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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Reconciliation Between Statutory Federal Income Tax Rate and Effective Income Tax

Our income tax expense from continuing operations was $33.9 million for the year ended December 31, 2013 compared to $12.1 million in 2012 and $35.6 million in 2011. Reconciliation between the statutory federal income tax rate and our effective income tax rate is as follows:

	Year Ended December 31,
	2013		2012				2011
Federal statutory tax rate	35.0	%		35.0	%			35.0	%
State	(2.3	)		0.7				7.0
State apportionment rate change	(14.9	)		¾				¾
Non-deductible executive compensation	0.7			1.4				3.5
Valuation allowances	3.5			8.8				(0.4	)
Other	0.6			2.2				0.3
Consolidated effective tax rate	22.6	%		48.1	%			45.4	%

Income Tax Expense (Benefit) Attributable to Income from Continuing Operations

Income tax expense (benefit) attributable to income from continuing operations before income taxes consists of the following (in thousands):

			2013												2012												2011
			Current			Deferred				Total				Current				Deferred				Total				Current				Deferred				Total
U.S. federal		$	¾			$	58,527			$	58,527			$	—			$	11,873			$	11,873			$	—			$	30,055			$	30,055
U.S. state and local			(143	)			(24,527	)			(24,670	)			(1,778	)			1,959				181				637				4,865				5,502
Total		$	(143	)		$	34,000			$	33,857			$	(1,778	)		$	13,832			$	12,054			$	637			$	34,920			$	35,557

Significant Components of Deferred Tax Assets and Liabilities

Significant components of deferred tax assets and liabilities are as follows:

	December 31,
	2013				2012
	(in thousands)
Deferred tax assets:
Current
Deferred compensation	$	9,128			$	6,192
Current portion of asset retirement obligation		1,854				961
Cumulative unrealized mark-to-market loss		15,193				¾
Net operating loss carryforward		23,079				¾
Other		7,937				8,896
Total current		57,191				16,049
Non-current
Net operating loss carryforward		57,266				56,402
Deferred compensation		91,094				72,904
Equity compensation		22,800				23,363
AMT credits and other credits		4,122				2,761
Non-current portion of asset retirement obligation		86,126				56,764
Cumulative unrealized mark-to-market gain		¾				(262	)
Other		1,116				1,379
Valuation allowance		(14,781	)			(9,052	)
Total non-current		247,743				204,259
Deferred tax liabilities:
Current
Net unrealized gain in AOCI related to hedge derivatives		(3,987	)			(49,124	)
Other		(1,789	)			(2,004	)
Cumulative unrealized mark-to-market gain		¾				(2,845	)
Total current		(5,776	)			(53,973	)
Non-current
Depreciation, depletion and investments		(1,010,757	)			(894,031	)
Cumulative unrealized mark-to-market gain		(6,424	)			¾
Other		(2,542	)			(4,008	)
Net unrealized gain in AOCI related to hedge derivatives		¾				(4,522	)
Total non-current		(1,019,724	)			(902,561	)
Net deferred tax liability	$	(720,566	)		$	(736,226	)

X

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

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X

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

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X

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

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