Other Comprehensive Income

6 Months Ended

Jun. 30, 2014

Equity [Abstract]

Other Comprehensive Income

Other Comprehensive Income

The following table represents the changes in accumulated other comprehensive income (loss), net of tax, for the three month period ended June 30, 2014 (in thousands):

	Gains and Losses on Cash Flow Hedges		Change in Valuation Allowance		Total
Balance as of March 31, 2014	($2,834)		($1,680)		($4,514)
Other comprehensive loss before reclassifications:
Change in fair value of derivatives	(1,982	)			(1,982	)
Income tax effect	737		(737	)	—
Net of tax	(1,245	)	(737	)	(1,982	)
Amounts reclassified from accumulated other comprehensive loss:
Oil and gas sales	2,842				2,842
Income tax effect	(1,057	)	1,057		—
Net of tax	1,785		1,057		2,842
Net other comprehensive income	540		320		860
Balance as of June 30, 2014	($2,294)		($1,360)		($3,654)

The following table represents the changes in accumulated other comprehensive income (loss), net of tax, for the six month period ended June 30, 2014 (in thousands):

	Gains and Losses on Cash Flow Hedges		Change in Valuation Allowance		Total
Balance as of December 31, 2013	($688)		($408)		($1,096)
Other comprehensive loss before reclassifications:
Change in fair value of derivatives	(8,803	)			(8,803	)
Income tax effect	3,275		(3,275	)	—
Net of tax	(5,528	)	(3,275	)	(8,803	)
Amounts reclassified from accumulated other comprehensive loss:
Oil and gas sales	6,245				6,245
Income tax effect	(2,323	)	2,323		—
Net of tax	3,922		2,323		6,245
Net other comprehensive loss	(1,606	)	(952	)	(2,558	)
Balance as of June 30, 2014	($2,294)		($1,360)		($3,654)

The following table represents the changes in accumulated other comprehensive income (loss), net of tax, for the three month period ended June 30, 2013 (in thousands):

	Gains and Losses on Cash Flow Hedges		Change in Valuation Allowance	Total
Balance as of March 31, 2013	($2,128)		($1,261)	($3,389)
Other comprehensive income before reclassifications:
Change in fair value of derivatives	4,769		—	4,769
Income tax effect	(1,774	)	934	(840	)
Net of tax	2,995		934	3,929
Amounts reclassified from accumulated other comprehensive income:
Oil and gas sales	878		—	878
Income tax effect	(327	)	327	—
Net of tax	551		327	878
Net other comprehensive income	3,546		1,261	4,807
Balance as of June 30, 2013	$1,418		$0	$1,418

The following table represents the changes in accumulated other comprehensive income (loss), net of tax, for the six month period ended June 30, 2013 (in thousands):

	Gains and Losses on Cash Flow Hedges		Change in Valuation Allowance	Total
Balance as of December 31, 2012	$521		$0	$521
Other comprehensive income before reclassifications:
Change in fair value of derivatives	406		—	406
Income tax effect	183		—	183
Net of tax	589		—	589
Amounts reclassified from accumulated other comprehensive income:
Oil and gas sales	491		—	491
Income tax effect	(183	)	—	(183	)
Net of tax	308		—	308
Net other comprehensive income	897		—	897
Balance as of June 30, 2013	$1,418		$0	$1,418