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Income Taxes Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Schedule of Components of Income Tax Expense (Benefit)



	Year Ended December 31,
(in thousands)	2012		2011			2010
Current:
Federal	$	286	$	4,115		$	363
State	4,954		2,936			1,870
	5,240		7,051			2,233
Deferred:
Federal	80,083		(125,261		)	47,709
State	2,798		(24,018		)	4,026
	82,881		(149,279		)	51,735
Total	$	88,121	$	(142,228	)	$	53,968

Schedule of Deferred Tax Assets and Liabilities



	Year Ended December 31,
(in thousands)	2012			2011
Deferred income tax assets:
Federal benefit of state income taxes	$	(239	)	$	(2,479	)
Credit carryforwards	36,028			29,186
Equity and deferred compensation	15,139			12,620
Derivatives	—			8,669
Net operating loss	412			412
Bad debt expense	163			—
Other, net	610			980
Valuation allowance	(1,201		)	(403		)
	50,912			48,985
Deferred income tax liabilities:
Depreciation and depletion	(298,659		)	(220,656		)
Derivatives	(8,477		)	—
	(307,136		)	(220,656		)

Net deferred income tax liabilities	$	(256,224	)	$	(171,671	)

Schedule of Effective Income Tax Rate Reconciliation



	Year Ended December 31,
	2012		2011		2010
Income tax computed at statutory federal rate	35	%	35	%	35	%
State income taxes, net of federal benefit	3		3		4
Deferred state rate impact	(1	)	—		(1	)
Research and development credits	(3	)	—		—
Net impact to uncertain income tax positions	—		1		—
Other	—		(1	)	2
Effective income tax rate	34	%	38	%	40	%

Summary of Income Tax Contingencies



	Year Ended December 31,
(in millions)	2012			2011			2010
Unrecognized income tax benefits at January 1	$	2.9		$	5.2		$	6.1
Increases (decreases) for positions taken in a prior year	20.5			—			(0.8		)
Decreases for settlements with taxing authorities	—			(2.3		)	—
Decreases for lapses in the applicable statute of limitations	(0.8		)	—			(0.1		)
Unrecognized income tax benefits at December 31	$	22.6		$	2.9		$	5.2

Summary of Income Tax Examinations



Jurisdiction:	Tax Years Subject to Exam:
Federal	2009 - 2011
California	2007 - 2011
Colorado	2007 - 2011
Texas	2008 - 2011
Utah	2007 - 2011

- Definition

Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

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- Definition

Tabular disclosure of income tax examinations that an enterprise is currently subject to or that have been completed in the current period typically including a description of the examination, the jurisdiction conducting the examination, the tax year(s) under examination, the likelihood of an unfavorable settlement, the range of possible losses, the liability recorded, the increase or decrease in the liability from the prior period, and any penalties and interest that have been recorded.

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