Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

The consolidated income tax (benefit) provision is comprised of the following:
		Year Ended December 31,
		2012		2011		2010
Current	$	12,363	$	6,464	$	4,763
(Reduction in) current tax benefit on stock based compensation		(4,427)		6,212		17,522
Total current tax		7,936		12,676		22,285
Deferred		(708,149)		244,994		236,330
Total income tax (benefit) provision	$	(700,213)	$	257,670	$	258,615

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,
		2012		2011		2010
Income tax (benefit) provision computed at the U.S. statutory rate	$	(1,006,989)	$	248,805	$	253,076
State income tax provision (benefit) net of federal benefit		(136,112)		6,329		3,608
Valuation allowance		446,148		-		(677)
Tax effect of rate change		1,358		4,228		1,939
Other, net		(4,618)		(1,692)		669

	$	(700,213)	$	257,670	$	258,615

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,
		2012		2011
Deferred tax assets - current:
Incentive compensation/other, net		6,468		9,329
Valuation allowance		(6,468)		-
Net deferred tax assets - current	$	-	$	9,329
Deferred tax liabilities - current:
Derivative instruments, net	$	-	$	82,709
Net deferred tax liabilities - current	$	-	$	82,709
Net deferred tax liability - current	$	-	$	73,380
Deferred tax assets - non-current:
Property and equipment		350,978		-
Deferred gain		55,329		-
U.S. Federal tax credit carryforwards		4,870		13,280
Capital loss carryforwards		-		1,929
Net operating loss carryforwards		17,755		150
Incentive compensation/other, net		15,104		12,880
		444,036		28,239
Valuation allowance		(443,300)		(3,621)
Net deferred tax assets - non-current	$	736	$	24,618
Deferred tax liabilities - non-current:
Property and equipment		-		659,040
Other		736		587
Net non-current tax liabilities	$	736	$	659,627
Net non-current tax liability	$	-	$	635,009