Intrepid Potash (IPI) 10-Q 9 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 04, 2016	Feb. 22, 2016	Dec. 31, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	Intrepid Potash, Inc.
Entity Central Index Key	1,421,461
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		76,067,676
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Restricted Stock
Document and Entity Information [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	233,591			459,663

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents	$ 24,422	$ 9,307
Short-term investments	30,014	50,523
Accounts receivable:
Trade, net	24,432	9,743
Other receivables, net	1,660	1,470
Inventory, net	103,616	106,531
Prepaid expenses and other current assets	10,940	18,141
Total current assets	195,084	195,715
Property, plant, equipment, and mineral properties, net	409,808	419,476
Long-term parts inventory, net	18,467	17,344
Long-term investments	479	3,799
Other assets, net	3,532	3,635
Total Assets	627,370	639,969
Accounts payable:
Trade	20,954	15,709
Related parties	70	45
Accrued liabilities	17,178	15,429
Accrued employee compensation and benefits	5,246	7,409
Other current liabilities	697	547
Total current liabilities	44,145	39,139
Long-term debt	149,072	149,485
Asset retirement obligation	23,393	22,951
Other non-current liabilities	1,757	1,868
Total Liabilities	218,367	213,443
Common stock, $0.001 par value; 100,000,000 shares authorized; 75,838,782 and 75,702,700 shares outstanding at March 31,2016, and December 31, 2015, respectively	76	76
Additional paid-in capital	581,101	580,227
Accumulated other comprehensive loss	(22)	(52)
Retained earnings	(172,152)	(153,725)
Total Stockholders' Equity	409,003	426,526
Total Liabilities and Stockholders' Equity	$ 627,370	$ 639,969

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares outstanding	75,838,782	75,536,741

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Sales	$ 73,277	$ 117,021
Less:
Freight costs	10,332	10,912
Warehousing and handling costs	2,664	3,747
Cost of goods sold	59,777	83,282
Lower-of-cost-or-market inventory adjustments	9,007	360
Costs associated with abnormal production and other	650	0
Gross Margin	(9,153)	18,720
Selling and administrative	6,570	7,468
Accretion of asset retirement obligation	442	424
Restructuring expense	400	0
Other operating income	(104)	66
Operating (Loss) Income	(16,461)	10,762
Other Income (Expense)
Interest expense, net	(2,229)	(1,644)
Interest income	123	155
Other income	142	327
(Loss) Income Before Income Taxes	(18,425)	9,600
Income Tax Expense	(2)	(3,071)
Net (Loss) Income	$ (18,427)	$ 6,529
Weighted Average Shares Outstanding:
Basic (in shares)	75,756,535	75,589,092
Diluted (in shares)	75,756,535	75,707,079
(Loss) Earnings Per Share:
Basic (in dollars per share)	$ (0.24)	$ 0.09
Diluted (in dollars per share)	$ (0.24)	$ 0.09

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net (Loss) Income	$ (18,427)	$ 6,529
Unrealized gain on investments available for sale, net of tax	30	10
Other Comprehensive (Loss) Income	30	10
Comprehensive (Loss) Income	$ (18,397)	$ 6,539

CONSOLIDATED STATEMENT OF STOCK

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - 3 months ended Mar. 31, 2016 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Retained Earnings
Balance (in shares) at Dec. 31, 2015		75,702,700
Balance at Dec. 31, 2015	$ 426,526	$ 76	$ 580,227	$ (52)	$ (153,725)
Increase (Decrease) in Stockholders' Equity
Unrealized gain on investments available for sale, net of tax	30			30
Net (Loss) Income	(18,427)				(18,427)
Stock-based compensation	1,046		1,046
Vesting of restricted common stock, net of restricted common stock used to fund employee income tax withholding due upon vesting (in shares)		136,082
Vesting of restricted common stock, net of restricted common stock used to fund employee income tax withholding due upon vesting	(172)	$ 0	(172)
Balance (in shares) at Mar. 31, 2016		75,838,782
Balance at Mar. 31, 2016	$ 409,003	$ 76	$ 581,101	$ (22)	$ (172,152)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Depreciation, Depletion and Amortization	$ 14,368	$ 21,276
Reconciliation of net income to net cash provided by operating activities:
Net (Loss) income	(18,427)	6,529
Items not affecting cash:
Deferred income taxes	0	2,956
Amortization of deferred financing costs	783	93
Stock-based compensation	1,046	1,062
Lower-of-cost-or-market inventory adjustments	9,007	360
Allowance for parts inventory obsolescence	532	0
Other	243	285
Changes in operating assets and liabilities:
Trade accounts receivable, net	(14,689)	(9,955)
Other receivables, net	(191)	319
Refundable income taxes	40	41
Inventory, net	(7,745)	7,954
Prepaid expenses and other current assets	7,303	666
Accounts payable, accrued liabilities, and accrued employee compensation and benefits	6,596	1,180
Other liabilities	40	(92)
Net cash (used in) provided by operating activities	(1,094)	32,674
Cash Flows from Investing Activities:
Additions to property, plant, equipment, and mineral properties	(6,018)	(8,678)
Purchases of investments	0	(27,600)
Proceeds from sale of investments	23,634	3,838
Net cash provided by (used in) investing activities	17,616	(32,440)
Cash Flows from Financing Activities:
Debt issuance costs	(1,235)	0
Employee tax withholding paid for restricted stock upon vesting	(172)	(1,037)
Net cash used in financing activities	(1,407)	(1,037)
Net Change in Cash and Cash Equivalents	15,115	(803)
Cash and Cash Equivalents, beginning of period	9,307	67,589
Cash and Cash Equivalents, end of period	24,422	66,786
Net cash paid (refunded) during the period for:
Interest	134	161
Income taxes	(38)	11
Accrued purchases for property, plant, equipment, and mineral properties	$ 2,004	$ 2,100

