Note 8 - Income Taxes

3 Months Ended

Mar. 31, 2018

Notes to Financial Statements

Income Tax Disclosure [Text Block]

NOTE

8

—

INCOME TAXES

We estimate our annual effective income tax rate in recording the quarterly provision for income taxes. Statutory tax rate changes and other significant or unusual items are recognized as discrete items in the quarter in which they occur.

For the 

three

 months ended 

March 

31,

2018,

we recognized income tax expense of

$743

thousand. Our estimated full year effective tax rate for

2018

is comprised of the expected statutory tax expense offset by changes in valuation allowance and tax benefits for percentage depletion. Cash taxes payable for

2018

are expected to be less than

$400

thousand.

We did

not

recognize any income tax expense or benefit for the

three

months ended

March 31, 2017

because tax losses incurred for the year were fully offset by a valuation allowance against deferred tax assets.

There were

no

uncertain tax positions as of

March 31, 2018.