Income Taxes (Tables)

12 Months Ended

Dec. 31, 2011

The (provision) benefit for income taxes is comprised of the following (dollars in thousands):

	For the Years Ended December 31,
	2011			2010			2009
Federal:
Current	$	631		$	626		$	2,795
Deferred		(943	)		33,235			31,684
Total Federal		(312	)		33,861			34,479
State:
Current		(2,028	)		(2,429	)		(1,553	)
Deferred (included in Federal above)		―			―			―
Total State		(2,028	)		(2,429	)		(1,553	)
Total	$	(2,340	)	$	31,432		$	32,926

Reconciliation of the benefit for income taxes to the amount computed at the U.S. Federal statutory rate

A reconciliation of the (provision) benefit for income taxes to the amount computed at the U.S. Federal statutory rate of 35% is as follows (dollars in thousands):

	For the Years Ended December 31,
	2011			2010			2009
Tax benefit at U.S. statutory rate	$	23,042		$	28,117		$	34,713
Credits		4,803			3,354			2,088
State taxes, net of federal income tax		1,316			1,634			3,002
Gain on acquisition		791			—			—
Unrecognized tax benefits		630			626			1,892
Other, net		59			(124	)		(75	)
Stock compensation		—			(137	)		(5,550	)
Valuation allowance		(30,489	)		(137	)		(973	)
Return to provision		(1,302	)		679			241
Officer’s compensation		(760	)		(2,197	)		(2,147	)
Meals and entertainment		(430	)		(383	)		(265	)
Total	$	(2,340	)	$	31,432		$	32,926

Components of deferred tax assets and liabilities

Significant components of the Company’s deferred tax assets and liabilities at December 31 are as follows (dollars in thousands):

	2011			2010
Deferred income tax assets:
Operating loss carryforwards	$	174,433		$	165,617
Capital lease obligations		62,136			70,407
Deferred lease liability		48,916			44,097
Prepaid revenue		48,587			48,713
Accrued expenses		40,422			46,111
Tax credits		20,158			13,548
Deferred gain on sale leaseback		11,581			13,035
Fair value of interest rate swaps		152			—
Total gross deferred income tax asset		406,385			401,528
Valuation allowance		(40,820	)		(10,845	)
Net deferred income tax assets		365,565			390,683
Deferred income tax liabilities:
Property, plant and equipment		(454,985	)		(478,023	)
Fair value of interest rate swaps		—			(516	)
Other		(11,540	)		(10,571	)
Total gross deferred income tax liability		(466,525	)		(489,110	)
Net deferred tax liability	$	(100,960	)	$	(98,427	)

Reconciliation of net deferred tax liability to the consolidated balance sheets

A reconciliation of the net deferred tax liability to the consolidated balance sheets at December 31 is as follows (dollars in thousands):

	2011			2010
Deferred tax asset – current	$	11,776		$	15,529
Deferred tax liability – noncurrent		(112,736	)		(113,956	)
Net deferred tax liability	$	(100,960	)	$	(98,427	)

Reconciliation of the unrecognized tax benefits

A reconciliation of the unrecognized tax benefits for the year 2011 is as follows (dollars in thousands):

Balance at January 1, 2011	$	1,597
Additions for tax positions related to the current year		76
Additions for tax positions related to prior years		244
Reductions for tax positions related to prior years		(478	)
Balance at December 31, 2011	$	1,439