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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Components of Income Tax Expense

The Company’s income tax expense consists of the following:

		Year Ended December 31,
		2012				2011				2010
		(In thousands)
Current:
Federal		$	—			$	—			$	—
State			7				—				—
			7				—				—
Deferred:
Federal		$	82,841			$	42,809			$	38,153
State			9,638				3,980				4,809
			92,479				46,789				42,962
Total income tax expense		$	92,486			$	46,789			$	42,962

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation of income taxes calculated at the U.S. federal tax statutory rate to the Company’s effective tax rate for the years ended December 31, 2012, 2011 and 2010, respectively, is set forth below:

		Year Ended December 31,
		2012								2011								2010
		(%)				(In thousands)				(%)				(In thousands)				(%)				(In thousands)
U.S. federal tax statutory rate			35.00	%		$	86,056				35.00	%		$	44,163				35.00	%		$	4,644
State income taxes, net of federal income tax benefit			2.47	%			6,068				2.38	%			3,004				2.75	%			364
Pass-through loss prior to IPO not subject to federal tax			—				—				—				—				3.85	%			511
Initial deferred tax expense			—				—				—				—				268.43	%			35,612
Non-deductible stock-based compensation			—				—				—				—				10.08	%			1,338
Non-deductible IPO costs and other			0.15	%			362				(0.30	%)			(378	)			3.72	%			493
Annual effective tax expense			37.62	%		$	92,486				37.08	%		$	46,789				323.83	%		$	42,962

Summary of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2012 and 2011, respectively, were as follows:

		Year Ended December 31,
		2012				2011
		(In thousands)
Deferred tax assets
Net operating loss carryforward		$	13,926			$	13,110
Bonus and stock-based compensation			3,571				2,321
Derivative instruments			—				1,888
Total deferred tax assets			17,497				17,319
Deferred tax liabilities
Oil and natural gas properties			191,271				107,069
Derivative instruments			8,455				—
Total deferred tax liabilities			199,726				107,069
Total net deferred tax liability		$	182,229			$	89,750

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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