Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Income Tax Disclosure [Abstract]

Significant components of the provision for income taxes from continuing operations

Significant components of the provision for income taxes from continuing operations are as follows:

	For the Years Ended December 31,
	2012		2011		2010
	(in thousands)
Current:
Federal	$	32,656	$	1,866	$	258
State and local	3,250		74		68
Foreign	963		263		189
Total current expense	36,869		2,203		515
Deferred:
Federal	27,870		42,148		(48,934		)
State and local	1,385		2,032		(3,877		)
Total deferred expense (benefit)	29,255		44,180		(52,811		)
Total income tax expense (benefit)	$	66,124	$	46,383	$	(52,296	)

Reconciliation of income tax expense

The reconciliation of income tax expense computed at the federal statutory tax rates to income tax expense from continuing operations is as follows:

	For the Years Ended December 31,
	2012			2011			2010
	(in thousands)
Expected provision at federal statutory tax rate	$	61,104		$	42,991		$	7,062
State and foreign tax expense, net of federal benefit	3,726			2,255			413
Interest and dividend on preferred stock	—			710			1,612
Change in valuation allowance	—			—			(65,248		)
Meals and entertainment	649			469			315
Fines and penalties	84			(36		)	9
Federal credits	—			(103		)	(156		)
Adjustment to deferred tax assets and liabilities	(3		)	(3		)	3,486
Other	564			100			211
Total income tax expense (benefit)	$	66,124		$	46,383		$	(52,296	)

Deferred taxes

At December 31, 2012 and 2011, the significant components of the Company's deferred taxes consisted of the following:

	December 31,
	2012			2011
	(in thousands)
Deferred tax assets:
Net operating loss	$	83		$	6,234
Deferred loss	—			1,440
Deferred revenue	5,829			5,985
Federal tax credits	—			3,176
Nondeductible accruals	6,744			5,452
Other	1,072			306
Gross deferred tax assets	13,728			22,593
Deferred tax assets, net	13,728			22,593
Deferred tax liabilities:
Capitalized interest	(1,125		)	(2,041		)
Deferred gain	(364		)	—
Fuel hedging	(97		)	(115		)
Accrued engine maintenance	(29,497		)	(10,232		)
Property, plant, and equipment	(3,271		)	(1,575		)
Gross deferred tax liabilities	(34,354		)	(13,963		)
Net deferred tax assets (liabilities)	$	(20,626	)	$	8,630
Deferred taxes included within:
Assets:
Other current assets	$	12,591		$	20,738
Liabilities:
Other long-term liabilities	(33,216		)	(12,108		)