7. INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2012

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

	Years Ended December 31,
	2012		2011
Statutory rate		35.0%		35.0%
Change in valuation allowance		125.5		(3,849.0)
Section 382 reduction to loss carryover		(169.4)		3,827.9
State income taxes, net of federal benefit		5.5		3.9
Stock compensation		(1.9)		(16.8)
Non-deductible items		3.6		(1.1)
Other		1.7		0.1
Effective rate		0.0%		0.0%

Components of deferred income taxes

	December 31,
	2012			2011
Deferred tax assets:
Net operating loss carryforwards	$	17,818		$	30,681
Capital loss carryover		840			8,013
Stock-based compensation		278			417
Derivative instruments mark-to-market		–			201
Other accrued liabilities		156			123
Fixed assets		167			157
Other		207			167
Total deferred tax assets		19,466			39,759
Deferred tax liabilities:
Investment in New PE Holdco		(7,480	)		(3,792	)
Intangibles		(1,513	)		(1,706	)
Derivative instruments mark-to-market		(9	)		–
Total deferred tax liabilities		(9,002	)		(5,498	)
Valuation allowance		(11,555	)		(35,352	)
Net deferred tax liabilities	$	(1,091	)	$	(1,091	)
Classified in balance sheet as:
Deferred income tax benefit (current assets)	$	–		$	–
Deferred income taxes (long-term liability)		(1,091	)		(1,091	)
	$	(1,091	)	$	(1,091	)

Federal Income Tax Note

These jurisdictions, along with the years still open to audit under the applicable statutes of limitation, are as follows:

Jurisdiction	Tax Years
Federal	2009 – 2011
Arizona	2009 – 2011
California	2008 – 2011
Colorado	2008 – 2011
Idaho	2009 – 2011
Oregon	2009 – 2011
Wisconsin	2008