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Note 5 - Income Taxes | 12 Months Ended
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Dec. 31, 2012
Income Tax Disclosure [Text Block] | Note 5: Income Taxes Major components of our income tax provision (benefit) for the years ended December 31, 2012, 2011 and 2010 are as follows (in thousands):
|  | 2012 |  |  | 2011 |  |  | 2010 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 7,411 |  |  | $ | 3,823 |  |  | $ | 10,063 |
State |  |  | (325 | ) |  |  | 752 |  |  |  | 6,694 |
Foreign |  |  | 459 |  |  |  | 459 |  |  |  | 459 |
Total current income tax provision |  |  | 7,545 |  |  |  | 5,034 |  |  |  | 17,216 |
Federal and state deferred income tax (benefit) provision |  |  | 1,334 |  |  |  | 76,944 |  |  |  | (140,748 | )
Total income tax (benefit) provision |  | $ | 8,879 |  |  | $ | 81,978 |  |  | $ | (123,532 | )
Domestic and foreign components of income (loss) before income taxes for the years ended December 31, 2012, 2011 and 2010, are as follows (in thousands):
|  | 2012 |  |  | 2011 |  |  | 2010 |
Domestic |  | $ | 37,025 |  |  | $ | 244,833 |  |  | $ | (66,348 | )
Foreign |  |  | (13,192 | ) |  |  | (11,691 | ) |  |  | (8,201 | )
Total |  | $ | 23,833 |  |  | $ | 233,142 |  |  | $ | (74,549 | )
The annual tax provision (benefit) is different from the amount that would be provided by applying the statutory federal income tax rate to our pretax income (loss). The reasons for the difference are (in thousands):
|  | 2012 |  |  | 2011 |  |  | 2010 |
Computed “statutory” (benefit) provision |  | $ | 8,342 |  |  |  | 35 | % |  | $ | 81,600 |  |  |  | 35 | % |  | $ | (26,092 | ) |  |  | (35 | )%
Percentage depletion |  |  | (5,575 | ) |  |  | (24 | ) |  |  | (13,751 | ) |  |  | (6 | ) |  |  | (8,858 | ) |  |  | (12 | )
Net increase (utilization) of U.S. and foreign tax loss carryforwards |  |  | 3,837 |  |  |  | 16 |  |  |  | 3,822 |  |  |  | 2 |  |  |  | 2,713 |  |  |  | 3 |
Change in valuation allowance other than utilization |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (88,069 | ) |  |  | (118 | )
State taxes, net of federal taxes |  |  | 1,110 |  |  |  | 5 |  |  |  | 10,890 |  |  |  | 5 |  |  |  | (4,717 | ) |  |  | (6 | )
Effect of U.S. AMT, foreign taxes other |  |  | 1,165 |  |  |  | 5 |  |  |  | (583 | ) |  |  | (1 | ) |  |  | 1,491 |  |  |  | 2 |
|  | $ | 8,879 |  |  |  | 37 | % |  | $ | 81,978 |  |  |  | 35 |  |  | $ | (123,532 | ) |  |  | (13 | )%
We evaluated the positive and negative evidence available to determine the amount of valuation allowance required on our deferred tax assets. At December 31, 2012 and 2011, the balances of our valuation allowances were $23 million, primarily for foreign net operating loss carryforwards. For the year ended December 31, 2012, deferred tax assets remained constant, on a net basis, with utilization matching additions. The individual components of our net deferred tax assets are reflected in the table below. For the year ended December 31, 2011, the U.S. federal and state deferred tax assets for tax loss carryforwards were reduced by utilization of approximately $71 million. Also, during the fourth quarter of 2010, due to increased gross profits and a favorable outlook for metal prices supporting future taxable income and our assessment that our deferred tax assets were more likely than not recoverable, we recorded a reduction in valuation allowance on U.S. deferred assets of $88 million. The amount of the deferred tax asset considered recoverable, however, could be reduced in the near term if estimates of future taxable income are reduced. The components of the net deferred tax asset were as follows (in thousands):
|  | December 31, |
|  | 2012 |  |  | 2011 |
Deferred tax assets: |  |  |  |  |  |
Accrued reclamation costs |  | $ | 45,653 |  |  | $ | 62,225 |
Deferred exploration |  |  | 32,396 |  |  |  | 18,585 |
Foreign net operating losses |  |  | 20,247 |  |  |  | 20,234 |
Federal net operating losses |  |  | 44,146 |  |  |  | 47,875 |
State net operating losses |  |  | 668 |  |  |  | 2,445 |
AMT credit carryforwards |  |  | 24,603 |  |  |  | 15,210 |
Pension and benefit obligation |  |  | 12,488 |  |  |  | 9,940 |
Miscellaneous |  |  | 17,437 |  |  |  | 16,002 |
