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 (As Restated)		2012 (As Restated)		2011 (As Restated)
Income (Loss) from Continuing Operations Before Income Taxes	$	198	$	37,773	$	131,125

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 (As Restated)			2012 (As Restated)			2011 (As Restated)
Current	$	(12	)	$	(1,144	)	$	1,616
Deferred	2,652			17,216			47,438
Total	$	2,640		$	16,072		$	49,054

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 (As Restated)			2012 (As Restated)			2011 (As Restated)
Income taxes computed at U.S. statutory rate (35%)	$	69		$	13,221		$	45,889
State tax provisions (benefits), net of federal benefits	(184		)	(950		)	(1,206		)
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			497			561
Provision for income taxes	$	2,640		$	16,072		$	49,054
Effective rate	1,333.4		%	42.5		%	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 (As Restated)			2012 (As Restated)
Deferred tax assets:
Federal net operating loss (“NOL”) carryovers	$	117,713		$	93,445
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
Asset Retirement Obligation	28,628			31,413
Unrealized share-based compensation	9,957			9,096
Valuation allowance	(6,703		)	(6,318		)
Other	6,042			5,904
Total deferred tax assets	$	164,035		$	141,020
Deferred tax liabilities:
Oil and gas exploration and development costs	$	(393,606	)	$	(363,952	)
Other	(919		)	(3,299		)
Total deferred tax liabilities	$	(394,525	)	$	(367,251	)
Net deferred tax liabilities	$	(230,490	)	$	(226,231	)
Net current deferred tax assets	10,715			8,262
Net non-current deferred tax liabilities	$	(241,205	)	$	(234,493	)