|
Income Taxes (Tables)
|
12 Months Ended |
|
Dec. 31, 2013
|
| Components of Income Tax Expense |
Components of income tax expense were as follows (in thousands):
|
|
Year Ended December 31, |
|
|
|
2013 |
|
|
2012 |
|
|
2011 |
|
Current |
|
$ |
(2,146 |
) |
|
$ |
(40,562 |
) |
|
$ |
29,682 |
|
Deferred |
|
|
30,920 |
|
|
|
88,109 |
|
|
|
61,835 |
|
|
|
$ |
28,774 |
|
|
$ |
47,547 |
|
|
$ |
91,517 |
|
|
| Reconciliation of Income Taxes Computed to Income Tax Expense |
The reconciliation of income taxes computed at the U.S. federal statutory tax rate to our income tax expense is as follows (in thousands):
|
|
Year Ended December 31, |
|
|
|
2013 |
|
|
2012 |
|
|
2011 |
|
Income tax expense at the federal statutory rate |
|
$ |
28,033 |
|
|
|
35.0 |
% |
|
$ |
41,836 |
|
|
|
35.0 |
% |
|
$ |
92,517 |
|
|
|
35.0 |
% |
Qualified domestic production activities |
|
|
— |
|
|
|
— |
|
|
|
4,256 |
|
|
|
3.5 |
|
|
|
(1,823 |
) |
|
|
(0.7 |
) |
State income taxes |
|
|
343 |
|
|
|
0.4 |
|
|
|
750 |
|
|
|
0.7 |
|
|
|
603 |
|
|
|
0.2 |
|
Other |
|
|
398 |
|
|
|
0.5 |
|
|
|
705 |
|
|
|
0.6 |
|
|
|
220 |
|
|
|
0.1 |
|
|
|
$ |
28,774 |
|
|
|
35.9 |
% |
|
$ |
47,547 |
|
|
|
39.8 |
% |
|
$ |
91,517 |
|
|
|
34.6 |
% |
|
| Significant Components of Deferred Tax Assets and Liabilities |
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax assets and liabilities were as follows (in thousands):
|
|
December 31, |
|
|
|
2013 |
|
|
2012 |
|
Deferred tax liabilities: |
|
|
|
|
|
|
|
|
Property and equipment |
|
$ |
297,942 |
|
|
$ |
186,599 |
|
Other |
|
|
3,602 |
|
|
|
4,822 |
|
Total deferred tax liabilities |
|
|
301,544 |
|
|
|
191,421 |
|
Deferred tax assets: |
|
|
|
|
|
|
|
|
Minimum tax credit |
|
|
20,486 |
|
|
|
22,314 |
|
Federal net operating losses |
|
|
91,472 |
|
|
|
12,389 |
|
State net operating losses |
|
|
5,028 |
|
|
|
5,057 |
|
Derivatives |
|
|
3,270 |
|
|
|
3,312 |
|
Valuation allowance (state) |
|
|
(4,490 |
) |
|
|
(4,674 |
) |
Accrued cash-based bonus |
|
|
3,873 |
|
|
|
2,455 |
|
Stock-based compensation |
|
|
3,703 |
|
|
|
4,256 |
|
Other |
|
|
643 |
|
|
|
1,330 |
|
Total deferred tax assets |
|
|
123,985 |
|
|
|
46,439 |
|
Net deferred tax liabilities |
|
$ |
177,559 |
|
|
$ |
144,982 |
|
|
| Net Operating Loss and Tax Credit Carryovers |
The table below presents the details of our net operating loss and tax credit carryovers as of December 31, 2013 (in thousands):
|
|
Amount |
|
|
Expiration Year |
|
Federal net operating loss |
|
$ |
263,388 |
|
|
|
2033 |
|
State net operating losses |
|
|
95,912 |
|
|
|
2017-2028 |
|
Minimum tax credit |
|
|
12,091 |
|
|
|
Indefinite |
|
General business credit |
|
|
406 |
|
|
|
2027-2028 |
|
|
| Balances and Changes in Uncertain Tax Positions |
Balances and changes in the uncertain tax positions are as follows (in thousands):
|
|
December 31, |
|
|
|
2013 |
|
|
2012 |
|
Balance at beginning of period |
|
$ |
— |
|
|
$ |
— |
|
Increases related to carryback positions |
|
|
9,482 |
|
|
|
— |
|
Balance at end of period |
|
$ |
9,482 |
|
|
$ |
— |
|
|