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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2014
INCOME TAXES [Abstract] |
Components of Income Tax Expense (benefit) | The provision for income taxes is composed of the following:
|  | (in thousands) |
|  | Years ended December 31, |
|  | 2014 |  |  | 2013 |  |  | 2012 |
Current income tax expense (benefit) |  |  |  |  |  |  |  |  |
Federal |  | $ | -- |  |  | $ | -- |  |  | $ | -- |
State |  |  | -- |  |  |  | -- |  |  |  | -- |
|  | $ | -- |  |  | $ | -- |  |  | $ | -- |
Deferred income tax expense (benefit) |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | -- |  |  | $ | -- |  |  | $ | (1,093 | )
State |  |  | -- |  |  |  | -- |  |  |  | (64 | )
|  | $ | -- |  |  | $ | -- |  |  | $ | (1,157 | )
Effective Income Tax Reconciliation | The effective income tax rate differs from the U.S. Federal Statutory income tax rate due to the following:
|  | (in thousands) |
|  | Years ended December 31, |
|  | 2014 |  |  | 2013 |  |  | 2012 |
Federal statutory income tax rate |  | $ | (711 | ) |  | $ | (2,509 | ) |  | $ | (4,164 | )
State income taxes, net of federal benefit |  |  | (34 | ) |  |  | (158 | ) |  |  | (245 | )
Incentive stock options |  |  | 79 |  |  |  | 43 |  |  |  | 12 |
Percent depletion carryover |  |  | (129 | ) |  |  | (174 | ) |  |  | (177 | )
Valuation analysis |  |  | 612 |  |  |  | 2,717 |  |  |  | 3,512 |
Other |  |  | 183 |  |  |  | 81 |  |  |  | (95 | )
|  | $ | -- |  |  | $ | -- |  |  | $ | (1,157 | )
Components of Deferred Tax Assets and Liabilities | The components of deferred tax assets and liabilities as of December 31, 2014 and 2013 are as follows:
|  | December 31, |
|  | 2014 |  |  | 2013 |
Deferred tax assets: |  |  |  |  |  |
Net operating loss |  | $ | 10,382 |  |  | $ | 6,930 |
Derivative instruments |  |  | 0 |  |  |  | 96 |
Asset retirement obligation |  |  | 404 |  |  |  | 294 |
Stock based compensation |  |  | 248 |  |  |  | 228 |
Deferred compensation |  |  | 439 |  |  |  | 385 |
Alternative minimum tax credit |  |  | 706 |  |  |  | 706 |
Contribution carryover |  |  | 42 |  |  |  | 37 |
Equity investments |  |  | 629 |  |  |  | 643 |
Percentage depletion carryover |  |  | 2,402 |  |  |  | 2,421 |
|  | $ | 15,252 |  |  | $ | 11,740 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Property and equipment |  |  | (8,351 | ) |  |  | (5,446 | )
State tax |  |  | (3 | ) |  |  | (9 | )
Marketable securities |  |  | -- |  |  |  | (16 | )
|  | $ | (8,354 | ) |  | $ | (5,471 | )
Net deferred tax assets (liabilities) |  |  | 6,898 |  |  |  | 6,269 |
Less: Valuation Allowance |  |  | (6,898 | ) |  |  | (6,269 | )
Deferred tax liability |  | $ | -- |  |  | $ | -- |

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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 + Details
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- Definition 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 + Details
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- Definition 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 + Details
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