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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2014
Income Tax Disclosure [Abstract] |
Provision (Benefit) for Income Tax Attributable to Income (Loss) from Continuing Operations before Income Taxes | The provision (benefit) for income tax attributable to income (loss) from continuing operations before income taxes consisted of (in thousands):
|  | Year Ended December 31, |
|  | 2014 |  |  | 2013 |  |  | 2012 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | (109,565 | ) |  | $ | 21,773 |  |  | $ | 1,457 |
State |  |  | 5,339 |  |  |  | 1,646 |  |  |  | 122 |
Total current taxes |  |  | (104,226 | ) |  |  | 23,419 |  |  |  | 1,579 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 147,797 |  |  |  | (107,651 | ) |  |  | 33,446 |
State |  |  | 196 |  |  |  | (1,929 | ) |  |  | 3,885 |
Total deferred taxes |  |  | 147,993 |  |  |  | (109,580 | ) |  |  | 37,331 |
Total income tax expense (benefit) |  | $ | 43,767 |  |  | $ | (86,161 | ) |  | $ | 38,910 |
Effective Tax Rate Differs from Federal Statutory Rate | The Company’s provision (benefit) for income taxes was different from the amount computed by applying the statutory federal income tax rate of 35% to the underlying income before income taxes as a result of the following (in thousands):
|  | Year Ended December 31, |
|  | 2014 |  |  | 2013 |  |  | 2012 |
Taxes at the U.S. federal statutory rate |  | $ | 44,788 |  |  | $ | (83,109 | ) |  | $ | 34,870 |
State income taxes, net of federal tax impact |  |  | 3,822 |  |  |  | (859 | ) |  |  | 3,964 |
Tax loss on the sale of WRI |  |  | (5,786 | ) |  |  | — |  |  |  | — |
Non deductible transaction costs |  |  | 2,594 |  |  |  | — |  |  |  | — |
Other, net |  |  | (1,651 | ) |  |  | (2,193 | ) |  |  | 76 |
Total income tax expense (benefit) |  | $ | 43,767 |  |  | $ | (86,161 | ) |  | $ | 38,910 |
Effective income tax rate |  |  | 34.2 | % |  |  | 36.3 | % |  |  | 39.1 | %
Components of Deferred Income Tax Assets | Deferred taxes consisted of the following at December 31, 2014 and 2013 (in thousands):
|  |  |  | Year Ended |
|  |  |  | December 31, |
|  |  |  | 2014 |  |  | 2013 |
Deferred tax assets: |  |  |  |  |  |  |  |  |  |
Impairment and other valuation reserves |  |  |  | $ | 110,816 |  |  | $ | 230,430 |
Incentive compensation |  |  |  |  | 2,646 |  |  |  | 15,892 |
Indirect costs capitalized |  |  |  |  | 27,202 |  |  |  | 17,068 |
Net operating loss carryforwards (state) |  |  |  |  | 29,975 |  |  |  | 34,000 |
Transaction costs |  |  |  |  | 2,610 |  |  |  | — |
State taxes |  |  |  |  | 1,368 |  |  |  | — |
Other costs and expenses |  |  |  |  | 17,230 |  |  |  | 21,970 |
Gross deferred tax assets |  |  |  |  | 191,847 |  |  |  | 319,360 |
Valuation allowance |  |  |  |  | (6,233 | ) |  |  | (8,300 | )
Deferred tax assets, net of valuation allowance |  |  |  |  | 185,614 |  |  |  | 311,060 |
Deferred tax liabilities: |  |  |  |  |  |  |  |  |  |
Interest capitalized |  |  |  |  | (2,590 | ) |  |  | (3,040 | )
Basis difference in inventory |  |  |  |  | (14,029 | ) |  |  | (14,007 | )
Fixed assets |  |  |  |  | (555 | ) |  |  | — |
Intangibles |  |  |  |  | (8,944 | ) |  |  | (2,463 | )
Other |  |  |  |  | (1,675 | ) |  |  | (2,567 | )
Deferred tax liabilities |  |  |  |  | (27,793 | ) |  |  | (22,077 | )
Net deferred tax assets |  |  |  | $ | 157,821 |  |  | $ | 288,983 |
Schedule of Gross Unrecognized Tax Benefits | The following table summarizes the activity related to the Company’s gross unrecognized tax benefits (in thousands):
|  |  |  | Year Ended |
|  |  |  | December 31, |
|  |  |  | 2014 |  |  | 2013 |
Balance at beginning of year |  |  |  |  |  |  |  |  |  |
Increase due to Merger |  |  |  | $ | 16,716 |  |  | $ | — |
Increases (Decreases) related to current year tax positions |  |  |  |  | (1,859 | ) |  |  | — |
Balance at end of year |  |  |  | $ | 14,857 |  |  | $ | — |
Schedule of Pro Forma Income from Continuing Operations and Pro Forma Earnings Per Share | If we were to calculate income taxes using the separate return method, the effect on pro forma unaudited income from continuing operations and pro forma unaudited earnings per share would be as follows (in thousands, except per share amounts):
|  | Year Ended December 31, |
|  | 2014 |  |  | 2013 |  |  | 2012 |
Income (loss) from continuing operations before taxes |  |  |  |  |  |  |  |  |  |  |  |
as reported in the accompanying financial statements |  | $ | 127,964 |  |  | $ | (237,454 | ) |  | $ | 99,629 |
(Provision) benefit for income taxes assuming computation |  |  |  |  |  |  |  |  |  |  |  |
on a separate return basis |  |  | (49,553 | ) |  |  | 86,161 |  |  |  | (38,910 | )
Pro forma income (loss) from continuing operations |  | $ | 78,411 |  |  | $ | (151,293 | ) |  | $ | 60,719 |
Pro forma earnings per share - basic |  | $ | 0.54 |  |  | $ | (1.17 | ) |  | $ | 0.47 |
Pro forma earnings per share - diluted |  | $ | 0.54 |  |  | $ | (1.17 | ) |  | $ | 0.47 |

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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 + Details
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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 + Details
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- 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
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