Income Tax (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax

Components of Income Tax Expense (Benefit)

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

	For the Year Ended
	December 31,
	2022		2021
	(In thousands)
Current taxes:
Federal	$	—	$	—
State		(111)		—
Total current income tax benefit (expense)		(111)		—
Deferred taxes:
Federal		—		—
State		—		—
Total deferred income tax benefit (expense)		—		—
Total income tax benefit (expense)	$	(111)	$	—

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 2022 and in 2021 as follows:

	For the Year Ended
	December 31,
	2022		2021
	(In thousands)
Expected tax benefit (expense) at federal statutory rate	$	(12,177)	$	6,734
Changes in valuation allowances		12,267		3,192
Federal prior year adjustments		1,673		—
Fines & penalties		(1,939)		—
State income tax benefit (expense), net of federal benefit		(1,859)		447
State rate change, net of federal benefit		1,532		(10,192)
State prior year adjustment		(234)		(1,281)
PPP loan forgiveness		—		1,158
Other		626		(58)
Total income tax benefit (expense)	$	(111)	$	—

Components of Net Deferred Income Tax Liabilities

The Company’s deferred income 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,
	2022		2021
Deferred income tax assets:
Property, plant & equipment	$	82,152	$	94,439
Net operating loss carryforward		183,050		178,279
Derivatives		4,800		14,438
Disallowed interest expense		7,467		5,579
Accrued liabilities		2,008		1,592
Other		7,103		3,469
Total deferred income tax assets:		286,580		297,796
Valuation allowance		(284,928)		(297,195)
Net deferred income tax assets		1,652		601
Deferred income tax liabilities:
Derivatives	$	—	$	—
Other		1,652		601
Total deferred income tax liabilities		1,652		601
Net deferred income taxes	$	—	$	—