Income Taxes (Tables)

12 Months Ended

Dec. 31, 2011

The consolidated income tax provision is comprised of the following:
		Year Ended December 31,
		2011		2010		2009
Current	$	6,464	$	4,763	$	8,830
Current tax benefit on equity compensation		6,212		17,522		14,213
Total current tax		12,676		22,285		23,043
Deferred		244,994		236,330		(268,179)
Total income tax provision (benefit)	$	257,670	$	258,615	$	(245,136)

Income tax expense reconciliation table

The income tax provision (benefit) for continuing operations differs from the amount that would be computed by applying the U.S. federal income tax rate of 35% to pretax income as a result of the following:


		Year Ended December 31,
		2011		2010		2009
Income tax provision (benefit) computed at the U.S. statutory rate	$	248,805	$	253,076	$	(243,666)
State income tax provision (benefit) net of federal benefit		6,329		3,608		(698)
Canadian net operating loss valuation allowance		-		(677)		-
Tax effect of rate change		4,228		1,939		-
Other, net		(1,692)		669		(772)

	$	257,670	$	258,615	$	(245,136)

Consoldiated deferred tax assets and liabilities


The tax effects of temporary differences that give rise to significant components of the Company's deferred tax assets and liabilities for continuing operations are as follows:
		Year Ended December 31,
		2011		2010
Deferred tax assets - current:
Derivative instruments, net	$	-	$	255
Incentive compensation/other, net		9,329		4,627
Net deferred tax assets - current	$	9,329	$	4,882
Deferred tax liabilities - current:
Derivative instruments, net	$	82,709	$	47,567
Net deferred tax liabilities - current	$	82,709	$	47,567
Net deferred tax liability - current	$	73,380	$	42,685
Deferred tax assets - non-current:
U.S. federal tax credit carryforwards		13,280		13,714
Capital loss carryforwards		1,929		-
Derivative instruments, net		-		1,161
Incentive compensation/other, net		13,030		14,745
		28,239		29,620
Valuation allowance - Foreign Tax Credit (FTC)		(1,692)		(1,692)
Valuation allowance (Capital loss carryforwards)		(1,929)		-
Net deferred tax assets - non-current	$	24,618	$	27,928
Deferred tax liabilities - non-current:
Property and equipment		659,040		448,298
Other		587		341
Net non-current tax liabilities	$	659,627	$	448,639
Net non-current tax liability	$	635,009	$	420,711