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INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2016
Income Tax Disclosure [Abstract]  
Analysis of Deferred Taxes
An analysis of our deferred taxes follows:
 
As of December 31,
 
2016
 
2015
Tax effect of temporary differences:
 
 
 
Net operating loss carryforwards
$
201,557

 
$
31,624

Oil and gas properties
85,772

 
76,766

Asset retirement obligations
85,312

 
79,618

Stock compensation
3,294

 
5,199

Hedges

 
(13,598
)
Accrued incentive compensation
954

 
1,234

Debt issuance costs
7,480

 

Other
441

 
(722
)
Total deferred tax assets (liabilities)
384,810

 
180,121

Valuation allowance
(384,810
)
 
(180,121
)
Net deferred tax assets (liabilities)
$

 
$

Reconciliation Between Statutory Federal Income Tax Rate and Effective Income Tax Rate as a Percentage of Income Before Income Taxes
A reconciliation between the statutory federal income tax rate and our effective income tax rate as a percentage of income before income taxes follows:
 
Year Ended December 31,
 
2016
 
2015
 
2014
Income tax expense computed at the statutory federal income tax rate
35.0%
 
35.0%
 
35.0%
State taxes
0.2
 
0.6
 
1.0
Change in valuation allowance
(35.0)
 
(12.8)
 
IRC Sec. 162(m) limitation
(0.3)
 
(0.1)
 
(0.5)
Tax deficits on stock compensation
(0.7)
 
(0.1)
 
(0.2)
Reorganization fees
(0.3)
 
 
Other
(0.2)
 
(0.1)
 
(0.3)
Effective income tax rate
(1.3)%
 
22.5%
 
35.0%
Summary of Income Tax Contingencies
A reconciliation of the total amounts of unrecognized tax benefits follows:
Total unrecognized tax benefits as of December 31, 2015
 
$
491

Increases (decreases) in unrecognized tax benefits as a result of:
 
 
   Tax positions taken during a prior period
 

   Tax positions taken during the current period
 

   Settlements with taxing authorities
 

   Lapse of applicable statute of limitations
 

Total unrecognized tax benefits as of December 31, 2016
 
$
491