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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

(Benefit) Provision for Income Taxes

The Company’s income tax provision (benefit) consisted of the following components for the years ended December 31, 2015, 2014 and 2013 (in thousands):

	Year Ended December 31,
	2015				2014				2013
Current
Federal	$	—			$	(1,160	)		$	3,842
State	123				(1,133		)		1,842
	123				(2,293		)		5,684
Deferred
Federal	—				—				—
State	—				—				—
	—				—				—
Total provision (benefit)	123				(2,293		)		5,684
Less: income tax provision attributable to noncontrolling interest	90				283				308
Total provision (benefit) attributable to SandRidge Energy, Inc.	$	33			$	(2,576	)		$	5,376

Reconciliation of Provision (Benefit) for Income Taxes at Statutory Federal Tax Rate

A reconciliation of the provision (benefit) for income taxes at the statutory federal tax rate to the Company’s actual income tax benefit is as follows for the years ended December 31, 2015, 2014 and 2013 (in thousands):

	2015				2014				2013
Computed at federal statutory rate	$	(1,512,325	)		$	122,362			$	(178,078	)
State taxes, net of federal benefit	(19,988		)		4,145				(886		)
Non-deductible expenses	816				1,895				2,589
Non-deductible debt costs	10,228				—				—
Stock-based compensation	6,700				1,467				7,611
Net effects of consolidating the non-controlling interests’ tax provisions	218,196				(34,614		)		(13,901		)
Change in valuation allowance	1,296,405				(96,769		)		188,599
Other	1				(1,062		)		(558		)
Total provision (benefit) attributable to SandRidge Energy, Inc.	$	33			$	(2,576	)		$	5,376

Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):

	December 31,
	2015				2014
Deferred tax liabilities
Investments(1)	$	138,310			$	272,902
Property, plant and equipment	—				364,576
Derivative contracts	30,989				113,735
Long-term debt	10,017				—
Total deferred tax liabilities	179,316				751,213
Deferred tax assets
Property, plant and equipment	807,275				—
Allowance for doubtful accounts	18,702				19,086
Net operating loss carryforwards	1,190,799				1,265,458
Compensation and benefits	18,607				19,867
Alternative minimum tax credits and other carryforwards	44,302				43,840
Asset retirement obligations	38,314				21,946
CO2 under-delivery shortfall penalty	40,654				27,674
Other	4,305				2,934
Total deferred tax assets	2,162,958				1,400,805
Valuation allowance	(1,983,642		)		(649,592		)
Net deferred tax liability	$	—			$	—

____________________

(1) Includes the Company’s deferred tax liability resulting from its investment in the Royalty Trusts. See Note 4 for further discussion of the Royalty Trusts.

Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):

	December 31,
	2015				2014
Unrecognized tax benefit at January 1	$	77			$	1,382
Changes to unrecognized tax benefits related to a prior year	4				(17		)
Decreases to unrecognized tax benefits for settlements with tax authorities	—				(1,288		)
Unrecognized tax benefit at December 31	$	81			$	77

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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-SubTopic 10
-Section 55
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-URI http://asc.fasb.org/extlink&oid=51663037&loc=d3e36027-109320

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