Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Taxes [Abstract]

Components of the company's income tax (provision) benefit

The following table shows the components of the Company’s income tax (provision) benefit (in thousands):

	Years ended December 31,
	2016			2015			2014
Current:
Federal	$	(2,103	)	$	(3,883	)	$	(8,626	)
State		(675	)		(190	)		(1,249	)
		(2,778	)		(4,073	)		(9,875	)
Deferred:
Federal		777			5,011			5,878
State		80			(168	)		273
		857			4,843			6,151
	$	(1,921	)	$	770		$	(3,724	)

Income tax (provision) benefit allocable to continuing and discontinued operations

The following table summarizes the components of the income tax (provision) benefit (in thousands):

	Years ended December 31,
	2016			2015		2014
From continuing operations	$	(2,691	)	$	770	$	(3,561	)
From discontinued operations		-			-		(163	)
From equity investments		770			-		-
	$	(1,921	)	$	770	$	(3,724	)

Reconciliation of taxes computed at the corporate federal income tax rate to the reported income tax (provision)

Taxes computed at the corporate federal income tax rate (inclusive of continuing operations, equity investments and discontinued operations) reconcile to the reported income tax (provision) as follows (in thousands):

	Years ended December 31,
	2016			2015			2014
Statutory federal income tax (provision) benefit	$	(1,552	)	$	716		$	(3,587	)
State income tax (provision) benefit		(387	)		(233	)		(634	)
Federal statutory depletion		62			144			549
Other		(44	)		143			(52	)
	$	(1,921	)	$	770		$	(3,724	)

Components of the federal deferred tax asset (liability)

Deferred income taxes reflect the net difference between the financial statement carrying amounts and the underlying income tax basis in such items.  The components of the federal deferred tax asset (liability) are as follows (in thousands):

	Years Ended December 31,
	2016			2015
Long-term deferred tax asset (liability)
Prepaid and other insurance	$	(1,058	)	$	(1,243	)
Property		(7,341	)		(7,408	)
Equity method investment		606			-
Uniform capitalization		729			704
Other		(93	)		(51	)
Net long-term deferred tax  liability		(7,157	)		(7,998	)
Net deferred tax liability	$	(7,157	)	$	(7,998	)

Earliest tax years remaining for federal and major states of operations

The earliest tax years remaining open for audit for federal and major states of operations are as follows:

	Earliest Open
	Tax Year
Federal	2013
Texas	2012
Louisiana	2013
Michigan	2012