Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Components of Federal and State Income Taxes

The provision for the federal and state income taxes attributable to income (loss) consists of the following components:


	Years Ended December 31,
(in thousands)	2020			2019			2018
Current (benefit) expense
Federal taxes	$	(13,748)		$	(16,393)		$	(6,033)
State taxes	(2,148)			(282)			833
Total current provision	(15,896)			(16,675)			(5,200)
Deferred expense (benefit)
Federal taxes	13,729			16,453			4,433
State taxes	1,581			395			(576)
Total deferred provision	15,310			16,848			3,857
Income tax (benefit) expense	$	(586)		$	173		$	(1,343)
Effective tax rate	(28.7)		%	6.8		%	(183.0)		%

Reconciliation of Income Taxes

A reconciliation of income taxes determined by applying the federal and state tax rates to income (loss) is as follows:


	Years Ended December 31,
(in thousands)	2020		2019		2018
Expected tax expense at federal statutory	$	428	$	538	$	154
State income taxes, net of federal tax effect	54		15		(202)
Revaluation of U.S. deferred income taxes	—		—		(760)
Excess tax benefit from share based compensation and other, net	(1,068)		(380)		(535)
Income tax (benefit) expense	$	(586)	$	173	$	(1,343)

Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities are measured using enacted tax rates that are expected to apply in the year of reversal or settlement and arise from temporary differences between the US GAAP and tax bases of the following assets and liabilities:


(in thousands)	December 31, 2020		December 31, 2019
Deferred tax assets:
Leases	$	123,129	$	106,564
Asset retirement obligations	10,403		9,957
Net operating loss carry-forwards	7,723		10,071
Pension liabilities	3,868		3,161
Accruals and stock based compensation	3,093		1,935
Other	5,002		1,408
Total gross deferred tax assets	153,218		133,096
Less valuation allowance	—		—
Net deferred tax assets	153,218		133,096

Deferred tax liabilities:
Property, plant and equipment	127,602		110,676
Leases	126,458		105,475
Intangible assets	25,722		27,201
Prepaid assets and other	24,088		27,311
Total gross deferred tax liabilities	303,870		270,663
Net deferred tax liabilities	$	150,652	$	137,567