Gulfport Energy Corporation Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Cover
- Document And Entity Information
Financial Statements
Notes to Financial Statements
Accounting Policies
- Summary Of Significant Accounting Policies (Policy)
Notes Tables
Notes Details

Income Taxes (Tables)

v2.4.0.6

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2011

Income Taxes [Abstract]

Schedule Of Components Of Income Tax Expense (Benefit)


	2011			2010			2009
Current:
State	$	—		$	40,000		$	28,000
Federal		282,000			95,000			32,000
Deferred:
State		—			—			—
Federal		(372,000	)		(95,000	)		(32,000	)

Total income tax expense (benefit) provision	$	(90,000	)	$	40,000		$	28,000

Reconciliation Of Statutory Federal Income Tax Amount


	2011			2010			2009
Income before federal income taxes	$	108,332,000		$	47,403,000		$	23,655,000

Expected income tax at statutory rate		37,916,000			16,591,000			8,279,000
State income taxes		4,227,000			2,378,000			1,370,000
Other differences		(146,000	)		(111,000	)		(891,000	)
Changes in valuation allowance		(42,087,000	)		(18,818,000	)		(8,730,000	)

Income tax expense (benefit) recorded	$	(90,000	)	$	40,000		$	28,000

Schedule Of Deferred Tax Assets And Liabilities


	2011			2010			2009
Deferred tax assets:
Net operating loss carryforward	$	40,880,000		$	20,967,000		$	22,268,000
Oil and gas property basis difference		—			32,054,000			49,638,000
FASB ASC 718 compensation expense		520,000			347,000			341,000
Investment in pass through entities		78,000			722,000			528,000
AMT credit		1,000,000			693,000			598,000
Non-oil and gas property basis difference		103,000			279,000			316,000
Charitable contributions carryover		3,000			—			—
State net operating loss carryover		6,410,000			—			—

Total deferred tax assets		48,994,000			55,062,000			73,689,000
Deferred tax liabilities:
Oil and gas property basis difference		35,637,000			—			—
Investment in pass through entities		—			—			—
Unrealized gain on hedging activities		10,000			—			—

Total deferred tax liabilities		35,647,000			—			—

Total deferred tax asset		13,347,000			55,062,000			73,689,000
Valuation allowance		(12,347,000	)		(54,434,000	)		(73,156,000	)

Net deferred tax asset	$	1,000,000		$	628,000		$	533,000

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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