CONSOLIDATED STATEMENTS OF CAS8

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Cash Flows [Abstract]
Interest Paid, Capitalized	$ 0.1	$ 0

COMPANY BACKGROUND

COMPANY BACKGROUND	3 Months Ended
	Mar. 31, 2016
Text Block [Abstract]
COMPANY BACKGROUND	COMPANY BACKGROUND We are the only producer of muriate of potash (“potassium chloride” or “potash”) in the United States and one of two producers of langbeinite ("sulfate of potash magnesia"), which we market and sell as Trio ® . We sell potash and Trio ® primarily into the agricultural market as a fertilizer. We also sell these products into the animal feed market as a nutritional supplement and sell potash into the industrial market as a component in drilling and fracturing fluids for oil and gas wells and other industrial inputs. Our revenues are generated exclusively from the sale of potash and Trio ® . We also produce salt and magnesium chloride from our potash mining processes, the sales of which are accounted for as by-product credits to our cost of sales. These by-product credits represented approximately 2% to 3% of total cost of goods sold in each of the last three years. During the first quarter, we produced potash from three solution mining facilities and two conventional underground mining facilities. Our solution mining production comes from our HB solar solution mine near Carlsbad, New Mexico, a solar solution mine near Moab, Utah, and a solar brine recovery mine in Wendover, Utah. Our conventional production of potash came from our underground West and East mines near Carlsbad, New Mexico. We also operate the North compaction facility near Carlsbad, New Mexico, which services the West and HB mines. We produce Trio ® from our underground conventional East mine. In April 2016, we converted our East facility from a mixed-ore facility that produced both potash and Trio ® to a Trio ® -only facility. We expect our commissioning activities related to that transition to continue into the second half of 2016. Subsequent to the transition, we no longer produce potash at our East facility. In May 2016, we initiated a plan to idle mining operations at our West facility and transition it into a care-and- maintenance mode due to the decline in potash prices. We expect the transition to occur in July 2016. After the transition of West, all of our potash will be produced from our three solution mining facilities.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation —Our consolidated financial statements include our accounts and those of our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, all adjustments, consisting of normal recurring accruals considered necessary for a fair presentation of interim financial information, have been included. The lenders under our credit facility have agreed to waive until no later than July 31, 2016, the requirements under our credit facility that we comply with certain financial covenants and that we deliver audited annual financial statements for the year ended December 31, 2015, without any going concern modification. In addition, the holders of our senior notes have agreed to waive until June 30, 2016, the requirement under the terms of the senior notes that we comply with certain financial covenants. If current market conditions continue, we anticipate that our adjusted EBITDA (earnings before interest, income taxes, depreciation, amortization, and certain other expenses, as defined in the credit facility) will not be sufficient for us to return to compliance with these covenants through 2016. As a result, we are proactively working with our lenders and evaluating our options, which could include additional covenant amendments, waivers, or forbearances, alternative financing arrangements, a possible further reduction in the amount of the facility, and a possible reduction of our outstanding debt (including the payment of prepayment penalties). Our continued failure to comply with these covenants after June 30, 2016, will result in an event of default under the terms of the senior notes and a cross-default under the credit facility that, if not cured or waived, could result in the acceleration of all outstanding indebtedness, including the acceleration of our senior notes and any amounts outstanding under the credit facility. If the lenders were to make such a demand for repayment, we would be unable to pay the obligations as we do not have existing facilities or sufficient cash on hand to satisfy these obligations. With this material uncertainty surrounding compliance with our debt covenants, declining revenues, lower-of-cost-or-market inventory adjustments, and negative cash flows from operations, there is substantial doubt about our ability to continue as a going concern. While we will continue to work with our lenders, there can be no assurance that we will be successful. The accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. The condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded assets or the amounts and classification of liabilities that might be necessary should we be unable to continue as a going concern. Reclassifications —Certain prior period amounts have been reclassified in order to conform to the current period presentation. In accordance with the adoption of new accounting standards indicated in note 16, we have reclassified deferred financing costs associated with our outstanding debt from "Other current assets" and "Other assets" to "Long-term debt, net." Use of Estimates —The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results may differ significantly from these estimates under different assumptions or conditions. Significant estimates include, but are not limited to, those for proven and probable mineral reserves, the related present value of estimated future net cash flows, useful lives of plant assets, asset retirement obligations, normal inventory production levels, inventory valuations, the valuation of equity awards, valuation of investments, the valuation of receivables, valuation of our deferred tax assets, and estimated blended income tax rates utilized in the current and deferred income tax calculations. There are numerous uncertainties inherent in estimating quantities of proven and probable reserves, projecting future rates of production, and the timing of development expenditures. Future mineral prices may vary significantly from the prices in effect at the time the estimates are made, as may estimates of future operating costs. The estimate of proven and probable mineral reserves, the related present value of estimated future cash flows, and useful lives of plant assets can affect various other items, including depletion; the net carrying value of our mineral properties; the useful lives of related property, plant, and equipment; depreciation expense; and estimates associated with recoverability of long-lived assets and asset retirement obligations. Specific to income tax items, we experience fluctuations in the valuation of the deferred tax assets and liabilities due to changing state income tax rates and the blend of state tax rates. Revenue Recognition —Revenue is recognized when evidence of an arrangement exists; risks and rewards of