| Income tax expense provision |
The income tax provision for the year ended December 31, 2014, 2013, and 2012 consists of the following:
| |
|
2014 |
|
|
2013 |
|
|
2012 |
|
Current Income Taxes |
|
$ |
3,259,445 |
|
|
$ |
(8,386 |
) |
|
$ |
17,772 |
|
Deferred Income Taxes |
|
|
|
|
|
|
|
|
|
|
|
|
Federal |
|
|
87,625,430 |
|
|
|
29,826,000 |
|
|
|
39,850,000 |
|
State |
|
|
8,482,125 |
|
|
|
1,950,000 |
|
|
|
3,134,000 |
|
Total Expense |
|
$ |
99,367,000 |
|
|
$ |
31,767,614 |
|
|
$ |
43,001,772 |
|
|
| Reconciliation of reported amount of income tax expense (benefit) |
Reconciliation of reported amount of income tax expense:
| |
|
2014 |
|
|
2013 |
|
|
2012 |
|
Income Before Taxes and NOL |
|
$ |
263,112,945 |
|
|
$ |
84,834,650 |
|
|
$ |
115,286,396 |
|
Federal Statutory Rate |
|
|
X 35 |
% |
|
|
X 35 |
% |
|
|
X 35 |
% |
Taxes Computed at Federal Statutory Rates |
|
|
92,090,000 |
|
|
|
29,692,000 |
|
|
|
40,350,000 |
|
State Taxes, Net of Federal Taxes |
|
|
5,404,300 |
|
|
|
909,614 |
|
|
|
2,086,772 |
|
Non-Deductible Compensation |
|
|
1,872,700 |
|
|
|
1,166,000 |
|
|
|
565,000 |
|
Reported Provision |
|
$ |
99,367,000 |
|
|
$ |
31,767,614 |
|
|
$ |
43,001,772 |
|
|
| Components of deferred tax asset (liability) |
The components of the Company’s deferred tax asset (liability) were as follows:
| |
|
Year Ended December 31, |
|
| |
|
2014 |
|
|
2013 |
|
Deferred Tax Assets |
|
|
|
|
|
|
Current: |
|
|
|
|
|
|
Share Based Compensation |
|
$ |
1,141,000 |
|
|
$ |
1,834,000 |
|
Accrued Interest |
|
|
1,238,000 |
|
|
|
1,241,000 |
|
Derivative Instruments |
|
|
- |
|
|
|
7,094,000 |
|
Accrued Expenses |
|
|
986,000 |
|
|
|
- |
|
Other |
|
|
683,000 |
|
|
|
391,000 |
|
Total Current |
|
|
4,048,000 |
|
|
|
10,560,000 |
|
| |
|
|
|
|
|
|
|
|
Non-Current: |
|
|
|
|
|
|
|
|
Net Operating Loss (NOLs) and Tax Credit Carryforwards |
|
|
194,227,445 |
|
|
|
316,266,000 |
|
Other |
|
|
94,000 |
|
|
|
69,000 |
|
Total Non-Current |
|
|
194,321,445 |
|
|
|
316,335,000 |
|
Total Deferred Tax Asset |
|
$ |
198,369,445 |
|
|
$ |
326,895,000 |
|
| |
|
|
|
|
|
|
|
|
Deferred Tax Liabilities |
|
|
|
|
|
|
|
|
Current: |
|
|
|
|
|
|
|
|
Derivative Instruments |
|
|
(47,877,000 |
) |
|
|
- |
|
Other |
|
|
(110,000 |
) |
|
|
(129,000 |
) |
Total Current |
|
$ |
(47,987,000 |
) |
|
$ |
(129,000 |
) |
| |
|
|
|
|
|
|
|
|
Non-Current: |
|
|
|
|
|
|
|
|
Crude Oil and Natural Gas Properties and Other Property |
|
|
(343,657,000 |
) |
|
|
(432,596,000 |
) |
Derivative Instruments |
|
|
(9,076,000 |
) |
|
|
(413,000 |
) |
Total Non-Current |
|
|
(352,733,000 |
) |
|
|
(433,009,000 |
) |
| |
|
|
|
|
|
|
|
|
Total Deferred Tax Liability |
|
|
(400,720,000 |
) |
|
|
(433,138,000 |
) |
|
|
|
|
|
|
|
|
|
Total Net Deferred Tax Liability |
|
$ |
(202,350,555 |
) |
|
$ |
(106,243,000 |
) |
| |
|
|
|
|
|
|
|
|
|