Income Taxes Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Schedule of Deferred Taxes

An analysis of the Company’s deferred taxes follows (amounts in thousands):

	December 31,
	2013			2012			2011
Net operating loss carryforwards	$	21,810		$	16,641		$	2,409
Percentage depletion carryforward	8,645			7,317			6,103
Alternative minimum tax credits	784			784			784
Contributions carryforward and other	189			156			130
Temporary differences:
Oil and gas properties	(7,248		)	12,575			(21,860		)
Asset retirement obligation	18,056			10,141			11,319
Derivatives	408			(222		)	(2,388		)
Share-based compensation	2,887			3,474			2,952
Valuation allowance	(45,531		)	(50,866		)	—
Deferred tax liability	$	—		$	—		$	(551	)

Income Tax Reconciliation

Income tax expense (benefit) for each of the years ended December 31, 2013, 2012 and 2011 was different than the amount computed using the Federal statutory rate (35%) for the following reasons (amounts in thousands):

	For the Year Ended December 31,
	2013			2012			2011
Amount computed using the statutory rate	$	5,041		$	(45,655	)	$	3,058
Increase (reduction) in taxes resulting from:
State & local taxes	317			(2,870		)	192
Percentage depletion carryforward	(1,323		)	(1,309		)	(2,507		)
Allowance for alternative minimum tax	—			—			8
Non-deductible stock option expense (1)	115			292			183
Share-based compensation (2)	780			9			346
Other	1,132			303			(300		)
Change in valuation allowance	(5,742		)	50,866			(2,790		)
Income tax expense (benefit)	$	320		$	1,636		$	(1,810	)

(1) Relates to compensation expense recognized on the vesting of Incentive Stock Options.

(2) Relates to the write-off of deferred tax assets associated with share based compensation that will not be recognized for tax purposes.