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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2014
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 Headquarters Building | 45 years
Components of Property and Equipment | Components of Property and Equipment as of December 31, 2014 and 2013 are as follows:
|  | (In thousands) |
|  | December 31, |  |  | December 31, |
|  | 2014 |  |  | 2013 |
Oil and Gas properties |  |  |  |  |  |
Proved |  | $ | 147,486 |  |  | $ | 136,521 |
Unproved |  |  | 10,188 |  |  |  | 7,478 |
Exploratory wells in progress |  |  | 2,357 |  |  |  | -- |
|  |  | 160,031 |  |  |  | 143,999 |
Less accumulated depreciation |  |  |  |  |  |  |  |
depletion and amortization |  |  | (71,762 | ) |  |  | (57,077 | )
Net book value |  | $ | 88,269 |  |  | $ | 86,922 |
Mineral properties |  | $ | 21,942 |  |  | $ | 20,739 |
Property, plant and equipment |  | $ | 8,346 |  |  | $ | 8,334 |
Less accumulated depreciation |  |  | (4,404 | ) |  |  | (4,135 | )
Net book value |  | $ | 3,942 |  |  | $ | 4,199 |
Mineral Properties | Mineral properties at December 31, 2014 and 2013 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, 2014 and 2013 is as follows:
|  | (In thousands) |
|  | December 31, |  |  | December 31, |
|  | 2014 |  |  | 2013 |
Costs associated with Mount Emmons |  |  |  |  |  |
beginning of year |  | $ | 20,739 |  |  | $ | 20,739 |
Property purchase (1) |  |  | 1,203 |  |  |  | -- |
Costs at the end of the period |  | $ | 21,942 |  |  | $ | 20,739 |
(1)On January 21, 2014, the Company acquired Thompson Creek Metals' ("TCM") 50% interest in 160 acres of fee land in the vicinity of the Mt. Emmons project mining claims for $1.2 million. The property was originally acquired jointly by the Company and TCM in January 2009.
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, |
|  | 2014 |  |  | 2013 |
Beginning asset retirement obligation |  | $ | 812 |  |  | $ | 686 |
Accretion of discount |  |  | 40 |  |  |  | 38 |
Liabilities incurred |  |  | 310 |  |  |  | 131 |
Liabilities settled |  |  | (29 | ) |  |  | (43 | )
Ending asset retirement obligation |  | $ | 1,133 |  |  | $ | 812 |
Mineral properties |  | $ | 187 |  |  | $ | 175 |
Oil and Gas wells |  |  | 946 |  |  |  | 637 |
Ending asset retirement obligation |  | $ | 1,133 |  |  | $ | 812 |
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,
| 2014 | 2013 | 2012
Risk-free interest rate | 2.06% | 1.66% | 0.82% to 1.41%
Expected lives (years) | 6.0 | 6.0 | 5.0 to 6.0
Expected volatility | 65.45% | 62.59% | 61.87% to 63.59%
Expected dividend yield | -- | -- | --
Schedule of Calculations of Basic and Diluted Earnings Per Share | The following table sets forth the calculations of basic and diluted earnings per share:
|  | (In thousands except share amounts and per share data) |
|  | For the years ended December 31, |
|  | 2014 |  |  | 2013 |  |  | 2012 |
Net (loss) |  | $ | (2,091 | ) |  | $ | (7,379 | ) |  | $ | (11,245 | )
Basic weighted-average common shares outstanding |  |  | 27,832,859 |  |  |  | 27,678,698 |  |  |  | 27,466,549 |
Add: dilutive effect of stock options |  |  | -- |  |  |  | -- |  |  |  | -- |
Diluted weighted-average common shares outstanding |  |  | 27,832,859 |  |  |  | 27,678,698 |  |  |  | 27,466,549 |
Basic net (loss) per share |  | $ | (0.08 | ) |  | $ | (0.27 | ) |  | $ | (0.41 | )
Diluted net (loss) per share |  | $ | (0.08 | ) |  | $ | (0.27 | ) |  | $ | (0.41 | )
Weighted-average Dilutive and Anti-dilutive Securities Related to Stock Options | The following table details the weighted-average anti-dilutive securities related to stock options for the years presented:
|  | For the years ended December 31,
|  | 2014 |  | 2013 |  | 2012
Weighted-average anti-dilutive stock options |  | 1,355,195 |  | 2,531,202 |  | 2,491,746

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- Definition Tabular disclosure of the 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 No definition available. + Details
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- Definition Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. + References Reference 1: 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 2: 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 3: 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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