XML 25 R39.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2013
Income Tax Disclosure [Abstract] |
Components of Income Tax Expense | The Company’s income tax expense consists of the following:
| Year Ended December 31,
| 2013 |  | 2012 |  | 2011
| (In thousands)
Current: |  |  |  |  |
Federal | $ | 475 |  |  | $ | — |  |  | $ | — |
State | — |  |  | 7 |  |  | — |
| 475 |  |  | 7 |  |  | — |
Deferred: |  |  |  |  |
Federal | 122,853 |  |  | 82,841 |  |  | 42,809 |
State | 11,730 |  |  | 9,638 |  |  | 3,980 |
| 134,583 |  |  | 92,479 |  |  | 46,789 |
Total income tax expense | $ | 135,058 |  |  | $ | 92,486 |  |  | $ | 46,789 |
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, 2013, 2012 and 2011, is set forth below:
| Year Ended December 31,
| 2013 |  | 2012 |  | 2011
| (%) |  | (In thousands) |  | (%) |  | (In thousands) |  | (%) |  | (In thousands)
U.S. federal tax statutory rate | 35.00 | % |  | $ | 127,056 |  |  | 35.00 | % |  | $ | 86,056 |  |  | 35.00 | % |  | $ | 44,163 |
State income taxes, net of federal income tax benefit | 2.06 | % |  | 7,469 |  |  | 2.47 | % |  | 6,068 |  |  | 2.38 | % |  | 3,004 |
Other | 0.14 | % |  | 533 |  |  | 0.15 | % |  | 362 |  |  | (0.30 | )% |  | (378 | )
Annual effective tax expense | 37.20 | % |  | $ | 135,058 |  |  | 37.62 | % |  | $ | 92,486 |  |  | 37.08 | % |  | $ | 46,789 |
Summary of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2013 and 2012, were as follows:
| Year Ended December 31,
| 2013 |  | 2012
| (In thousands)
Deferred tax assets |  |  |
Net operating loss carryforward | $ | 17,215 |  |  | $ | 13,926 |
Bonus and stock-based compensation | 8,060 |  |  | 3,571 |
Derivative instruments and other | 1,664 |  |  | — |
Total deferred tax assets | 26,939 |  |  | 17,497 |
Deferred tax liabilities |  |  |
Oil and natural gas properties | 343,751 |  |  | 191,271 |
Derivative instruments | — |  |  | 8,455 |
Total deferred tax liabilities | 343,751 |  |  | 199,726 |
Total net deferred tax liability | $ | 316,812 |  |  | $ | 182,229 |

X
- Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

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 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration