| Schedule Of Components Of Income Tax Expense (Benefit) |
The income tax provision for continuing operations consists of the following:
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2012 |
|
2011 |
|
2010 |
Current: |
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|
|
|
State |
$ |
84,000 |
|
|
$ |
— |
|
|
$ |
40,000 |
|
Federal |
646,000 |
|
|
282,000 |
|
|
95,000 |
|
Deferred: |
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|
|
|
|
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:
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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:
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2012 |
|
2011 |
|
2010 |
Deferred tax assets: |
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|
|
|
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 |
|
|