Provision (Benefit) for Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Summary of income (Loss) from continuing operations before taxes

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

	Year Ended December 31,
	2014			2013		2012
Income (Loss) Before Income Taxes	$	(433,470	)	$	198	$	37,773

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,
	2014			2013			2012
Current	$	314		$	(12	)	$	(1,144	)
Deferred	(150,357		)	2,652			17,216
Total	$	(150,043	)	$	2,640		$	16,072

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 (35%) to the effective income tax rates are as follows (in thousands):

	Year Ended December 31,
	2014			2013			2012
Income taxes computed at U.S. statutory rate	$	(151,714	)	$	69		$	13,221
State tax provisions (benefits), net of federal benefits	(5,935		)	(184		)	(950		)
Non-deductible equity compensation	666			1,127			1,911
Stock-based compensation tax shortfall	2,409			558			—
Valuation allowances	4,635			385			2,370
Expiration of carryover items	288			400			—
Uncertain Tax Positions	—			—			(977		)
Other, net	(392		)	285			497
Provision (benefit) for income taxes	$	(150,043	)	$	2,640		$	16,072
Effective rate	34.6		%	1,333.4		%	42.5		%

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, 2014 and 2013 were as follows (in thousands):

	Year Ended December 31,
	2014			2013
Deferred tax assets:
Federal net operating loss (“NOL”) carryovers	$	141,896		$	117,713
NOLs for excess stock-based compensation	(9,606		)	(9,615		)
State NOL carryovers	15,525			14,626
Alternative minimum tax credits	2,092			2,092
Other Carryover Items	1,294			1,295
Asset Retirement Obligations	26,388			28,628
Unrealized share-based compensation	9,471			9,957
Valuation allowance	(11,327		)	(6,703		)
Other	4,056			6,042
Total deferred tax assets	$	179,789		$	164,035
Deferred tax liabilities:
Oil and gas exploration and development costs	$	(258,326	)	$	(393,606	)
Other	(1,596		)	(919		)
Total deferred tax liabilities	$	(259,922	)	$	(394,525	)
Net deferred tax liabilities	$	(80,133	)	$	(230,490	)
Net current deferred tax assets	6,243			10,715
Net non-current deferred tax liabilities	$	(86,376	)	$	(241,205	)