Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Income Taxes [Abstract]

Summary of net deferred tax position

	December 31,
	2012			2011
Current deferred tax assets
Property and equipment	$	233		$	113
Other		869
Net operating loss carryforwards		–			13
Total current deferred tax assets		1,102			126
Valuation allowance on current deferred tax assets		(202	)		–
Total current deferred tax assets, net of valuation allowance		900			126
Current deferred tax liabilities
Unrealized gain on derivatives		(1,311	)		(2,998	)
Other		–			(152	)
Total current deferred tax liabilities		(1,311	)		(3,150	)
Net current deferred tax liability	$	(411	)	$	(3,024	)
Non-current deferred tax assets
Net operating loss carryforwards	$	44,654		$	24,034
Alternative minimum tax carryforward		6,660			6,660
Total non-current deferred tax assets		51,314			30,694
Valuation allowance on non-current deferred tax assets		(10,058	)		–
Total non-current deferred tax assets, net of valuation allowance		41,256			30,694
Non-current deferred tax liabilities
Unrealized gain on derivatives		(262	)		(324	)
Property and equipment		(36,363	)		(27,070	)
Other		(4,220	)		(1,706	)
Total non-current deferred tax liabilities		(40,845	)		(29,100	)
Net non-current deferred tax asset	$	411		$	1,594

Income tax expense reconciled to the tax computed at the statutory federal rate

	Year ended December 31,
	2012			2011			2010
Current income tax (benefit) provision
State income tax	$	–		$	(46	)	$	–
Federal alternative minimum tax		–			–			(1,411	)
Net current income tax benefit		–			(46	)		(1,411	)
Deferred income tax provision (benefit)
Federal tax expense at statutory rate (34%)		(11,767	)		(5,319	)		3,365
Statutory depletion carryforward		–			231			(157	)
State income tax		(819	)		(435	)		–
Change in state rate applied		–			–			275
Nondeductible expense		(122	)		48			38
Permanent differences (1)		1,018			–			–
Federal alternative minimum tax		–			–			1,411
Change in valuation allowance		10,260			–			–
Net deferred income tax (benefit) provision		(1,430	)		(5,475	)		4,932
Total income tax (benefit) provision	$	(1,430	)	$	(5,521	)	$	3,521

⁽¹⁾  Amount is primarily attributable to stock-based compensation.