Current report filing

Income Taxes (Tables)

v2.4.0.8
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2012
Income Tax Disclosure [Abstract]  
Schedule Of Components Of Income Tax Expense (Benefit)
The income tax provision for continuing operations consists of the following:
 
 
2012
 
2011
 
2010
Current:
 
 
 
 
 
State
$
84,000

 
$

 
$
40,000

Federal
646,000

 
282,000

 
95,000

Deferred:

 

 

State
2,214,000

 

 

Federal
23,419,000

 
(372,000
)
 
(95,000
)
Total income tax expense (benefit) provision from continuing operations
$
26,363,000

 
$
(90,000
)
 
$
40,000

Reconciliation Of Statutory Federal Income Tax Amount
A reconciliation of the statutory federal income tax amount to the recorded expense follows:
 
 
2012
 
2011
 
2010
Income from continuing operations before federal income taxes
$
98,199,000

 
$
108,332,000

 
$
47,403,000

Expected income tax at statutory rate
34,370,000

 
37,916,000

 
16,591,000

State income taxes
1,493,000

 
4,227,000

 
2,378,000

Other differences
292,000

 
(146,000
)
 
(111,000
)
Changes in valuation allowance
(9,792,000
)
 
(42,087,000
)
 
(18,818,000
)
Income tax expense (benefit) recorded for continuing operations
$
26,363,000

 
$
(90,000
)
 
$
40,000

Schedule Of Deferred Tax Assets And Liabilities
The tax effects of temporary differences and net operating loss carryforwards, which give rise to deferred tax assets and liabilities at December 31, 2012, 2011 and 2010 are estimated as follows:
 
 
2012
 
2011
 
2010
Deferred tax assets:
 
 
 
 
 
Net operating loss carryforward
$
1,513,000

 
$
40,880,000

 
$
20,967,000

Oil and gas property basis difference

 

 
32,054,000

FASB ASC 718 compensation expense
762,000

 
520,000

 
347,000

Investment in pass through entities

 
78,000

 
722,000

AMT credit
1,643,000

 
1,000,000

 
693,000

Non-oil and gas property basis difference

 
103,000

 
279,000

Charitable contributions carryover
5,000

 
3,000

 

Unrealized gain on hedging activities
3,836,000

 

 

Foreign tax credit carryforwards
2,074,000

 

 

State net operating loss carryover
4,315,000

 
6,410,000

 

Total deferred tax assets
14,148,000

 
48,994,000

 
55,062,000

Valuation allowance for deferred tax assets
(4,629,000
)
 
(12,347,000
)
 
(54,434,000
)
Deferred tax assets, net of valuation allowance
9,519,000

 
36,647,000

 
628,000

Deferred tax liabilities:

 

 

Oil and gas property basis difference
15,049,000

 
35,637,000

 

Investment in pass through entities
3,618,000

 

 

Non-oil and gas property basis difference
227,000

 

 

Investment in nonconsolidated affiliates
9,232,000

 

 

Unrealized gain on hedging activities

 
10,000

 

Total deferred tax liabilities
28,126,000

 
35,647,000

 

Net deferred tax asset (liability)
$
(18,607,000
)
 
$
1,000,000

 
$
628,000