ownership have been transferred to customers, which is generally when title passes; the selling price is fixed and determinable; and collection is reasonably assured. Title passes at the designated shipping point for the majority of sales, but, in a few cases, title passes at the delivery destination. The shipping point may be the plant, a distribution warehouse, a customer warehouse, or a port. Title passes for some international shipments upon payment by the purchaser; however, revenue is not recognized for these transactions until shipment because the risks and rewards of ownership have not transferred pursuant to a contractual arrangement. Prices are generally set at the time of, or prior to, shipment. In cases where the final price is determined after shipment and agreed to with our customer, revenue is recognized when the final sales price is fixed and determinable and the other revenue recognition criteria have been met. Sales are reported on a gross basis. We quote prices to customers both on a delivered basis and on the basis of pick-up at our plants and warehouses. When a sale occurs on a delivered basis, we incur and, in turn, bill the customer and record as gross revenue the product sales value, freight, packaging, and certain other distribution costs. Many customers, however, arrange and pay for these costs directly and, in these situations, only the product sales are included in gross revenues. Inventory — Inventory consists of product and by-product stocks that are ready for sale; mined ore; potash in evaporation ponds, which is considered work-in-process; and parts and supplies inventory. Product and by-product inventory cost is determined using the lower of weighted average cost or estimated net realizable value and includes direct costs, maintenance, operational overhead, depreciation, depletion, and equipment lease costs applicable to the production process. Direct costs, maintenance, and operational overhead include labor and associated benefits. We evaluate our production levels and costs to determine if any should be deemed abnormal and therefore excluded from inventory costs and expensed directly during the applicable period. The assessment of normal production levels is judgmental and unique to each period. We model normal production levels and evaluate historical ranges of production by operating plant in assessing what is deemed to be normal. Property, Plant, Equipment, Mineral Properties, and Development Costs —Property, plant, and equipment are stated at historical cost. Expenditures for property, plant, and equipment relating to new assets or improvements are capitalized, provided the expenditure extends the useful life of an asset or extends the asset’s functionality. Property, plant, and equipment are depreciated under the straight-line method using estimated useful lives. The estimated useful lives of property, plant, and equipment are evaluated periodically as changes in estimates occur. No depreciation is taken on assets classified as construction in progress until the asset is placed into service. Gains and losses are recorded upon retirement, sale, or disposal of assets. Maintenance and repair costs are recognized as period costs when incurred. Capitalized interest, to the extent of debt outstanding, is calculated and capitalized on assets that are being constructed, drilled, or built or that are otherwise classified as construction in progress. Mineral properties and development costs, which are referred to collectively as mineral properties, include acquisition costs, the cost of drilling production wells, and the cost of other development work, all of which are capitalized. Depletion of mineral properties is calculated using the units-of-production method over the estimated life of the relevant ore body. The lives of reserves used for accounting purposes are shorter than current reserve life determinations due to uncertainties inherent in long-term estimates. These reserve life estimates have been prepared by us and reviewed and independently determined by mine consultants. Tons of potash and langbeinite in the proven and probable reserves are expressed in terms of expected finished tons of product to be realized, net of estimated losses. Market price fluctuations of potash or Trio ® , as well as increased production costs or reduced recovery rates, could render proven and probable reserves containing relatively lower grades of mineralization uneconomic to exploit and might result in a reduction of reserves. In addition, the provisions of our mineral leases, including royalty provisions, are subject to periodic readjustment by the state and federal government, which could affect the economics of our reserve estimates. Significant changes in the estimated reserves could have a material impact on our results of operations and financial position. Earnings (Loss) per Share —Basic net income or loss per common share of stock is calculated by dividing net income or loss available to common stockholders by the weighted average basic common shares outstanding for the respective period. Diluted net income or loss per common share of stock is calculated by dividing net income or loss by the weighted average diluted common shares outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities for the diluted earnings or loss per share calculation consist of awards of non-vested restricted shares of common stock, non-vested performance units, and non-qualified stock options. The dilutive effect of stock based compensation arrangements are computed using the treasury stock method. Following the lapse of the vesting period of restricted shares of common stock, the shares are considered issued and therefore are included in the number of issued and outstanding shares for purposes of these calculations.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Potentially dilutive securities, including non-vested restricted common stock, stock options, and performance units, are excluded from the diluted weighted average shares outstanding computation in periods in which they have an anti-dilutive effect, such as when there is a net loss. The treasury stock method is used to measure the dilutive impact of non-vested restricted common stock, stock options outstanding, and performance units. The following table shows the shares that have an anti-dilutive effect and are excluded from the diluted weighted average shares outstanding computations: Three Months Ended March 31, 2016 2015 Anti-dilutive effect of non-vested restricted common stock 336,330 91,621 Anti-dilutive effect of stock options outstanding 235,854 320,926 Anti-dilutive effect of performance units 126,050 73,529 The following table sets forth the calculation of basic and diluted earnings per share (in thousands, except per share amounts): Three Months Ended March 31, 2016 2015 Net (loss) income $ (18,427 ) $ 6,529 Basic weighted average common shares outstanding 75,757 75,589 Add: Dilutive effect of non-vested restricted common stock — 110 Add: Dilutive effect of performance units — 8 Diluted weighted average common shares outstanding 75,757 75,707 (Loss) earnings per share: Basic $ (0.24 ) $ 0.09 Diluted $ (0.24 ) $ 0.09

