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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Components of Provision (Benefit) for Income Taxes

The components of the provision (benefit) for income taxes for the years ended December 31, 2013 and 2012 are as follows:

		Year Ended December 31,
(Thousands of dollars)		2013				2012
Current:
Federal		$	(462	)		$	16
State			266				(130	)
Total current			(196	)			(114	)
Deferred:
Federal			6,549				7,009
State			465				(39	)
Total deferred			7,014				6,970
Total income tax provision		$	6,818			$	6,856

Components of Net Deferred Tax Assets and Liabilities

The components of net deferred tax assets and liabilities are as follows:

		At December 31,
(Thousands of dollars)		2013				2012
Current Assets:
Accrued liabilities		$	683			$	613
Allowance for doubtful accounts			118				124
Derivative contracts			677				(83	)
Total current deferred income tax assets		$	1,478			$	654
Non-Current Assets:
Alternative minimum tax credits		$	5,852			$	5,890
Net operating loss carry-forwards			168				114
Percentage depletion carry-forwards			4,543				4,287
Derivative contracts			—				91
Total non-current assets			10,563				10,382
Non-Current Liabilities:
Basis differences relating to managed partnerships			2,462				1,492
Depletion and depreciation			39,694				33,084
Derivative contracts			369				—
Total non-current liabilities			42,525				34,576
Net non-current deferred income tax liabilities		$	31,962			$	24,194

Provision for Income Taxes Varies from Federal Statutory Tax Rate

The total provision for income taxes for the years ended December 31, 2013 and 2012 varies from the federal statutory tax rate as a result of the following:

		Year Ended December 31,
(Thousands of dollars)		2013				2012
Expected tax expense		$	6,491			$	7,450
State income tax, net of federal benefit			488				(112	)
Percentage depletion			(422	)			(902	)
Other, net			261				420
Total income tax provision		$	6,818			$	6,856

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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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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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