Ended June 30,
	2011			2010			2011			2010
				(In thousands)
Net income (loss)	$	3,949		$	(1,619	)	$	6,353		$	5,723
Other comprehensive income (loss):
Realized gain on marketable securities reclassified to earnings, net of income tax expense of $2,968, $1,992, $10,405 and $1,992		(5,512	)		(3,700	)		(19,324	)		(3,700	)
Unrealized gain (loss) on marketable securities, net of income tax expense (benefit) of ($2,307), ($10,630), $8,252, and ($11,188)		(4,285	)		(19,742	)		15,325			(20,778	)

Total comprehensive income (loss)	$	(5,848	)	$	(25,061	)	$	2,354		$	(18,755	)


	Three Months			Six Months
	Ended			Ended
	June 30, 2011			June 30, 2011
	(In thousands)
Balance as of beginning of the period	$	38,128		$	32,330
Realized gain on sale of marketable securities, net of income taxes, reclassified to earnings		(5,512	)		(19,324	)
Changes in the value of marketable securities, net of income taxes		(4,285	)		15,325

Balance as of June 30, 2011	$	28,331		$	28,331

Subsequent Events

Subsequent events were evaluated through the issuance date of these consolidated financial statements.

Summary of Significant Policies (Tables)

6 Months Ended

Jun. 30, 2011

Summary of Significant Policies (Tables) [Abstract]

Summary of changes in reserve for future abandonment costs


	Six Months Ended
	June 30,
	2011			2010
	(In thousands)
Beginning future abandonment costs	$	6,674		$	6,561
Accretion expense		186			191
New wells placed on production and changes in estimates		191			131
Liabilities settled		(42	)		(43	)

Future abandonment costs — end of period	$	7,009		$	6,840

Income tax expense


	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2011		2010			2011		2010
			(In thousands)
Current provision (benefit)	$	410	$	(33	)	$	569	$	183
Deferred provision (benefit)		2,172		12			2,621		(43	)

Provision for (benefit from) income taxes	$	2,582	$	(21	)	$	3,190	$	140

Difference between customary rate and effective tax rate on income before income taxes due


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
Tax at statutory rate		35.0	%		35.0	%		35.0	%		35.0	%
Tax effect of:
Nondeductible stock-based compensation		4.3	%		(35.7	%)		(2.0	%)		(24.2	%)
State income taxes, net of federal benefit		(0.1	%)		(0.5	%)		0.2	%		(1.2	%)
Net operating loss carryback adjustments		—	%		—	%		—	%		(6.3	%)
Domestic production activities deduction		—	%		3.2	%		—	%		0.3	%
Other		0.3	%		(0.7	%)		0.2	%		(1.2	%)

Effective tax rate		39.5	%		1.3	%		33.4	%		2.4	%

Summary of financial assets and liabilities at fair value


	Carrying
	Value
	Measured at
	Fair Value
	(In thousands)
Items measured at fair value on a recurring basis:
Cash equivalents — money market funds	$	3,556
Marketable securities		62,482

Total assets	$	66,038

Carrying amounts and estimated fair value of other financial instruments


	As of June 30, 2011				As of December 31, 2010
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
			(In thousands)
Long-term debt, including current portion	$	691,640	$	705,500	$	513,372	$	518,930

Basic and diluted earnings per share


	Three Months Ended June 30,
	2011							2010
						Per		Income					Per
	Income			Shares		Share		(Loss)			Shares		Share
				(In thousands, except per share amounts)
Net Income (Loss)	$	3,949						$	(1,619	)
Income Allocable to Unvested Stock Grants		(136	)						—

Basic Net Income (Loss) Attributable to Common Stock	$	3,813			45,992	$	0.08	$	(1,619	)		45,579	$	(0.04	)

Effect of Dilutive Securities:
Stock Options		—			—				—			—

Diluted Net Income (Loss) Attributable to Common Stock	$	3,813			45,992	$	0.08	$	(1,619	)		45,579	$	(0.04	)