CASH, CASH EQUIVALENTS, AND INV

CASH, CASH EQUIVALENTS, AND INVESTMENTS	3 Months Ended
	Mar. 31, 2016
Cash, Cash Equivalents, and Investments Disclosure [Abstract]
CASH, CASH EQUIVALENTS, AND INVESTMENTS	CASH, CASH EQUIVALENTS, AND INVESTMENTS The following table summarizes the fair value of our cash and investments held in our portfolio, recorded as cash and cash equivalents or short-term or long-term investments as of March 31, 2016 , and December 31, 2015 (in thousands): March 31, 2016 December 31, 2015 Cash $ 11,292 $ 9,056 Commercial paper and money market accounts 13,130 251 Total cash and cash equivalents $ 24,422 $ 9,307 Corporate bonds $ 29,008 $ 49,518 Certificates of deposit and time deposits 1,006 1,005 Total short-term investments $ 30,014 $ 50,523 Corporate bonds $ 479 $ 3,799 Total long-term investments $ 479 $ 3,799 Total cash, cash equivalents, and investments $ 54,915 $ 63,629 The following tables summarize the cost basis, unrealized gains and losses, and fair value of our available-for-sale investments held in our portfolio as of March 31, 2016 , and December 31, 2015 (in thousands): March 31, 2016 Unrealized Cost Basis Gain Loss Fair Value Corporate bonds $ 29,508 $ 8 $ (29 ) $ 29,487 Certificates of deposit and time deposits 1,006 — — 1,006 Total available-for-sale investments $ 30,514 $ 8 $ (29 ) $ 30,493 December 31, 2015 Unrealized Cost Basis Gain Loss Fair Value Corporate bonds $ 53,403 $ 6 $ (92 ) $ 53,317 Certificates of deposit and time deposits 1,005 — — 1,005 Total available-for-sale investments $ 54,408 $ 6 $ (92 ) $ 54,322

INVENTORY AND LONG-TERM PARTS I

INVENTORY AND LONG-TERM PARTS INVENTORY	3 Months Ended
	Mar. 31, 2016
Inventory Disclosure [Abstract]
INVENTORY AND LONG-TERM PARTS INVENTORY	INVENTORY AND LONG-TERM PARTS INVENTORY The following summarizes our inventory, recorded at the lower of weighted average cost or estimated net realizable value, as of March 31, 2016 , and December 31, 2015 (in thousands): March 31, 2016 December 31, 2015 Finished goods product inventory $ 64,838 $ 65,200 In-process mineral inventory 17,222 19,769 Total product inventory 82,060 84,969 Current parts inventory, net 21,556 21,562 Total current inventory, net 103,616 106,531 Long-term parts inventory, net 18,467 17,344 Total inventory, net $ 122,083 $ 123,875 Parts inventories are shown net of any required allowances. At March 31, 2016, and 2015, allowances for parts inventory obsolescence were $3.3 million and $0.5 million , respectively. During the three months ended March 31, 2016 , and 2015 , we recorded charges of approximately $9.0 million and $0.4 million , respectively, as a result of routine assessments of the lower of weighted average cost or estimated net realizable value of our finished goods product inventory. During the first quarter of 2016, we temporarily suspended potash production at our East facility for a total of three days as we performed a langbeinite-only testing run. As a result of the temporary suspension of production, we determined that approximately $0.7 million of production costs at our East facility would have been allocated to additional tons produced, assuming we had been operating at normal production rates. Accordingly, these costs were excluded from our inventory values and instead expensed in the first quarter of 2016 as period production costs. We compare actual production relative to what we estimated could have been produced if we had not incurred the temporary production suspensions and lower operating rates in order to determine the abnormal cost adjustment.

PROPERTY, PLANT, EQUIPMENT, AND

PROPERTY, PLANT, EQUIPMENT, AND MINERAL PROPERTIES	3 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant, Equipment, and Mineral Properties	“Property, plant, equipment, and mineral properties, net" were comprised of the following (in thousands): March 31, 2016 December 31, 2015 Buildings and plant $ 82,218 $ 81,208 Machinery and equipment 213,452 209,920 Vehicles 4,860 4,747 Office equipment and improvements 12,050 12,001 Ponds and land improvements 56,965 55,951 Total depreciable assets 369,545 363,827 Accumulated depreciation (93,021 ) (80,707 ) Total depreciable assets, net $ 276,524 $ 283,120 Mineral properties and development costs $ 140,159 $ 139,751 Accumulated depletion (18,698 ) (17,254 ) Total depletable assets, net $ 121,461 $ 122,497 Land $ 719 $ 719 Construction in progress $ 11,104 $ 13,140 Total property, plant, equipment, and mineral properties, net $ 409,808 $ 419,476
Depreciation, Depletion, and Amortization [Policy Text Block]	We incurred the following expenses for depreciation, depletion, and accretion, including expenses capitalized into inventory, for the following periods (in thousands): Three Months Ended March 31, 2016 2015 Depreciation $ 12,482 $ 18,879 Depletion 1,444 1,973 Accretion 442 424 Total incurred $ 14,368 $ 21,276
PROPERTY, PLANT, EQUIPMENT, AND MINERAL PROPERTIES	PROPERTY, PLANT, EQUIPMENT, AND MINERAL PROPERTIES “Property, plant, equipment, and mineral properties, net" were comprised of the following (in thousands): March 31, 2016 December 31, 2015 Buildings and plant $ 82,218 $ 81,208 Machinery and equipment 213,452 209,920 Vehicles 4,860 4,747 Office equipment and improvements 12,050 12,001 Ponds and land improvements 56,965 55,951 Total depreciable assets 369,545 363,827 Accumulated depreciation (93,021 ) (80,707 ) Total depreciable assets, net $ 276,524 $ 283,120 Mineral properties and development costs $ 140,159 $ 139,751 Accumulated depletion (18,698 ) (17,254 ) Total depletable assets, net $ 121,461 $ 122,497 Land $ 719 $ 719 Construction in progress $ 11,104 $ 13,140 Total property, plant, equipment, and mineral properties, net $ 409,808 $ 419,476 We incurred the following expenses for depreciation, depletion, and accretion, including expenses capitalized into inventory, for the following periods (in thousands): Three Months Ended March 31, 2016 2015 Depreciation $ 12,482 $ 18,879 Depletion 1,444 1,973 Accretion 442 424 Total incurred $ 14,368 $ 21,276

