Callon Petroleum Company Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Schedule of Deferred Tax Assets and Liabilities


		As of December 31,
		2014			2013
Deferred tax asset
Federal net operating loss carryforward		$	86,629		$	70,365
Statutory depletion carryforward			8,876			8,880
Alternative minimum tax credit carryforward			208			208
Asset retirement obligations			1,003			1,024
Other			6,621			7,575
Total deferred tax asset			103,337			88,052
Deferred tax liability
Oil and natural gas properties			54,723			26,412
Other			10,140			32
Total deferred tax liability			64,863			26,444
Net deferred tax asset		$	38,474		$	61,608

Summary of Operating Loss Carryforwards



					Year Expiring
		Total			2015-2020			2021-2023			2024-2026			2027-2029			2030-2034
Federal NOL carryforwards		$	247,513		$	—		$	111,415		$	14,408		$	41,379		$	80,311

Schedule of Effective Income Tax Rate Reconciliation



		For the Year Ended December 31,
Components of income tax rate reconciliation		2014			2013			2012
Income tax expense computed at the statutory federal income tax rate			35%			35%			35%
Percentage depletion carryforward			—%			(8)%			(22)%
State taxes net of federal benefit			1%			4%			6%
Restricted stock and stock options			—%			5%			2%
Section 162(m)			2%			6%			22%
Other			—%			—%			4%
Effective income tax rate			38%			42%			47%



		For the Year Ended December 31,
Components of income tax expense		2014			2013			2012
Current state income tax expense		$	—		$	326		$	110
Deferred federal income tax expense			22,373			2,652			1,777
Deferred state income tax expense			761			126			336
Total income tax expense		$	23,134		$	3,104		$	2,223