Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Current and Deferred Components of Income Tax (Benefit) Expense

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

	Year Ended December 31,
In thousands	2017			2016
	(Restated)			(Restated)
Current income tax expense
Federal	$	59		$	5,057
State		113			341
Total current income tax expense		172			5,398
Deferred tax (benefit) expense
Federal		(29,125	)		19,534
Foreign		—			270
State		(66	)		(216	)
Total deferred income tax (benefit) expense		(29,191	)		19,588
Total income tax (benefit) expense	$	(29,019	)	$	24,986

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:

	Year Ended December 31,
In thousands	2017			2016
	(Restated)			(Restated)
Expected income tax benefit at statutory rate	$	(25,370	)	$	(25,800	)
Permanent differences		(357	)		511
Remeasurement of deferred balances due to federal rate change		(4,140	)		—
Net operating loss write down		—			49,608
State tax, tax effected		97			(20	)
Prior year differences		779			311
Other		(28	)		376
Actual income tax (benefit) provision	$	(29,019	)	$	24,986

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,
In thousands	2017			2016
	(Restated)			(Restated)
Deferred tax assets:
Net operating loss carryforward	$	20,874		$	20,442
Stock based compensation		1,891			2,593
Intangibles		351			682
Organizational expenses and other		2,900			3,864
Total deferred tax assets	$	26,016		$	27,581
Deferred tax liabilities:
Oil and gas properties and other property and equipment, principally due to intangible drilling costs	$	(35,214	)	$	(62,712	)
Loss on derivative instruments		4,429			1,371
Other		—			(200	)
Net deferred tax liabilities	$	(4,769	)	$	(33,960	)