DEBT

DEBT	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
DEBT	DEBT Unsecured Credit Facility —We have an unsecured credit facility, led by U.S. Bank, as administrative agent, and Wells Fargo Bank, as syndication agent. In February, March, and May 2016, we entered into a series of amendments that reduced the amount available to us under the credit facility to a maximum of $8 million , which amount may be used only for letters of credit. Any availability of the credit facility is subject to our compliance with financial covenants that provide that our leverage ratio may not exceed 3.5 to 1, and our fixed charge coverage ratio may not be below 1.3 to 1. We were not in compliance with these covenants as of March 31, 2016; however, the lenders under the credit facility have agreed to waive until July 31, 2016, the requirement that we comply with these covenants for the quarter ended March 31, 2016. Further, the lenders agreed that noncompliance with these covenants for the quarter ended March 31, 2016, will not constitute a default or event of default under the credit facility until July 31, 2016. However, if the noteholder waiver discussed below expires before July 31, 2016, as it may be mutually extended, then the waiver under the credit facility will also expire at that earlier date. If current market conditions continue, we anticipate that our adjusted EBITDA (earnings before interest, income taxes, depreciation, amortization, and certain other expenses, as defined in the credit facility) will not be sufficient for us to return to compliance with these covenants through 2016. As a result, we are proactively working with our lenders and evaluating our options which could include additional covenant amendments, waivers, or forbearances, alternative financing arrangements, a possible further reduction in the amount of the facility, and a possible reduction of our outstanding debt including the payment of prepayment penalties. Our continued failure to comply with these covenants after the waiver expires, or our failure to comply with similar covenants under the terms of our senior notes after June 30, 2016, will result in an event of default that, if not cured or waived, could result in the acceleration of all outstanding indebtedness, including the acceleration of our senior notes discussed below and any amounts outstanding under the credit facility. In May 2016, we entered into an amendment that provides that the maturity date for the credit facility is the earliest of (1) July 31, 2016, (2) any date on which the aggregate commitment under the credit facility is reduced to zero, and (3) the effective date for a new bank credit facility. The credit facility also has a covenant that requires us to provide to the lenders audited annual financial statements within 90 days of the end of each year. The audit report must not contain any going concern modification. The audit report accompanying our financial statements for the year ended December 31, 2015, contains a going concern modification, and therefore does not satisfy the credit facility covenant. The lenders under the facility agreed to waive until July 31, 2016, the requirement that we deliver audited annual financial statements for the year ended December 31, 2015, without any going concern modification. Further, the lenders agreed that the existence of audited annual financial statements for the year ended December 31, 2015, with a going concern modification will not constitute a default or event of default under the facility until July 31, 2016. Our continued failure to comply with this covenant after July 31, 2016, will result in an event of default that, if not cured or waived could result in the acceleration of all outstanding indebtedness, including the acceleration of our senior notes discussed below and any amounts outstanding under the credit facility. The financial covenants under the credit facility are calculated as follows: • Our maximum leverage ratio (calculated as the ratio of funded indebtedness to adjusted EBITDA for the prior four fiscal quarters) is 3.5 to 1, where funded indebtedness is calculated as total funded indebtedness minus cash and cash equivalent investments on hand up to a maximum of $ 75 million . Our leverage ratio at March 31, 2016, was 3.7 to 1. • Our minimum fixed charge coverage ratio (calculated as the ratio of adjusted EBITDA for the prior four fiscal quarters, minus maintenance capital expenditures and cash paid for income taxes, to interest expense plus scheduled principal amortization of long-term funded indebtedness) is 1.3 to 1, where annual maintenance capital expenditures is set at $20 million . Our fixed charge coverage ratio at March 31, 2016, was 1.1 to 1. These ratios and other restrictive covenants under the credit facility could limit our ability to engage in activities that we believe are in our long-term best interests. The facility is unsecured and is guaranteed by our material subsidiaries. We occasionally borrow and repay amounts under the facility for near-term working capital needs. As of March 31, 2016, we had a $0.5 million letter of credit outstanding under the facility. Unsecured Senior Notes —In April 2013, we issued $150 million aggregate principal amount of unsecured senior notes (the "Notes") pursuant to a note purchase agreement entered into in August 2012. The Notes consist of the following series: • $60 million of 3.23% Senior Notes, Series A, due April 16, 2020 • $45 million of 4.13% Senior Notes, Series B, due April 14, 2023 • $45 million of 4.28% Senior Notes, Series C, due April 16, 2025 The Notes are senior unsecured obligations and rank equally in right of payment with any other unsubordinated unsecured indebtedness of ours. The Notes are subject to the same leverage ratio and fixed charge coverage ratio as apply under the credit facility. In January 2016, we amended the note purchase agreement to provide that the interest rate for the senior notes will be increased by 0.25% during any time that our leverage ratio exceeds 2.25 to 1. As we are not in compliance with our leverage ratio and fixed charge ratio as of March 31, 2016, in accordance with the terms of the note purchase agreement, the above interest rates are increased by 2% beginning April 1, 2016, and will continue as long as we are not meeting these ratios. As described above, these ratios and other restrictive covenants under the Notes could limit our ability to engage in activities that we believe are in our long-term best interests. We were not in compliance with the financial covenants under the Notes as of March 31, 2016; however, the noteholders have agreed to waive until June 30, 2016, the requirement that we comply with these covenants for the quarter ended March 31, 2016. Further, the noteholders agreed that noncompliance with these covenants for the quarter ended March 31, 2016, will not constitute a default or event of default under the Notes until June 30, 2016. If current market conditions continue, we anticipate that our adjusted EBITDA will not be sufficient for us to return to compliance with these covenants through 2016. We are proactively working with the noteholders and evaluating our options, which could include additional covenant amendments, waivers, or forbearances, alternative financing arrangements, a possible further reduction in the amount of our credit facility, and a possible reduction of our outstanding debt, including the payment of prepayment penalties. Our continued failure to comply with these covenants after June 30, 2016, will result in an event of default under the terms of the senior notes and a cross-default under the credit facility that, if not cured or waived, could result in the acceleration of all outstanding indebtedness, including the acceleration of the Notes and any amounts outstanding under the credit facility. The obligations under the Notes are unconditionally guaranteed by our material subsidiaries. Interest is paid semiannually on April 16 and October 16 of each year. Interest expense is recorded net of any capitalized interest associated with investments in capital projects. We incurred gross interest expense of $2.3 million and $1.7 million for the three months ended March 31, 2016 , and 2015 , respectively. Included in the gross interest expense for the three months ended March 31, 2016 , is the write-off of deferred financing costs of $0.7 million related to the decrease in our unsecured credit facility as described above. We capitalized $0.1 million and an immaterial amount of interest during the three months ended March 31, 2016 , and 2015 , respectively.

