Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.20.4
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2020
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,
  2020 2019 2018
Current income taxes (benefit)  
Federal $ (1,236) $ (1,236) $ (2,471)
State 357  —  — 
  (879) (1,236) (2,471)
Deferred income taxes (benefit)  
Federal 1,236  1,236  2,471 
State (2,660) 2,137  523 
  (1,424) 3,373  2,994 
  $ (2,303) $ 2,137  $ 523 
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 expense (benefit) for the periods presented: 
  Year Ended December 31,
  2020 2019 2018
Computed at federal statutory rate $ (65,701) (21.0) % $ 15,272  21.0  % $ 47,315  21.0  %
State income taxes, net of federal income tax benefit (1,856) (0.6) % 1,494  2.1  % 1,743  0.8  %
Change in valuation allowance 64,062  20.5  % (14,240) (19.6) % (48,820) (21.7) %
Other, net 1,192  0.4  % (389) (0.5) % 285  0.1  %
  $ (2,303) (0.7) % $ 2,137  3.0  % $ 523  0.2  %
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,
  2020 2019
Deferred tax assets:    
Net operating loss (“NOL”) carryforwards $ 180,531  $ 175,221 
Alternative minimum tax (“AMT”) credit carryforwards —  1,236 
Asset retirement obligations 1,188  1,073 
Pension and postretirement benefits 301  340 
Share-based compensation 467  880 
Fair value of derivative instruments 2,737  4,191 
Interest expense limitation —  11,463 
ROU assets 564  — 
Other 1,484  2,441 
187,272  196,845 
Less:  Valuation allowance (179,006) (114,939)
Total net deferred tax assets 8,266  81,906 
Deferred tax liabilities:
Property and equipment 7,728  83,330 
ROU obligations 538  — 
Total deferred tax liabilities 8,266  83,330 
Net deferred tax liabilities $ —  $ (1,424)