Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Current and Deferred Components of Income Tax Expense (Benefit)

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

Years Ended December 31,	2016			2015
Current income tax expense	(In thousands)
Federal	$	5,057		$	288
State		341			74
Total current income tax expense		5,398			362
Deferred tax expense (benefit)
Federal		21,909			(15,130	)
Foreign		270			—
State		(172	)		(353	)
Total deferred income tax expense (benefit)	$	22,007		$	(15,483	)
Total income tax expense (benefit) from continuing operations		27,405			(15,121	)

Difference between Income Taxes Computed at Federal Statutory Rate and Provision for Income Taxes

The following table provides a reconciliation of the Company’s actual income tax provision amounts from the expected income tax provision amount by applying the U.S. federal statutory corporate income tax rate of 35% for the periods indicated:

Years Ended December 31,	2016			2015
	(In thousands)
Expected income tax provision (benefit) at statutory rate	$	(23,416	)	$	(14,859	)
State tax, tax effected		52			11
Other		339			(40	)
Net operating loss write down		49,608			—
Rate difference		311			(233	)
Permanent differences		511			—
Actual income tax provision	$	27,405		$	(15,121	)

Deferred Tax Assets and Liabilities

The tax effects of the Company’s temporary differences that give rise to significant portions of the deferred tax assets and liabilities are presented below:

December 31,	2016			2015
Deferred tax assets:	(In thousands)
Net operating loss carryforward	$	20,442		$	77,508
Organizational expenses		52			57
Stock based compensation		2,593			2,431
Intangibles		682			776
Other		3,812			1,419
		27,581			82,191
Deferred tax liabilities:
Oil and gas properties and other property and equipment, principally due to intangible drilling costs		(66,772	)		(86,790	)
Unrealized hedging loss (gain)		1,371			(11,414	)
Other		(200	)		—
Net deferred tax liabilities	$	(38,020	)	$	(16,013	)