Provision (Benefit) for Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Summary of income (Loss) from continuing operations before taxes

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

	Year Ended December 31,
	2013			2012		2011
Income (Loss) from Continuing Operations Before Income Taxes	$	(25,805	)	$	36,578	$	135,104

Summary of consolidated income tax provision (benefit)

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

	Year Ended December 31,
	2013			2012			2011
Current	$	(12	)	$	(1,144	)	$	1,616
Deferred	(6,761		)	16,783			48,878
Total	$	(6,773	)	$	15,639		$	50,494

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,
	2013			2012			2011
Income taxes computed at U.S. statutory rate (35%)	$	(9,032	)	$	12,803		$	47,282
State tax provisions (benefits), net of federal benefits	(496		)	(964		)	(1,158		)
Non-deductible equity compensation	1,127			1,911			1,537
Stock-based compensation tax shortfall	558			—			—
Valuation allowances	385			2,370			2,273
Expiration of carryover items	400			—			—
Uncertain Tax Positions	—			(977		)	—
Other, net	285			496			560
Provision (benefit) for income taxes	$	(6,773	)	$	15,639		$	50,494
Effective rate	26.2		%	42.8		%	37.4		%

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

The tax effects of temporary differences representing the net deferred tax asset (liability) at December 31, 2013 and 2012 were as follows (in thousands):

	Year Ended December 31,
	2013			2012
Deferred tax assets:
Federal net operating loss (“NOL”) carryovers	$	117,984		$	93,600
NOLs for excess stock-based compensation	(9,615		)	(9,676		)
State NOL carryovers	14,626			13,686
Alternative minimum tax credits	2,092			2,092
Other Carryover Items	1,295			1,378
Unrealized share-based compensation	9,957			9,096
Valuation allowance	(6,703		)	(6,318		)
Other	6,050			5,909
Total deferred tax assets	$	135,686		$	109,767
Deferred tax liabilities:
Oil and gas exploration and development costs	$	(347,178	)	$	(324,031	)
Other	(918		)	(3,300		)
Total deferred tax liabilities	$	(348,096	)	$	(327,331	)
Net deferred tax liabilities	$	(212,410	)	$	(217,564	)
Net current deferred tax assets	4,974			5,679
Net non-current deferred tax liabilities	$	(217,384	)	$	(223,243	)