v3.3.1.900

Income Taxes | 12 Months Ended
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Dec. 31, 2015
Income Tax Disclosure [Abstract] |
Income Taxes |
6. | Income Taxes
Our provision for income taxes comprised the following (in thousands):
|  | Years Ended December 31, |
|  | 2015 |  |  | 2014 |  |  | 2013 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | (265 | ) |  | $ | (25 | ) |  | $ | 429 |
State |  |  | — |  |  |  | — |  |  |  | — |
Total current provision for income taxes |  | $ | (265 | ) |  | $ | (25 | ) |  | $ | 429 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | (91,716 | ) |  | $ | 32,754 |  |  | $ | 41,175 |
State |  |  | (1,424 | ) |  |  | 963 |  |  |  | 903 |
Total deferred provision for income taxes |  | $ | (93,140 | ) |  | $ | 33,717 |  |  | $ | 42,078 |
Total income tax expense differed from the amounts computed by applying the U.S. Federal statutory tax rates to pre-tax income (in thousands):
|  | Years Ended December 31, |
|  | 2015 |  |  | 2014 |  |  | 2013 |
Statutory tax at 35% |  | $ | (93,628 | ) |  | $ | 31,452 |  |  | $ | 40,167 |
State taxes, net of federal impact |  |  | (1,463 | ) |  |  | 989 |  |  |  | 709 |
Share-based compensation tax shortfall |  |  | 1,939 |  |  |  | 1,670 |  |  |  | — |
Permanent differences |  |  | 26 |  |  |  | 37 |  |  |  | 34 |
Other differences |  |  | (1,035 | ) |  |  | (456 | ) |  |  | 1,597 |
Valuation allowance |  |  | 756 |  |  |  | — |  |  |  | — |
Total |  | $ | (93,405 | ) |  | $ | 33,692 |  |  | $ | 42,507 |
In 2015 and 2014, the Company recorded a tax shortfall related to share-based compensation of $1.9 million and $1.7 million, respectively. This shortfall is for grants in which the realized tax deduction was less than the expense booked for these grants due to a decline in share price from the time of grant. Although we had excess tax benefits related to share-based compensation in prior years, this benefit was not recorded as the excess tax benefits were not realized due to our net operating loss carryforwards. Deferred tax assets and liabilities are the result of temporary differences between the financial statement carrying values and tax basis of assets and liabilities. Our net deferred tax assets and liabilities are recorded as a long-term liability of $31.8 million and $110.7 million at December 31, 2015 and 2014, respectively. At December 31, 2014, $14.2 million of deferred taxes expected to be realized within one year were included in current liabilities. Significant components of net deferred tax assets and liabilities are (in thousands):
|  | Years Ended December 31, |
|  | 2015 |  |  | 2014 |
Deferred tax assets: |  |  |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 88,230 |  |  | $ | 46,730 |
Other |  |  | 1,672 |  |  |  | 1,305 |
Total deferred tax assets |  |  | 89,902 |  |  |  | 48,035 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Difference in depreciation, depletion and capitalization methods — oil and gas properties |  |  | (118,534 | ) |  |  | (158,647 | )
Unrealized gain on commodity derivatives |  |  | (2,391 | ) |  |  | (14,307 | )
Total deferred tax liabilities |  |  | (120,925 | ) |  |  | (172,954 | )
Valuation allowance |  |  | (756 | ) |  |  | — |
Net deferred tax liability |  | $ | (31,779 | ) |  | $ | (124,919 | )
Net operating loss carryforwards for tax purposes have the following expiration dates (in thousands):
Expiration Dates |  | Amounts |  |  | Stock Adjustments |  |  | Total |
2030 |  | $ | 4,083 |  |  | $ | 750 |  |  | $ | 4,833 |
2031 |  |  | 18,642 |  |  |  | 1,012 |  |  |  | 19,654 |
2032 |  |  | 51,931 |  |  |  | 2,724 |  |  |  | 54,655 |
2033 |  |  | 616 |  |  |  | 503 |  |  |  | 1,119 |
2034 |  |  | 56,511 |  |  |  | — |  |  |  | 56,511 |
2035 |  |  | 120,298 |  |  |  | — |  |  |  | 120,298 |
Total |  | $ | 252,081 |  |  | $ | 4,989 |  |  | $ | 257,070 |
As of December 31, 2015, we had net operating loss carryforwards of approximately $257.1 million, of which approximately $5 million was generated from the benefit of stock options. When these benefits are realized, they will be credited to additional paid-in capital.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 4: 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 Reference 5: 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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