	Six Months Ended June 30,
	2011							2010
						Per							Per
	Income			Shares		Share		Income			Shares		Share
				(In thousands, except per share amounts)
Net Income	$	6,353						$	5,723
Income Allocable to Unvested Stock Grants		(224	)						(206	)

Basic Net Income Attributable to Common Stock	$	6,129			45,983	$	0.13	$	5,517			45,494	$	0.12

Effect of Dilutive Securities:
Stock Options		—			—				—			77

Diluted Net Income Attributable to Common Stock	$	6,129			45,983	$	0.13	$	5,517			45,571	$	0.12

Weighted average shares of unvested restricted stock

Three Months Ended

Six Months Ended

June 30,

2011

2010

2011

2010

(In thousands)

Unvested restricted stock

1,644

1,698

1,680

1,698

Common Stock stock options excluded as anti-dilutive from determination of diluted earnings per share


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2011		2010		2011		2010
	(In thousands except per share data)
Weighted average anti-dilutive stock options		216		270		226		40
Weighted average exercise price	$	36.39	$	36.38	$	36.22	$	54.36

Cash payments made for interest and income taxes


	Six Months Ended June 30,
	2011		2010
	(In thousands)
Cash Payments:
Interest payments	$	20,564	$	20,284
Income tax payments (refunds)	$	19	$	(48,843	)

Comprehensive income (loss)


	Three Months Ended June 30,						Six Months Ended June 30,
	2011			2010			2011			2010
				(In thousands)
Net income (loss)	$	3,949		$	(1,619	)	$	6,353		$	5,723
Other comprehensive income (loss):
Realized gain on marketable securities reclassified to earnings, net of income tax expense of $2,968, $1,992, $10,405 and $1,992		(5,512	)		(3,700	)		(19,324	)		(3,700	)
Unrealized gain (loss) on marketable securities, net of income tax expense (benefit) of ($2,307), ($10,630), $8,252, and ($11,188)		(4,285	)		(19,742	)		15,325			(20,778	)

Total comprehensive income (loss)	$	(5,848	)	$	(25,061	)	$	2,354		$	(18,755	)

Accumulated other comprehensive income related to changes in the fair value of marketable securities


	Three Months			Six Months
	Ended			Ended
	June 30, 2011			June 30, 2011
	(In thousands)
Balance as of beginning of the period	$	38,128		$	32,330
Realized gain on sale of marketable securities, net of income taxes, reclassified to earnings		(5,512	)		(19,324	)
Changes in the value of marketable securities, net of income taxes		(4,285	)		15,325