ASSET RETIREMENT OBLIGATION

ASSET RETIREMENT OBLIGATION	3 Months Ended
	Mar. 31, 2016
Asset Retirement Obligation Disclosure [Abstract]
ASSET RETIREMENT OBLIGATION	ASSET RETIREMENT OBLIGATION We recognize an estimated liability for future costs associated with the abandonment and reclamation of our mining properties. A liability for the fair value of an asset retirement obligation and a corresponding increase to the carrying value of the related long-lived asset are recorded as the mining operations occur or the assets are acquired. Our asset retirement obligation is based on the estimated cost to abandon and reclaim the mining operations, the economic life of the properties, and federal and state regulatory requirements. The liability is discounted using credit adjusted risk-free rate estimates at the time the liability is incurred or when there are revisions to estimated costs. The credit adjusted risk-free rates used to discount our abandonment liabilities range from 6.9% to 8.5% . Revisions to the liability occur due to construction of new or expanded facilities, changes in estimated abandonment costs or economic lives, or if federal or state regulators enact new requirements regarding the abandonment or reclamation of mines. Following is a table of the changes to our asset retirement obligation for the following periods (in thousands): Three Months Ended March 31, 2016 2015 Asset retirement obligation, at beginning of period $ 22,951 $ 22,037 Liabilities settled — — Liabilities incurred — — Changes in estimated obligations — — Accretion of discount 442 424 Total asset retirement obligation, at end of period $ 23,393 $ 22,461 The undiscounted amount of asset retirement obligation was $58.4 million as of March 31, 2016 .

