Income Tax (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax

Components of Income Tax Expense (Benefit)

The components of income tax benefit (expense) are as follows:

	For the Year Ended
	December 31,
	2021		2020
	(In thousands)
Current taxes:
Federal	$	—	$	(5)
State		—		(110)
Total current income tax benefit (expense)		—		(115)
Deferred taxes:
Federal		—		—
State		—		—
Total deferred income tax benefit (expense)		—		—
Total income tax benefit (expense)	$	—	$	(115)

Reconciliation of Income Tax Benefit (Provision)

The actual income tax benefit (expense) differs from the expected amount computed by applying the federal statutory corporate tax rate of 21% in 2021 and in 2020 as follows:

	For the Year Ended
	December 31,
	2021		2020
	(In thousands)
Expected tax benefit (expense) at federal statutory rate	$	6,734	$	97,423
State income tax benefit (expense), net of federal benefit		447		6,189
Non-deductible expenses		(64)		(45)
Changes in valuation allowances		3,192		(110,445)
State rate change, net of federal benefit		(10,192)		6,100
State prior year adjustment		(1,281)		—
Non-cash compensation		8		(137)
PPP loan forgiveness		1,158		—
Other		(2)		800
Total income tax benefit (expense)	$	—	$	(115)

Components of Net Deferred Income Tax Liabilities

The Company’s deferred tax position reflects the net tax effects of the temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax reporting. Significant components of the deferred tax assets and liabilities are as follows (in thousands):

	December 31,
	2021		2020
Deferred income tax assets:
Property, Plant & Equipment	$	94,439	$	115,695
Net operating loss carryforward		178,279		174,479
Derivatives		14,438		2,448
Disallowed interest expense		5,579		5,388
Accrued liabilities		1,592		1,226
Other		3,469		1,717
Total deferred income tax assets:		297,796		300,953
Valuation allowance		(297,195)		(300,386)
Net deferred income tax assets		601		567
Deferred income tax liabilities:
Derivatives	$	—	$	—
Other		601		567
Total deferred income tax liabilities		601		567
Net deferred income tax liabilities	$	—	$	—