Provision (Benefit) for Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Income Tax Disclosure [Abstract]

Summary of income (Loss) from continuing operations before taxes

ncome (Loss) from continuing operations before taxes is as follows (in thousands):

	Year Ended December 31,
	2012		2011		2010
Income (Loss) from Continuing Operations Before Income Taxes	$	36,578	$	135,104	$	74,308

Summary of consolidated income tax provision (benefit)

The following is an analysis of the consolidated income tax provision (benefit) (in thousands):

	Year Ended December 31,
	2012			2011		2010
Current	$	(1,144	)	$	1,616	$	(2,957	)
Deferred	16,783			48,878		30,790
Total	$	15,639		$	50,494	$	27,833

Reconciliations of income taxes computed using the U.S. Federal statutory rate to the effective income tax rates

Reconciliations of income taxes computed using the U.S. Federal statutory rate to the effective income tax rates are as follows (in thousands):

	Year Ended December 31,
	2012			2011			2010
Income taxes computed at U.S. statutory rate (35%)	$	12,803		$	47,282		$	26,008
State tax provisions (benefits), net of federal benefits	(110		)	1,505			641
Cumulative impact of adjustments to net state income tax rate	(854		)	(2,663		)	(1,718		)
Valuation allowance of state carryover tax assets	2,070			2,273			1,681
Non-deductible equity compensation	1,911			1,537			867
Uncertain Tax Positions	(977		)	—			—
Other, net	796			560			354
Provision (benefit) for income taxes	$	15,639		$	50,494		$	27,833
Effective rate	42.8		%	37.4		%	37.5		%

Tax effects of temporary differences representing the net deferred tax asset (liability)

he tax effects of temporary differences representing the net deferred tax asset (liability) at December 31, 2012 and 2011 were as follows (in thousands):

	Year Ended December 31,
	2012			2011
Deferred tax assets:
Federal net operating loss (“NOL”) carryovers	$	93,600		$	54,954
NOLs for excess stock-based compensation	(9,676		)	(9,450		)
State NOL carryovers	13,686			11,377
Alternative minimum tax credits	2,092			3,451
Other Carryover Items	1,378			1,141
Unrealized share-based compensation	9,096			7,151
Valuation allowance	(6,318		)	(3,901		)
Other	5,909			7,580
Total deferred tax assets	$	109,767		$	72,303
Deferred tax liabilities:
Oil and gas exploration and development costs	$	(324,031	)	$	(270,158	)
Other	(3,300		)	(2,109		)
Total deferred tax liabilities	$	(327,331	)	$	(272,267	)
Net deferred tax liabilities	$	(217,564	)	$	(199,964	)
Net current deferred tax assets	5,679			6,603
Net non-current deferred tax liabilities	$	(223,243	)	$	(206,567	)