COMPENSATION PLANS

COMPENSATION PLANS	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
COMPENSATION PLANS	COMPENSATION PLANS Cash Bonus Plans —We have cash bonus plans that allow participants to receive varying percentages of their aggregate base salary. Any awards under the cash bonus plans are based on a variety of elements related to our performance in certain production, operational, financial, and other areas, as well as the participants’ individual performance. We accrue cash bonus expense related to the current year’s performance. We have suspended our cash bonus programs for most employees for 2016 as part of our cost savings initiatives. Equity Incentive Compensation Plan —Our Board of Directors and stockholders adopted a long-term incentive compensation plan called the Intrepid Potash, Inc. Equity Incentive Plan, as Amended and Restated (the "Plan"). We have issued common stock, restricted shares of common stock, performance units, and non-qualified stock option awards under the Plan. As of March 31, 2016 , the following awards were outstanding under the Plan: 233,591 shares of non-vested restricted shares of common stock; non-vested performance units representing 252,100 shares of common stock; and options to purchase 219,731 shares of common stock. As of March 31, 2016 , approximately 3.3 million shares of common stock remained available for issuance under the Plan. Common Stock —On an annual basis, under the Plan, the Compensation Committee of the Board of Directors (the "Compensation Committee") has approved the award of shares of common stock to the non-employee members of the Board of Directors as compensation for service for the period ending on the date of our annual stockholders’ meeting for the following year. These shares of common stock were granted without restrictions and vested immediately. Non-vested Restricted Shares of Common Stock —Under the Plan, grants of non-vested restricted shares of common stock have been awarded to executive officers, other key employees, and consultants. The awards contain service conditions associated with continued employment or service. The terms of the non-vested restricted shares of common stock provide voting and regular dividend rights to the holders of the awards. Upon vesting, the restrictions on the restricted shares of common stock lapse and the shares are considered issued and outstanding. In the first quarter of 2015, the Compensation Committee granted restricted shares of common stock under the Plan to our executive management team and other selected employees as part of an annual equity award program. These awards vest ratably over three years . From time to time, the Compensation Committee grants restricted shares of common stock to newly hired or promoted employees or other employees or consultants who have achieved extraordinary personal performance objectives. These restricted shares of common stock generally vest over one - to four -year periods. No grants of restricted shares of common stock occurred in the first quarter of 2016. In measuring compensation expense associated with the grant of non-vested restricted shares of common stock, we use the fair value of the award, determined as the closing stock price for our common stock on the grant date. Compensation expense is recorded monthly over the vesting period of the award. Total compensation expense related to the non-vested restricted shares of common stock awards was $0.7 million and $0.9 million for the three months ended March 31, 2016 , and 2015 , respectively. These amounts are net of estimated forfeiture adjustments. As of March 31, 2016 , there was $3.1 million of total remaining unrecognized compensation expense related to non-vested restricted shares of common stock that will be expensed through 2018. A summary of activity relating to our non-vested restricted shares of common stock for the three months ended March 31, 2016 , is presented below. Weighted Average Shares Non-vested restricted shares of common stock, beginning of period 459,663 $ 14.91 Granted — — Vested (211,861 ) $ 15.53 Forfeited (14,211 ) $ 14.76 Non-vested restricted shares of common stock, end of period 233,591 $ 14.37 Performance Units — In 2015, the Compensation Committee granted at-risk performance units under the Plan to a member of our executive team as part of their annual compensation package. The performance units vest in February 2018, and payout, if any, is based on market-based conditions relating to one-, two- and three-year performance periods beginning on the grant date. No shares were earned under the first one-year performance period. A total of 252,100 shares of common stock are available for future payout under these performance units, subject to continued employment through the vesting date. Non-qualified Stock Options —From 2009 to 2011, the Compensation Committee issued non-qualified stock options under the Plan in the first quarter of each year to our executive management and other selected employees as part of our annual award program. All outstanding stock options are fully vested. Realized tax benefits from tax deductions for exercised options in excess of the deferred tax asset attributable to stock compensation for these options are recorded as “excess tax benefits” when the tax deductions occur. A summary of our stock option activity for the three months ended March 31, 2016 , is as follows: Shares Weighted Average Exercise Price Aggregate Intrinsic Value (1) Weighted Average Remaining Contractual Life Outstanding non-qualified stock options, end of period 219,731 $25.75 $— 3.5 Vested or expected to vest, end of period 219,731 $25.75 $— 3.5 Exercisable non-qualified stock options, end of period 219,731 $25.75 $— 3.5 (1) The intrinsic value of a stock option is the amount by which the market value exceeds the exercise price as of the end of the period presented.
Summary of Non-Vested Restricted Common Stock Activity	A summary of activity relating to our non-vested restricted shares of common stock for the three months ended March 31, 2016 , is presented below. Weighted Average Shares Non-vested restricted shares of common stock, beginning of period 459,663 $ 14.91 Granted — — Vested (211,861 ) $ 15.53 Forfeited (14,211 ) $ 14.76 Non-vested restricted shares of common stock, end of period 233,591 $ 14.37
Summary of Stock Option Activity	A summary of our stock option activity for the three months ended March 31, 2016 , is as follows: Shares Weighted Average Exercise Price Aggregate Intrinsic Value (1) Weighted Average Remaining Contractual Life Outstanding non-qualified stock options, end of period 219,731 $25.75 $— 3.5 Vested or expected to vest, end of period 219,731 $25.75 $— 3.5 Exercisable non-qualified stock options, end of period 219,731 $25.75 $— 3.5

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Our effective tax rate is impacted primarily by the amount of taxable income associated with each jurisdiction in which our income is subject to income tax, permanent differences between the financial statement carrying amounts and tax bases of assets and liabilities. A summary of the provision for income taxes is as follows (in thousands): Three Months Ended March 31, 2016 2015 Current portion of income tax expense $ 2 $ 114 Deferred portion of income tax expense — 2,957 Total income tax expense $ 2 $ 3,071 Effective tax rate — % 32.0 % During the three months ended March 31, 2016 , our effective tax rate differed from the statutory rate primarily as a result of the impact of recording a valuation allowance to offset the amount of additional deferred tax asset generated during the period. The blended state tax rate applied to the deferred tax calculation is subject to change due to changes in state laws and changes in the mix of our business and the states in which we have a taxable relationship. This creates fluctuations in the value of our net deferred tax asset. As of March 31, 2016, we do not believe it is more likely than not that we will fully realize the benefit of the deferred tax assets. As such, we increased the valuation allowance by $8.0 million for the three months ended March 31, 2016. Our deferred tax asset, net of the valuation allowance, at March 31, 2016, and December 31, 2015, is zero . A summary of our valuation allowance activity is as follows (in thousands): Three Months Ended March 31, 2016 2015 Valuation allowance, beginning of period $ 300,601 $ 268 Additions 8,004 — Reversals — — Valuation allowance, end of period $ 308,605 $ 268

