9.	Income Taxes

The following table summarizes our provision for income taxes from continuing operations for the periods presented:

	Year Ended December 31,
	2011			2010			2009
Current income taxes (benefit)
Federal	$	1,279		$	(109,240	)	$	(2,158	)
State		(3,933	)		876			(514	)
		(2,654	)		(108,364	)		(2,672	)

Deferred income taxes (benefit)
Federal		(80,529	)		67,999			(68,488	)
State		(4,972	)		(2,486	)		(14,734	)
		(85,501	)		65,513			(83,222	)
	$	(88,155	)	$	(42,851	)	$	(85,894	)

The following table summarizes the intra-period allocation of income taxes for the periods presented:

	Year Ended December 31,
	2011			2010			2009
Continuing operations	$	(88,155	)	$	(42,851	)	$	(85,894	)
Discontinued operations		-			3,384			10,642
Gain on sale of discontinued operations		-			35,116			-
	$	(88,155	)	$	(4,351	)	$	(75,252	)

The following table reconciles the difference between the income taxes computed by applying the statutory tax rate to income from continuing operations before income taxes and our reported income tax expense for the periods presented:

	Year Ended December 31,
	2011					2010					2009
Computed at federal statutory rate	$	(77,374	)	(35.0	)%	$	(37,862	)	(35.0	)%	$	(75,863	)	(35.0	)%
State income taxes, net of federal income tax benefit		(4,825	)	(2,2	)%		(1,927	)	(1.8	)%		(8,020	)	(3.7	)%
Other, net		(5,956	)	(2.7	)%		(3,062	)	(2.8	)%		(2,011	)	(0.9	)%
	$	(88,155	)	(39.9	)%	$	(42,851	)	(39.6	)%	$	(85,894	)	(39.6	)%

The following table summarizes the principal components of our net deferred income tax liability as of the dates presented:

	As of December 31,
	2011			2010
Deferred tax liabilities:
Property and equipment	$	429,568		$	352,431
Fair value of derivative instruments		3,006			2,215
Convertible notes		60			6,143
Total deferred tax liabilities		432,634			360,789

Deferred tax assets:
Pension and postretirement benefits		3,046			3,951
Share-based compensation		8,838			7,602
Net operating loss carryforwards		150,953			27,915
Other		10,642			5,230
		173,479			44,698
Less: Valuation allowance		(19,492	)		(19,063	)
Total deferred tax assets		153,987			25,635
Net deferred tax liability	$	278,647		$	335,154

As shown in the table above, the Company has recognized $154.0 million of deferred tax assets as of December 31, 2011. Included in this total is a federal net operating loss carryforward of approximately $124 million, which expires in 2031, and state net operating loss carryforwards of approximately $27 million, which expire between 2024 and 2031. As of December 31, 2011 and 2010, valuation allowances of $19.5 million and $19.1 million, respectively, had been recorded for deferred tax assets associated with state net operating loss carryforwards that were not more-likely-than-not to be realized.

During 2011, the Company generated a net operating loss for federal income tax purposes. The net operating loss is expected to be carried back and applied against the taxable income of prior years. As of December 31, 2011, the Company classified $31.2 million of deferred tax assets as a current income tax receivable attributable to the federal net operating loss expected to be utilized in 2012.

The Company has no liability for unrecognized tax benefits as of December 31, 2011 and 2010. There were no interest and penalty charges recognized during the years ended December 31, 2011 and 2010. For the year ended December 31, 2009 we recognized $2.1 million in interest and penalties. Tax years from 2008 forward remain open for examination by the Internal Revenue Service and various state jurisdictions.