Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Taxes

Schedule of components of income tax provision

The components of the income tax provision are as follows (dollars in thousands):

	For the Year Ended
	December 31,
	2017		2016		2015
Current
Federal	$	—	$	—	$	—
State and local		(626)		(741)		(601)
		(626)		(741)		(601)
Deferred
Federal		77,533		1,160		1,726
State and local		11,095		172		232
		88,628		1,332		1,958
Total income tax provision	$	88,002	$	591	$	1,357

Schedule of reconciliation of income tax provision

The income tax provision differs from the amounts determined by applying the statutory federal income tax rate of 34% to the income (loss) before income tax provision for the following reasons (dollars in thousands):

	For the Year Ended
	December 31,
	2017		2016		2015
Income tax (benefit) at federal rate	$	(6,541)	$	577	$	835
Increase (decrease) resulting from:
State income taxes, net of federal income tax		(813)		101		104
Permanent difference for compensation limitation		—		—		637
Expense not deductible for tax		—		292		98
Tax credit included in taxable income		238		283		252
Other permanent differences		71		20		110
Capital goods excise tax credit		(626)		(741)		(601)
Change in federal income tax rate		28,018		—		—
Other, net		132		74		54
Change in valuation allowance		67,523		(15)		(132)
Total income tax provision	$	88,002	$	591	$	1,357

Schedule of deferred income taxes

Deferred income taxes consisted of the following (dollars in thousands):

	December 31,
	2017		2016
Deferred tax liabilities:
Property and equipment	$	33,215	$	46,965
Other basis differences		329		533
		33,544		47,498
Deferred tax assets:
Net operating loss and credit carryforwards		61,017		66,580
Intangible assets		13,877		30,913
Expenses deferred for tax		2,933		5,347
Employee benefits		15,851		33,434
Other basis differences		2,560		3,730
		96,238		140,004
Valuation allowance		(63,604)		(335)
		32,634		139,669
Deferred tax asset (liability), net	$	(910)	$	92,171

Summary of activity for the valuation allowance

The following is a summary of activity for the valuation allowance (dollars in thousands):

			Charge (Credit)
			to Income Tax
	Beginning		Expense or		Ending
	Balance		Equity		Balance
January 1 to December 31, 2017	$	335	$	63,269	$	63,604
January 1 to December 31, 2016		350		(15)		335
January 1 to December 31, 2015		482		(132)		350