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Income Taxes
 12 Months Ended
Dec. 31, 2013
Income Taxes Disclosure [Abstract]  
INCOME TAXES

9. INCOME TAXES:

Income (loss) from continuing operations before income taxes is as follows:
Year Ended December 31,
201320122011
United States$ 210,580$ (2,892,207)$ 689,754
Foreign 23,642 15,096 21,118
Total$ 234,222$ (2,877,111)$ 710,872
The consolidated income tax (benefit) provision is comprised of the following:
Year Ended December 31,
201320122011
Current tax:
U.S. federal, state and local$ (8,491)$ 9,037$ 952
Foreign 4,881 3,326 5,512
(Reduction in) current tax benefit on stock based compensation:
U.S. federal, state and local - (4,427) 6,212
Total current tax expense (benefit) (3,610) 7,936 12,676
Deferred tax:
U.S. federal, state and local - (708,160) 245,005
Foreign (6) 11 (11)
Total deferred tax expense (benefit) (6) (708,149) 244,994
Total income tax (benefit) provision$ (3,616)$ (700,213)$ 257,670

The income tax provision (benefit) from 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,
201320122011
Income tax provision (benefit) computed at the U.S. statutory rate$ 81,978$ (1,006,989)$ 248,805
State income tax provision (benefit) net of federal benefit 1,329 (136,112) 6,329
Valuation allowance (81,923) 446,148 -
Tax effect of rate change (2,871) 1,358 4,228
Other, net (2,129) (4,618) (1,692)
$ (3,616)$ (700,213)$ 257,670
The tax effects of temporary differences that give rise to significant components of the Company's deferred tax assets and liabilities from continuing operations are as follows:
December 31,
20132012
Deferred tax assets - current:
Derivative instruments, net$ 9,636$ -
Incentive compensation/other, net 7,641 6,468
17,277 6,468
Valuation allowance (16,778) (6,468)
Net deferred tax assets - current$ 499$ -
Deferred tax liabilities - current:
Derivative instruments, net$ 499$ -
Net deferred tax liabilities - current$ 499$ -
Deferred tax assets - non-current:
Property and equipment 158,216 350,978
Deferred gain 52,045 55,329
U.S. federal tax credit carryforwards 16,254 4,870
Net operating loss carryforwards 108,048 17,755
Incentive compensation/other, net 13,007 15,104
347,570 444,036
Valuation allowance (346,596) (443,300)
Net deferred tax assets - non-current$ 974$ 736
Deferred tax liabilities - non-current:
Other 968 736
Net non-current tax liabilities$ 968$ 736
Net non-current tax asset$ 6$ -

In assessing the realizability of the deferred tax assets, management considers whether it is more likely than not that some or all of the deferred tax assets will not be realized. The ultimate realization of the deferred tax assets is dependent upon the generation of future taxable income during the periods in which the temporary differences become deductible. Among other items, management considers the scheduled reversal of deferred tax liabilities, historical taxable income, projected future taxable income, and available tax planning strategies.

As a result of the ceiling test and other impairments recorded during the year ended December 31, 2012, the Company’s previously recorded net deferred tax liability fully reversed into a net deferred tax asset. At December 31, 2013 and 2012, the Company recorded a full valuation allowance against its net deferred tax asset balance of $363.4 million and $449.8 million, respectively. Some or all of this valuation allowance may be reversed in future periods against future income. The Company’s valuation allowance changed by $86.4 million from December 31, 2012 to December 31, 2013. Of this amount, $81.9 million reduced the Company’s current year deferred tax expense, and $4.5 million was reflected through shareholders’ equity.

As of December 31, 2013, the Company had approximately $14.1 million of U.S. federal alternative minimum tax (AMT) credits available to offset regular U.S. Federal income taxes. These AMT credits do not expire and can be carried forward indefinitely. The Company has $0.5 million of general business credits available to offset U.S. federal income taxes. These general business credits expire in 2032. In addition, the Company has $1.7 million of foreign tax credit carryforwards, none of which expire prior to 2017.

The Company generated a U.S. federal tax loss of $262.4 million for the year ended December 31, 2013. Of this loss, $58.0 million was carried back to offset taxable income generated in prior tax years. An income tax receivable of $8.0 million has been recorded at December 31, 2013 and is reflected as a reduction in current year income tax expense in the Consolidated Statements of Operations. The remaining U.S. federal tax net operating loss of $204.4 million will be carried forward to offset taxable income generated in future years, and if unutilized, will expire in 2033. The Company has Pennsylvania state tax net operating loss carry forwards of $545.1 million which will expire between 2031 and 2033. The Company has immaterial state tax net operating loss carry forwards in other jurisdictions, none of which expire prior to 2020.

The Company did not have any unrecognized tax benefits and there was no effect on our financial condition or results of operations related to accounting for uncertain tax positions. The amount of unrecognized tax benefits did not change as of December 31, 2013.

Estimated interest and penalties related to potential underpayment on any unrecognized tax benefits are classified as a component of tax expense in the Consolidated Statements of Operations. The Company has not incurred any interest or penalties associated with unrecognized tax benefits.

The Company files a consolidated federal income tax return in the United States federal jurisdiction and various combined, consolidated, unitary, and separate filings in several states, and international jurisdictions. The income tax year 2010 has been audited by the Internal Revenue Service resulting in no material changes to the Company’s taxes. With certain exceptions, including previous audited tax years, the income tax years 2010 through 2013 remain open to examination by the major taxing jurisdictions in which the Company has business activity.

The undistributed earnings of the Company’s U.S. subsidiaries are considered to be indefinitely invested outside of Canada. Accordingly, no provision for Canadian income taxes and/or withholding taxes has been provided thereon.