Total deferred tax assets |  |  | 197,638 |  |  |  | 192,516 |
Valuation allowance |  |  | (23,030 | ) |  |  | (22,895 | )
Total deferred tax assets |  |  | 174,608 |  |  |  | 169,621 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Unrealized gain on derivatives contracts |  |  | (1,262 | ) |  |  | (13,293 | )
Properties, plants and equipment |  |  | (57,583 | ) |  |  | (40,490 | )
Total deferred tax liabilities |  |  | (58,845 | ) |  |  | (53,783 | )
Net deferred tax asset |  | $ | 115,763 |  |  | $ | 115,838 |
We plan to permanently reinvest earnings from foreign subsidiaries. For the years 2012, 2011 and 2010, we had no unremitted foreign earnings. Foreign net operating losses carried forward are shown above as a deferred tax asset, with a corresponding valuation allowance as discussed below. We recorded a valuation allowance to reflect the estimated amount of deferred tax assets, which may not be realized principally due to the expiration of foreign net operating losses and foreign tax credit carryforwards. The changes in the valuation allowance for the years ended December 31, 2012, 2011 and 2010, are as follows (in thousands):
|  |  | 2012 |  |  |  | 2011 |  |  |  | 2010 |
Balance at beginning of year |  | $ | (22,895 | ) |  | $ | (19,073 | ) |  | $ | (104,429 | )
Increase related to non-utilization of net operating loss carryforwards and non-recognition of deferred tax assets due to uncertainty of recovery |  |  | (3,837 | ) |  |  | (3,822 | ) |  |  | (2,713 | )
Decrease related to net recognition of deferred tax assets |  |  | — |  |  |  | — |  |  |  | 88,069 |
Decrease related to utilization and expiration of deferred tax assets, other |  |  | 3,702 |  |  |  | — |  |  |  | — |
Balance at end of year |  | $ | (23,030 | ) |  | $ | (22,895 | ) |  | $ | (19,073 | )
As of December 31, 2012, for U.S. income tax purposes, we have federal and state net operating loss carryforwards of $146 million and $25 million, respectively. These net operating loss carryforwards have a 20 year expiration period, the earliest of which could expire in 2020. We have foreign net operating loss carryforwards of approximately $68 million, which expire between 2013 and 2032. We have approximately $25 million in alternative minimum tax credit carryforwards which do not expire and are eligible to reduce future U.S. tax liabilities. Our utilization of U.S. net operating loss carryforwards may be subject to annual limitations if there is a change in control as defined under Internal Revenue Code Section 382. In addition, at December 31, 2012 and 2011 we had $19 million and $20 million, respectively, of additional federal net operating loss carryovers relating to excess tax benefits from the exercise of employee stock options and the vesting of restricted stock awards. These amounts are not reflected in our deferred tax asset for net operating loss carryovers. We recognize the excess tax benefits from the exercise of employee stock options and the vesting of restricted stock awards in the period in which these tax benefits reduce income taxes payable, after net operating loss carryforwards are fully utilized. We file income tax returns in the U.S. federal jurisdiction, various state and foreign jurisdictions. We are no longer subject to income tax examinations by U.S. federal and state tax authorities for years prior to 1996, or examinations by foreign tax authorities for years prior to 2006. We currently have no tax years under examination. We had no unrecognized tax benefits as of December 31, 2012 or December 31, 2011. Due to the net operating loss carryover provision, coupled with the lack of any unrecognized tax benefits, we have not provided for any interest or penalties associated with any uncertain tax positions. If interest and penalties were to be assessed, our policy is to charge interest to interest expense, and penalties to other operating expense. It is not anticipated that there will be any significant changes to unrecognized tax benefits within the next 12 months.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: 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 Reference 7: 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 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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