v3.8.0.1

Income Taxes | 12 Months Ended
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Dec. 31, 2017
Income Tax Disclosure [Abstract] |
Income Taxes |
6. | Income Taxes
Our provision for income taxes comprised the following (in thousands):
|  | Years Ended December 31, |
|  | 2017 |  |  | 2016 |  |  | 2015 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | (66 | ) |  | $ | — |  |  | $ | (265 | )
State |  |  | — |  |  |  | — |  |  |  | — |
Total current provision for income taxes |  | $ | (66 | ) |  | $ | — |  |  | $ | (265 | )
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 75,341 |  |  | $ | (24,957 | ) |  | $ | (91,716 | )
State |  |  | 1,146 |  |  |  | 539 |  |  |  | (1,424 | )
Total deferred provision for income taxes |  | $ | 76,487 |  |  | $ | (24,418 | ) |  | $ | (93,140 | )
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, |
|  | 2017 |  |  | 2016 |  |  | 2015 |
Statutory tax at 35% |  | $ | (12,578 | ) |  | $ | (26,831 | ) |  | $ | (93,628 | )
State taxes, net of federal impact |  |  | 528 |  |  |  | 578 |  |  |  | (1,463 | )
Share-based compensation tax shortfall |  |  | 1,279 |  |  |  | 1,826 |  |  |  | 1,939 |
Permanent differences |  |  | 11 |  |  |  | 11 |  |  |  | 26 |
Other differences |  |  | 30 |  |  |  | (2 | ) |  |  | (1,035 | )
Change in federal tax rate |  |  | (51,939 | ) |  |  | — |  |  |  | — |
Write-off of deferred tax assets |  |  | 139,090 |  |  |  | — |  |  |  | 756 |
Total |  | $ | 76,421 |  |  | $ | (24,418 | ) |  | $ | (93,405 | )
In 2017, the Exchange Transactions triggered a cumulative change in ownership of our common stock by more than 50% under Section 382 of the Internal Revenue Code as of March 22, 2017. This established an annual limitation on the future use of our pre-change net operating losses (“NOLs”). Accordingly, we reduced our NOL deferred tax assets by $139.1 million. On December 22, 2017, the Tax Cuts and Jobs Act was enacted which, among other things, lowered the U.S. Federal income tax rate applicable to corporations from 35% to 21% and repealed the corporate alternative minimum tax. We recorded a net tax benefit of $51.9 million to reflect the impact of the Tax Cuts and Jobs Act as of December 31, 2017, as it is required to reflect the change in the period in which the law is enacted. In 2017, 2016 and 2015, the Company recorded a tax shortfall related to share-based compensation of $1.3 million, $1.8 million and $1.9 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. In 2016, we early adopted accounting standards update for “Compensation — Stock Compensation.” As a result, we recognized an increase in accumulated earnings and our NOLs in 2016 of $1.7 million related to the change in accounting principal as of January 1, 2016. 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 $82.1 million and $5.6 million at December 31, 2017 and 2016, respectively. Significant components of net deferred tax assets and liabilities are (in thousands):
|  | Years Ended December 31, |
|  | 2017 |  |  | 2016 |
Deferred tax assets: |  |  |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 39,991 |  |  | $ | 155,018 |
Derivative liabilities |  |  | 471 |  |  |  | 1,732 |
Other |  |  | 533 |  |  |  | 892 |
Total deferred tax assets |  |  | 40,995 |  |  |  | 157,642 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Difference in depreciation, depletion and capitalization methods — oil and gas properties |  |  | (122,335 | ) |  |  | (162,501 | )
Derivative assets |  |  | (302 | ) |  |  | — |
Total deferred tax liabilities |  |  | (122,637 | ) |  |  | (162,501 | )
Valuation allowance |  |  | (460 | ) |  |  | (756 | )
Net deferred tax liability |  | $ | (82,102 | ) |  | $ | (5,615 | )
The Exchange Transactions triggered a cumulative change in ownership of our common stock by more than 50% under Section 382 of the Internal Revenue Code as of March 22, 2017. This established an annual limitation on the future use of our pre-change NOLs. Accordingly, we reduced our NOL deferred tax assets by $139.1 million in the year ended December 31, 2017. At December 31, 2017, we had federal NOLs of $190.4 million, after the reduction under Section 382 limitation, that expire between 2030 and 2037. As of December 31, 2017, we have a valuation allowance of $0.5 million on our deferred tax assets, after accounting for the change in the corporate federal income tax rate under the Tax Cuts and Jobs Act.

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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 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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