Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income (loss) from continuing operations before income taxes is as follows:

		Year Ended December 31,
		2013		2012		2011
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,
		2013		2012		2011
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

Income tax expense reconciliation table

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,
		2013		2012		2011
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

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 from continuing operations are as follows:
		December 31,
		2013		2012
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	$	-