Balance as of June 30, 2011	$	28,331		$	28,331

Summary of Significant Policies (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010	Dec. 31, 2010
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense recognized within general and administrative expenses related to stock option and restricted stock grants			$ 7,012,000	$ 8,542,000
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated fair value of Stone Energy Corporation common stock held for sale	$ 62,482,000		62,482,000		$ 84,637,000
Cost basis of Stone Energy Corporation common stock held for sale	18,900,000		18,900,000
Summary of Significant Policies (Textuals) [Abstract]
Income Tax expense on Realized gain on marketable securities	2,968,000	$ 1,992,000	10,405,000	1,992,000
Income tax expense (benefit) Unrealized gain (loss) on marketable securities	(2,307,000)	(10,630,000)	8,252,000	(11,188,000)
Unrealized gain on available for sale securities			28,300,000
Proceeds from sale of Stone Energy Corporation Common stock held for Sale	11,900,000	10,500,000	45,700,000	10,500,000
Gain before income taxes from sale of Stone Energy Corporation common stock held for sale	8,500,000	5,700,000	29,700,000	5,700,000
Impairment charges related to unevaluated properties			9,500,000
Impairment charges related to oil and gas properties	0		0	200,000
Outstanding derivative financial instrument	$ 0	0	$ 0	0
Weighted average grant date fair value of unvested restricted stock	$ 35.17		$ 35.17
Stock options outstanding	203,150		203,150
Weighted average exercise price	$ 36.64		$ 36.64
Stock options exercisable	203,150		203,150
Cash proceeds from exercise of stock options				1,300,000
Customary rate			35.00%
Number of state jurisdictions in which state tax returns are under review			1
Interest costs, capitalized during period	$ 3,500,000	2,900,000	$ 6,600,000	5,500,000
General and Administrative Expense [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense recognized within general and administrative expenses related to stock option and restricted stock grants	$ 3,900,000	$ 4,300,000	$ 7,000,000	$ 8,500,000
Common Stock [Member]
Schedule of Available-for-sale Securities [Line Items]
Shares of Stone Energy Corporation common stock held by company	2,056,000		2,056,000
Shares of Stone Energy Corporation common stock sold by company	370,000	520,000	1,741,000	520,000
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to nonvested stock options	$ 0		$ 0
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of unvested restricted stock outstanding	1,638,400		1,638,400		2,069,275
Unrecognized compensation cost related to nonvested stock options	$ 28,000,000		$ 28,000,000
Period over which unrecognized compensation cost related to nonvested stock options expected to be recognized			2.4
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated fair value of Stone Energy Corporation common stock held for sale	$ 62,482,000		$ 62,482,000
Director [Member]
Additional Summary of Significant Policies (Textuals) [Abstract]
Restricted stock shares awarded to independent directors			26,000
Vesting period of restricted stock awarded to independent directors			3 years
Grant date fair value for awards			$ 26.52

Long-Term Debt (Details Textual) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
Long-Term Debt (Details Textual) - USD ($) $ in Thousands	Jun. 30, 2011	Jun. 30, 2010	Dec. 31, 2010
Long-Term Debt (Textuals) [Abstract]
Outstanding senior notes	$ 0
Repurchase of Senior Notes due 2012	287,000	$ 3,000
Additional Long-Term Debt (Textuals) [Abstract]
Bank credit facility	$ 850,000
Line of credit facility commitment term (in years)	5 years
Maturity of credit facility	On 30 November, 2015
Maximum borrowing base	$ 500,000
Availability of borrowing base	$ 405,000
Interest rate description based on utilization of borrowing base at company option	either (1) LIBOR plus 1.75% to 2.75% or (2) the base rate (which is the higher of the administrative agent’s prime rate, the federal funds rate plus 0.5% or 30 day LIBOR plus 1.0%) plus 0.75% to 1.75%
Commitment fee	0.5% on unused borrowing base
Description of covenants under credit facility	Restrict the payment of cash dividends in excess of 50.0 million
Ownership percentage of guarantor subsidiary	100.00%
8 3/8% Senior Notes due 2017 [Member]
Long-Term Debt (Textuals) [Abstract]
Outstanding senior notes	$ 300,000
Interest rate on senior notes	8.375%
Maturity of credit facility	Oct. 15, 2017
6 7/8% Senior Notes due 2012 [Member]
Long-Term Debt (Textuals) [Abstract]
Outstanding senior notes			$ 172,000
Interest rate on senior notes			6.875%
Repurchase of Senior Notes due 2012	$ 172,400
Loss resulted due to early extinguishment of senior notes	1,100
Maturity of credit facility			Mar. 01, 2012
7 3/4% Senior Notes due 2019 [Member]
Long-Term Debt (Textuals) [Abstract]
Outstanding senior notes	$ 300,000
Interest rate on senior notes	7.75%
Maturity of credit facility	Apr. 01, 2019

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2011
Commitments and Contingencies [Abstract]
COMMITMENTS AND CONTINGENCIES	(3) COMMITMENTS AND CONTINGENCIES — From time to time, Comstock is involved in certain litigation that arises in the normal course of its operations. The Company records a loss contingency for these matters when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Company does not believe the resolution of these matters will have a material effect on the Company’s financial position or results of operations. In connection with its exploration and development activities, the Company holds contracts for drilling rigs that will expire over the next 15 months. As of June 30, 2011, the Company had commitments for contracted drilling services of $34.6 million. The Company has also entered into agreements for well completion services through June 30, 2012 which require minimum future payments totaling $6.0 million. The Company has entered into natural gas transportation agreements to support its production operations in North Louisiana through March 2020. Maximum commitments under these transportation agreements as of June 30, 2011 totaled $41.2 million.

