(5) 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:



	2016			2015				2014
Expected amount	$	2,966		$	9,653		$	3,745
Change in Indiana rate					(85	)		(1,407	)
State income taxes, net of federal benefit		(387	)		612			186
Percentage depletion		(6,021	)		(2,606	)		(1,996	)
Stock-based compensation		(238	)					343
Captive insurance		(418	)		(419	)		(419	)
Other		72			283			30
	$	(4,026	)	$	7,438		$	482

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



		2016			2015
Long-term deferred tax assets:
Stock-based compensation	$	512		$	458
Investment in Savoy		1,031			827
Net operating loss		14,908			7,583
Alternative minimum tax credit		4,221			4,388
Other		564			18
Total long-term deferred tax assets		21,236			13,274
Long-term deferred tax liabilities:
Coal properties		(50,439	)		(46,596	)
Oil and gas properties		(15,971	)		(15,711	)
Total long-term deferred tax liabilities		(66,410	)		(62,307	)
Net deferred tax liability	$	(45,174	)	$	(49,033	)

Our effective tax rate (ETR) for 2016 was (48)% compared to 27% for 2015 and 4.5% for 2014. The negative ETR in 2016 is due to the combination of the reduction in book income before taxes because of the asset impairment expense and permanent tax benefits of statutory depletion in excess of tax basis in the mining properties, the captive insurance company and stock based compensation. The low ETR for 2014 was due primarily to the reduction in the Indiana state income tax rate. Our ETR differs from the statutory rate due primarily to statutory depletion in excess of tax basis, which is a permanent difference.

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, to determine whether the positions will more likely than not be sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold are not recorded as a tax benefit or expense in the current year. We identified our federal tax return and our Indiana state tax return as “major” tax jurisdictions. We believe that our income tax filing positions and deduction will be sustained on audit and do not anticipate any adjustments that will result in a material change to our consolidated financial position. While not material, we record any penalties and interest as SG&A. As of the balance sheet date, the tax year ended December 31, 2012 and all subsequent tax years remain subject to examination by the IRS and state taxing authorities.