Note 13 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Taxes.

Schedule of income tax expense

	Years ended December 31,
(In thousands)	2020		2019		2018
Current taxes:
Federal	$	—	$	—	$	—
State		19		7		4
Current taxes		19		7		4
Deferred taxes:
Federal		(3,164)		3,228		(111)
State		(339)		1,928		220
Deferred taxes		(3,503)		5,156		109
Provision for income taxes, net	$	(3,484)	$	5,163	$	113

Schedule of accounting for differences between income taxes computed at the federal statutory rate and the provision recorded for income taxes

	Years ended December 31,
(In thousands)	2020		2019		2018
Income taxes computed at the federal statutory rate	$	(1,762)	$	6,320	$	5,289
Effect of:
State taxes, net of federal benefits		(253)		945		970
Percentage depletion		(714)		(2,093)		(1,033)
PPP Loan forgiveness		(1,773)		—		—
Change in valuation allowance		—		—		(4,464)
Stock-based compensation		473		109		—
Other, net		545		(118)		(649)
Total	$	(3,484)	$	5,163	$	113

Schedule of deferred tax assets and liabilities

	December 31,
(In thousands)	2020		2019
Deferred tax assets:
Loss carryforwards U.S. - Federal/States	$	22,873	$	19,512
Asset retirement obligations		3,972		3,523
Accrued expenses		856		725
Stock-based compensation		2,200		2,094
Other		—		—
Total deferred tax assets		29,901		25,854
Less valuation allowance		—		—
Deferred tax assets, net		29,901		25,854
Deferred tax liabilities:
Depreciation & amortization		(31,663)		(31,119)
Net deferred tax liabilities	$	(1,762)	$	(5,265)