Summary of Significant Policies (Details 2)	3 Months Ended		6 Months Ended
Summary of Significant Policies (Details 2)	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Difference between customary rate and effective tax rate on income before income taxes due
Tax at statutory rate	35.00%	35.00%	35.00%	35.00%
Tax effect of:
Nondeductible stock-based compensation	4.30%	(35.70%)	(2.00%)	(24.20%)
State income taxes, net of federal benefit	(0.10%)	(0.50%)	0.20%	(1.20%)
Net operating loss carryback adjustments				(6.30%)
Domestic production activities deduction		3.20%		0.30%
Other	0.30%	(0.70%)	0.20%	(1.20%)
Effective tax rate	39.50%	1.30%	33.40%	2.40%

Long-Term Debt (Details) $ in Thousands	Jun. 30, 2011 USD ($)
Long-Term Debt
Long-term Debt	$ 691,640
Bank Credit Facility [Member]
Long-Term Debt
Long-term Debt	95,000
8 3/8% Senior Notes due 2017 [Member]
Long-Term Debt
Long-term Debt	296,640
7 3/4% Senior Notes due 2019 [Member]
Long-Term Debt
Long-term Debt	$ 300,000

Commitments and Contingencies (Details) $ in Millions	6 Months Ended
Commitments and Contingencies (Details) $ in Millions	Jun. 30, 2011 USD ($)
Commitments and Contingencies (Textuals) [Abstract]
Drilling rigs contract term	next 15 months
Commitments for contracted drilling services	$ 34.6
Well completion services agreement contract term	through June 30, 2012
Minimum commitments for well completion services	$ 6.0
Natural gas transportation agreement term	through March 2020
Maximum commitments under natural gas transportation agreements	$ 41.2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2011	Dec. 31, 2010
Stockholders' Equity:
Common stock, par value	$ 0.50	$ 0.50
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares outstanding	47,647,176	47,706,101

Summary of Significant Policies (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
Summary of changes in reserve for future abandonment costs
Beginning future abandonment costs	$ 6,674	$ 6,561
Accretion expense	186	191
New wells placed on production and changes in estimates	191	131
Liabilities settled	(42)	(43)
Future abandonment costs - end of period	$ 7,009	$ 6,840

Summary of Significant Policies (Details 3) - USD ($) $ in Thousands	Jun. 30, 2011	Dec. 31, 2010	Jun. 30, 2010	Dec. 31, 2009
Items measured at fair value on a recurring basis:
Cash equivalents - money market funds	$ 3,556	$ 1,732	$ 42,651	$ 90,472
Marketable Securities	62,482	$ 84,637
Fair Value, Inputs, Level 1 [Member]
Items measured at fair value on a recurring basis:
Cash equivalents - money market funds	3,556
Marketable Securities	62,482
Total assets	$ 66,038

Summary of Significant Policies (Details 4) - USD ($) $ in Thousands	Jun. 30, 2011	Dec. 31, 2010
Carrying amounts and estimated fair value of other financial instruments
Long-term debt, including current portion	$ 691,640
Carrying Value [Member]
Carrying amounts and estimated fair value of other financial instruments
Long-term debt, including current portion	691,640	$ 513,372
Fair Value [Member]
Carrying amounts and estimated fair value of other financial instruments
Long-term debt, including current portion	$ 705,500	$ 518,930

Summary of Significant Policies (Details 8) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
Cash Payments:
Interest payments	$ 20,564	$ 20,284
Income tax payments (refunds)	$ 19	$ (48,843)