I wanted to go over some of the stats I use and what they mean. I know a lot of people see these stats and If they know how to use them might not understand where they come from.
The first stat I wanted to review which I use almost everyday in my pitcher pickups is FIP. This is an ERA equivalency calculation which takes into account just things the pitcher controls and defense is removed from the equation. The only down side is it does not take into account hitting specifics and some ability to control BABIP has been shown. I still believe this is one of the stronger pitching calculations though.
Here is the equation as created by Tangotiger:
FIP = (HR*13+(BB+HBP-IBB)*3-K*2)/IP
Add to this a league factor which is currently 3.2 and you get the pitchers ERA if defense was not a factor.
A good way to use this statistic besides finding if the pitcher is pitching better than his current ERA is to find pitcher due for improved stats. If you take ERA and subtract FIP you find that AJ Burnett has a 1.84 ERA-FIP. He would be a great target as his value is low while a Gavin Floyd has a -1.91 and is due to regress. When using this statistic make sure to account for bad defense also as that is not accounted for.