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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2013
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
| 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, 2013 and 2012 are as follows:
|  | (In thousands) |
|  | December 31, |  |  | December 31, |
|  | 2013 |  |  | 2012 |
Oil & Gas properties |  |  |  |  |  |
Unproved |  | $ | 7,478 |  |  | $ | 9,169 |
Proved |  |  | 136,521 |  |  |  | 119,919 |
|  |  | 143,999 |  |  |  | 129,088 |
Less accumulated depreciation |  |  |  |  |  |  |  |
depletion and amortization |  |  | (57,077 | ) |  |  | (43,454 | )
Net book value |  |  | 86,922 |  |  |  | 85,634 |
Mineral properties |  |  | 20,739 |  |  |  | 20,739 |
Building, land and equipment |  |  | 8,334 |  |  |  | 8,469 |
Less accumulated depreciation |  |  | (4,135 | ) |  |  | (4,034 | )
Net book value |  |  | 4,199 |  |  |  | 4,435 |
Totals |  | $ | 111,860 |  |  | $ | 110,808 |
Mineral Properties | Mineral properties at December 31, 2013 and 2012 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, 2013 and 2012 is as follows:
|  | (In thousands) |
|  | December 31, |  |  | December 31, |
|  | 2013 |  |  | 2012 |
Costs associated with Mount Emmons |  |  |  |
beginning of year |  | $ | 20,739 |  |  | $ | 20,739 |
Development costs |  |  | -- |  |  |  | -- |
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. All assets classified as assets held for sale at December 31, 2012 were sold in the year ending December 31, 2013. 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 G – Assets Held for Sale.
|  | (In thousands) |
|  | December 31, |  |  | December 31, |
|  | 2013 |  |  | 2012 |
Assets held for sale |  |  |  |  |  |
Remington Village |  | $ | -- |  |  | $ | 15,167 |
Corporate aircraft and facilities |  |  | -- |  |  |  | 1,884 |
|  | $ | -- |  |  | $ | 17,051 |
Liabilities held for sale |  |  |  |  |  |  |  |
Remington Village |  | $ | -- |  |  | $ | 10,022 |
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, |
|  | 2013 |  |  | 2012 |
Beginning asset retirement obligation |  | $ | 686 |  |  | $ | 510 |
Accretion of discount |  |  | 38 |  |  |  | 34 |
Liabilities incurred |  |  | 131 |  |  |  | 142 |
Liabilities settled |  |  | (43 | ) |  |  | -- |
Ending asset retirement obligation |  | $ | 812 |  |  | $ | 686 |
Mineral properties |  | $ | 175 |  |  | $ | 162 |
Oil & Gas wells |  |  | 637 |  |  |  | 524 |
Ending asset retirement obligation |  | $ | 812 |  |  | $ | 686 |
Stock Based Compensation, Weighted Average Assumptions | USE has computed the fair values of its employee and director options using the Black Scholes pricing model and the following weighted average assumptions:
| For the years ended December 31,
| 2013 | 2012 | 2011
Risk-free interest rate | 1.66% | 0.82% to 1.41% | 1.77%
Expected lives (years) | 6.0 | 5.0 to 6.0 | 6.0
Expected volatility | 62.59% | 61.87% to 63.59% | 59.64%
Expected dividend yield | -- | -- | --
Weighted-average dilutive and anti-dilutive securities related to stock options | The following table details the weighted-average dilutive and anti-dilutive securities related to stock options for the years presented:
|  | For the years ended December 31,
|  | 2013 |  | 2012 |  | 2011
Dilutive |  | -- |  | -- |  | --
Anti-dilutive |  | 872,185 |  | -- |  | 969,631

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- Definition Tabular disclosure of the useful life and salvage value of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 5 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 13 -Subparagraph b -Article 5 + Details
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