Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Components of Income Tax Expense

Income tax (benefit) expense consists of the following:



	Year Ended December 31,
(in thousands)	2020		2019
Current:
Federal	$	(119)	$	(1,900)
State	474		1,921
Total	355		21
Deferred:
Federal	(3,739)		—
State	(448)		—
Total	(4,187)		—
Total income tax (benefit) expense	$	(3,832)	$	21

Schedule of Reconciliation Between Federal Statutory Rate and Income (Benefit) Expense

The reconciliation between the amount determined by applying the U.S. Federal corporate tax rate of 21% to loss before income taxes (benefit) for the years ended December 31, 2020 and 2019 is as follows:



	Year Ended December 31,
(in thousands)	2020			2019
Loss from continuing operations before income taxes	$	(253,040)		$	(91,380)
U.S. federal statutory rate	21		%	21		%
Income tax benefit at U.S. federal statutory rate	(53,138)			(19,190)
NOLs derecognized due to Section 382 limitation	158,116			—
State taxes, net of federal benefit	(4,132)			580
Equity compensation shortfall	1,868			2,601
Change in estimates & other	2,936			206
Change in valuation allowance	(109,482)			15,824



Income tax (benefit) expense	$	(3,832)		$	21

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows:



	Year Ended December 31,
(in thousands)	2020		2019
Deferred tax assets:
Net operating loss carryforwards	$	99,569	$	205,367
Goodwill and intangibles assets	25,505		19,350
Interest expense limitation	25,859		16,721
Accrued liabilities	11,679		11,139
Operating lease liabilities	2,367		3,299
Deferred compensation	1,302		2,889
Asset retirement obligation	2,430		2,344
Other	823		2,374
Total deferred tax assets	169,534		263,483

Valuation allowances	(145,404)		(210,808)
Total net deferred tax assets	24,130		52,675
Deferred tax liabilities:
Property and equipment	20,447		48,980
Operating lease right-of-use assets	2,184		3,299
Other	1,923		396

Total deferred tax liabilities	24,554		52,675
Net deferred tax liability	$	424	$	—