INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

Reconciliation Of Income Tax Expense (Benefit)

A reconciliation of income tax expense (benefit) computed by applying the federal statutory rate to pre-tax income (loss) to our effective income tax expense (benefit) during the periods indicated is as follows:


	Successor				Predecessor
	Year Ended December 31, 2021		Four Months Ended December 31, 2020		Eight Months Ended August 31, 2020
	(In thousands)
Income tax expense (benefit) computed by applying the statutory rate	$	12,772	$	(3,001)	$	(190,103)
State income tax expense (benefit), net of federal benefit	2,129		(500)		(31,684)
Warrant liability revaluation	4,640		—		—
Restricted stock shortfall	—		—		7,404
Non-controlling interest in Superior	(3,046)		(1,017)		7,504
Goodwill impairment	—		—		—
Valuation allowance	(16,612)		4,047		177,284
Reorganization adjustments	—		—		14,152
Statutory depletion and other	290		169		813
Income tax expense (benefit)	$	173	$	(302)	$	(14,630)

Schedule Of Total Provision For Income Taxes

The company's total provision for income taxes consisted of the following during the periods indicated:


	Successor				Predecessor
	Year Ended December 31, 2021		Four Months Ended December 31, 2020		Eight Months Ended August 31, 2020
	(In thousands)
Current taxes:
Federal	$	—	$	—	$	(917)
State	173		(302)		—
	173		(302)		(917)
Deferred taxes:
Federal	—		—		(16,663)
State	—		—		2,950
	—		—		(13,713)
Total provision for income taxes	$	173	$	(302)	$	(14,630)

Schedule Of Deferred Tax Assets And Liabilities

Net deferred tax assets and liabilities are comprised of the following as of December 31:


	Successor		Successor
	2021		2020
	(In thousands)
Deferred tax assets:
Allowance for losses and nondeductible accruals	$	23,819	$	22,051
Net operating loss carryforward	94,441		100,236
Depreciation, depletion, amortization, and impairment	68,001		80,947
Alternative minimum tax and research and development tax credit carryforward	1,738		1,738
	187,999		204,972
Deferred tax liability:

Investment in Superior	(3,626)		(3,987)
Net deferred tax asset	184,373		200,985
Valuation allowance	(184,373)		(200,985)
Non-current—deferred tax liability	$	—	$	—