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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
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