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Income Taxes Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2015
Income Tax Disclosure [Abstract]  
Schedule of Deferred Taxes
An analysis of the Company’s deferred taxes follows (amounts in thousands):
 
December 31,
 
2015
 
2014
 
2013
Net operating loss carryforwards
$
24,014

 
$
17,705

 
$
21,810

Percentage depletion carryforward
10,592

 
10,206

 
8,645

Alternative minimum tax credits
784

 
784

 
784

Contributions carryforward and other
266

 
241

 
189

Temporary differences:
 
 
 
 
 
   Oil and gas properties
90,291

 
(15,439
)
 
(7,248
)
   Asset retirement obligation
15,831

 
20,449

 
18,056

   Derivatives
(561
)
 
(3,211
)
 
408

   Share-based compensation
2,291

 
2,560

 
2,887

Valuation allowance
(143,508
)
 
(33,295
)
 
(45,531
)
Deferred taxes
$
—

 
$
—

 
$
—
Income Tax Reconciliation
Income tax expense (benefit) for each of the years ended December 31, 2015, 2014 and 2013 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,
 
2015
 
2014
 
2013
Amount computed using the statutory rate
$
(102,257
)
 
$
9,887

 
$
5,041

Increase (reduction) in taxes resulting from:
 
 
 
 
 
   State & local taxes
(6,477
)
 
904

 
317

   Percentage depletion carryforward
(404
)
 
(1,564
)
 
(1,323
)
   Non-deductible stock option expense (1)
90

 
213

 
115

   Share-based compensation (2)
1,317

 
90

 
780

   Other
113

 
(643
)
 
1,132

Change in valuation allowance
110,244

 
(11,828
)
 
(5,742
)
Income tax expense (benefit)
$
2,626

 
$
(2,941
)
 
$
320

 
(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.