Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.19.3.a.u2
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Summary of Provision for Income Taxes from Continuing Operations
The following table summarizes our provision for income taxes for the periods presented: 
 
Year Ended December 31,
 
2019
 
2018
 
2017
Current income taxes (benefit)
 
 
 
 
 

Federal
$
(1,236
)
 
$
(2,471
)
 
$

 
(1,236
)
 
(2,471
)
 

Deferred income taxes (benefit)
 
 
 
 
 

Federal
1,236

 
2,471

 
(4,943
)
State
2,137

 
523

 

 
3,373

 
2,994

 
(4,943
)
 
$
2,137

 
$
523

 
$
(4,943
)

Income Taxes Reconciliation
The following table reconciles the difference between the income tax expense (benefit) computed by applying the statutory tax rate to our income (loss) before income taxes and our reported income tax benefit for the periods presented: 
 
Year Ended December 31,
 
2019
 
2018
 
2017
Computed at federal statutory rate
$
15,272

 
21.0
 %
 
$
47,315

 
21.0
 %
 
$
9,701

 
35.0
 %
State income taxes, net of federal income tax benefit
1,494

 
2.1
 %
 
1,743

 
0.8
 %
 
(1,383
)
 
(5.0
)%
Change in valuation allowance
(14,240
)
 
(19.6
)%
 
(48,820
)
 
(21.7
)%
 
(24,353
)
 
(87.8
)%
Effect of rate change on the valuation allowance

 
 %
 

 
 %
 
(86,612
)
 
(312.5
)%
Effect of rate change

 
 %
 

 
 %
 
86,612

 
312.5
 %
Reorganization adjustments

 
 %
 

 
 %
 
10,760

 
38.8
 %
Other, net
(389
)
 
(0.5
)%
 
285

 
0.1
 %
 
332

 
1.2
 %
 
$
2,137

 
3.0
 %
 
$
523

 
0.2
 %
 
$
(4,943
)
 
(17.8
)%

Summary of Principal Components of Net Deferred Income Tax Liability
The following table summarizes the principal components of our deferred income tax assets and liabilities as of the dates presented: 
 
December 31,
 
2019
 
2018
Deferred tax assets:
 

 
 

Net operating loss (“NOL”) carryforwards
$
175,221

 
$
163,437

Alternative minimum tax (“AMT”) credit carryforwards
1,236

 
2,471

Asset retirement obligations
1,073

 
647

Pension and postretirement benefits
340

 
441

Share-based compensation
880

 
546

Fair value of derivative instruments
4,191

 

Interest expense limitation
11,463

 
3,128

Other
2,441

 
2,590

 
196,845

 
173,260

Less:  Valuation allowance
(114,939
)
 
(128,650
)
Total net deferred tax assets
81,906

 
44,610

Deferred tax liabilities:
 
 
 
Property and equipment
83,330

 
33,413

Fair value of derivative instruments

 
9,248

Total deferred tax liabilities
83,330

 
42,661

Net deferred tax assets (liabilities)
$
(1,424
)
 
$
1,949