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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2012
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]  
Estimated Useful Lives and Components of Property and Equipment
Land, buildings, improvements, machinery and equipment are carried at cost. Depreciation of buildings, improvements, machinery and equipment is provided principally by the straight-line method over estimated useful lives ranging from 3 to 45 years. Following is a breakdown of the lives over which assets are depreciated:

Machinery and Equipment:
 
 
Office Equipment
3 to 5 years
 
Aircraft
15 years
 
Field Tools and Hand Equipment
5 to 7 years
 
Vehicles and Trucks
3 to 7 years
 
Heavy Equipment
7 to 10 years
Buildings and Improvements:
 
 
Service Buildings
20 years
 
Corporate Headquarter Building
45 years
 
Components of Property and Equipment
Components of Property and Equipment as of December 31, 2012 and 2011 are as follows:
 
   
(In thousands)
 
   
December 31,
  
December 31,
 
  
2012
  
2011
 
 Oil & Gas properties
    
 Unproved
 $9,169  $17,098 
 Wells in progress
  -   2,909 
 Proved
  119,919   99,496 
   129,088   119,503 
 Less accumulated depreciation
        
 depletion and amortization
  (43,454)  (28,561)
 Net book value
  85,634   90,942 
         
 Mining properties
  20,739   20,739 
         
 Building, land and equipment
  8,469   8,474 
 Less accumulated depreciation
  (4,034)  (3,746)
 Net book value
  4,435   4,728 
 Totals
 $110,808  $116,409 
 
Mineral Properties
Mineral properties at December 31, 2012 and 2011 reflect capitalized costs associated with our Mt. Emmons molybdenum property near Crested Butte, Colorado.  Our carrying balance in the Mt. Emmons property at December 31, 2012 and 2011 is as follows:
 
 
(In thousands)
 
 
December 31,
 
December 31,
 
 
2012
 
2011
 
 Costs associated with Mount Emmons
  
 beginning of year
 $20,739  $21,077 
 Development costs
  --   16 
 Option payment from Thompson Creek
  --   (354)
 Costs at the end of the period
 $20,739  $20,739 
 
 
Assets Held For Sale
In January 2011, we made the decision to sell our Remington Village multifamily project in Gillette, Wyoming and in September 2012, we made the decision to sell our corporate aircraft and related facilities to reduce overhead costs. We plan to use the proceeds to further the development of our oil and gas business, reduction of debt or for general corporate purposes. Operations related to Remington Village are shown in discontinued operations on the accompanying consolidated statements of operations. For additional discussion on assets held for sale, please refer to Note H – Assets Held for Sale.
 
   
(In thousands)
 
   
December 31,
  
December 31,
 
   
2012
  
2011
 
Assets held for sale
      
Remington Village
 $15,167  $18,132 
Corporate aircraft and facilities
  1,884   4,468 
   $17,051  $22,600 
          
Reconciliation of the Total Liability for Asset Retirement Obligations
The following is a reconciliation of the total liability for asset retirement obligations:
 
 
   
(In thousands)
 
   
December 31,
  
December 31,
 
  
2012
  
2011
 
Beginning asset retirement obligation
 $510  $303 
Accretion of discount
  34   23 
Liabilities incurred
  142   187 
Liabilities sold
  --   (3)
Ending asset retirement obligation
 $686  $510 
         
Mining properties
 $162  $149 
Oil & Gas wells
  524   361 
Ending asset retirement obligation
 $686  $510 
 
Stock Based Compensation, Weighted Average Assumptions
USE measures the cost of employee and director services received in exchange for all equity awards granted, including stock options, based on the fair market value of the award as of the grant date.  USE computes the fair values of its options granted to employees using the Black Scholes pricing model and the following weighted average assumptions:

 
Year Ended December 31,
 
2012
2011
2010
Risk-free interest rate
0.82% to 1.41%
1.77%
2.24%
Expected lives (years)
 5.0 to 6.0
 6.0
 6.0
Expected volatility
61.87% to 63.59%
59.64%
63.79%
Expected dividend yield
 --
 --
 --