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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

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- 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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- 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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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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