(3) Income Taxes (in thousands)

12 Months Ended

Dec. 31, 2012

Income Tax Disclosure [Text Block]

(3)   Income Taxes (in thousands)

Our income tax is different than the expected amount computed using the applicable federal and state statutory income tax rates.  The reasons for and effects of such differences for the years ended December 31 are below: 

	2012			2011
Expected amount	$	12,064		$	19,859
State income taxes, net of federal benefit		1,723			2,950
Other		(3,119	)		(1,878	)
	$	10,668		$	20,931

The deferred tax assets and liabilities resulting from temporary differences between book and tax basis are comprised of the following at December 31:

	2012			2011
Long-term deferred tax assets:
AMT credit carryforwards	$	-		$	1,137
Stock-based compensation		582			596
Investment in Savoy		1,582			960
Oil and gas properties		1,778			1,540
Net long-term deferred tax assets		3,942			4,233
Long-term deferred tax liabilities:
Coal properties		(39,826	)		(35,333	)
Net deferred tax liability	$	35,884		$	31,100

We have analyzed our filing positions in all of the federal and state jurisdictions where we are required to file income tax returns, as well as all open tax years in these jurisdictions.  We identified our federal tax return and our Indiana state tax return as “major” tax jurisdictions.  The IRS recently completed an examination of our 2009 and 2010 federal tax returns and there were no significant adjustments.  During 2012 the state of Indiana completed their examination of our 2008-2010 returns and no adjustments were proposed.  We believe that our income tax filing positions and deductions will be sustained on audit and do not anticipate any adjustments that will result in a material change to our consolidated financial position.  Therefore, no reserves for uncertain income tax positions have been recorded.