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Income Taxes Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2014
Income Tax Disclosure [Abstract]  
Schedule of Deferred Taxes
An analysis of the Company’s deferred taxes follows (amounts in thousands):
 
December 31,
 
2014
 
2013
 
2012
Net operating loss carryforwards
$
17,705

 
$
21,810

 
$
16,641

Percentage depletion carryforward
10,206

 
8,645

 
7,317

Alternative minimum tax credits
784

 
784

 
784

Contributions carryforward and other
241

 
189

 
156

Temporary differences:
 
 
 
 
 
   Oil and gas properties
(15,439
)
 
(7,248
)
 
12,575

   Asset retirement obligation
20,449

 
18,056

 
10,141

   Derivatives
(3,211
)
 
408

 
(222
)
   Share-based compensation
2,560

 
2,887

 
3,474

Valuation allowance
(33,295
)
 
(45,531
)
 
(50,866
)
Deferred taxes
$
—

 
$
—

 
$
—
Income Tax Reconciliation
Income tax expense (benefit) for each of the years ended December 31, 2014, 2013 and 2012 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,
 
2014
 
2013
 
2012
Amount computed using the statutory rate
$
9,887

 
$
5,041

 
$
(45,655
)
Increase (reduction) in taxes resulting from:
 
 
 
 
 
   State & local taxes
904

 
317

 
(2,870
)
   Percentage depletion carryforward
(1,564
)
 
(1,323
)
 
(1,309
)
   Non-deductible stock option expense (1)
213

 
115

 
292

   Share-based compensation (2)
90

 
780

 
9

   Other
(643
)
 
1,132

 
303

Change in valuation allowance
(11,828
)
 
(5,742
)
 
50,866

Income tax expense (benefit)
$
(2,941
)
 
$
320

 
$
1,636

 
(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 deductible for tax purposes.