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Reclamation Deposits and Surety Bonds —As of March 31, 2016 , we had $18.0 million of security placed principally with the State of Utah and the Bureau of Land Management for eventual reclamation of our various facilities. Of this total requirement, as of March 31, 2016 , $0.5 million consisted of long-term restricted cash deposits reflected in “Other assets, net" on the condensed consolidated balance sheets, and $17.5 million was secured by surety bonds issued by an insurer. The surety bonds are held in place by an annual fee paid to the issuer. We may be required to post additional security to fund future reclamation obligations as reclamation plans are updated or as governmental entities change requirements. Legal —We are subject to claims and legal actions in the ordinary course of business. While there are uncertainties in predicting the outcome of any claim or legal action, we believe that the ultimate resolution of these claims or actions is not reasonably likely to have a material adverse effect on our financial condition, results of operations, or cash flows. Future Operating Lease Commitments —We have operating leases for land, mining and other operating equipment, offices, and railcars, with original terms ranging up to 20 years. In May 2015, we exercised an option to terminate our existing corporate office lease prior to its original expiration date. Under the provisions of the lease agreement, we incurred a termination penalty of $1.1 million , which was included in selling and administrative expense in the second quarter of 2015. In December 2015, we paid $0.5 million of this termination penalty in connection with an amendment reducing the leased square footage and extending the expiration date to May 2017. We expect to pay the remaining $0.6 million in May 2017. Our monthly lease commitment is $83,331 from January 2016 through May 2016, and increases to $85,626 for the period June 2016 to May 2017. Rental and lease expenses are shown below for the indicated periods: For the three months ended March 31, 2016 $ 1,548 For the three months ended March 31, 2015 $ 1,744

FAIR VALUE

FAIR VALUE	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
FAIR VALUE	FAIR VALUE MEASUREMENTS We applied the provisions of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification™ (“ASC”) Topic 820, Fair Value Measurements and Disclosures, for all financial assets and liabilities measured at fair value on a recurring basis. The topic establishes a framework for measuring fair value and requires disclosures about fair value measurements. ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. The topic establishes market or observable inputs as the preferred sources of values, followed by assumptions based on hypothetical transactions in the absence of market inputs. The topic also establishes a hierarchy for grouping these assets and liabilities based on the significance level of the following inputs, as follows: • Level 1—Quoted prices in active markets for identical assets and liabilities. • Level 2—Quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar instruments in markets that are not active, and model‑derived valuations whose inputs are observable or whose significant value drivers are observable. • Level 3—Significant inputs to the valuation model are unobservable. The following is a listing of our assets and liabilities required to be measured at fair value on a recurring basis and where they are classified within the hierarchy as of March 31, 2016 , and December 31, 2015 (in thousands): Fair Value at Reporting Date Using March 31, 2016 Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Observable Inputs Significant Unobservable Inputs Investments Corporate bonds $ 29,487 $ — $ 29,487 $ — Fair Value at Reporting Date Using December 31, 2015 Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Observable Inputs Significant Unobservable Inputs Investments Corporate bonds $ 53,317 $ — $ 53,317 $ — Financial assets or liabilities are categorized within the hierarchy based upon the lowest level of input that is significant to the fair value measurement. Below is a general description of our valuation methodologies for financial assets and liabilities, which are measured at fair value and are included on the condensed consolidated balance sheets. Our available-for-sale investments consist of corporate bonds that are valued using Level 2 inputs. Market pricing for these investments is obtained from an established financial markets data provider. The methods described above may result in a fair value estimate that may not be indicative of net realizable value or may not be reflective of future fair values and cash flows. While we believe that the valuation methods used are appropriate and consistent with the requirements of ASC Topic 820 and the methods used by other marketplace participants, we recognize that third parties may use different methodologies or assumptions to determine the fair value of certain financial instruments that could result in a different estimate of fair value at the reporting date. Financial Instruments —The carrying values and estimated fair values of our financial instruments as of March 31, 2016 , and December 31, 2015 , were as follows (in thousands): March 31, 2016 December 31, 2015 Carrying Value Fair Value Carrying Value Fair Value Senior notes $ 150,000 $ 131,000 $ 150,000 $ 138,000 For cash and cash equivalents, certificate of deposit and time deposit investments, accounts receivable, refundable income taxes, and accounts payable, the carrying amount approximates fair value because of the short-term maturity of these instruments. The estimated fair value of the senior notes is estimated using a discounted cash flow analysis based on current borrowing rates for debt with similar remaining maturities and ratings (a Level 2 input) and is designed to approximate the amount at which the instruments could be exchanged in an arm's length transaction between knowledgeable willing parties.

RESTRUCTURING CHARGE

RESTRUCTURING CHARGE	3 Months Ended
	Mar. 31, 2016
Restructuring Charge [Abstract]
RESTRUCTURING CHARGE	RESTRUCTURING CHARGE In January 2016, in response to declining potash prices, we undertook a number of cost saving actions that were intended to better align our cost structure with the business environment. These initiatives included the elimination of approximately 5% of the workforce, elimination of the bonus programs for most employees, as well as reductions in compensation. For the three months ended March 31, 2016 , we recognized a restructuring expense of $0.4 million , which is comprised primarily of severance-related payments paid during the quarter ended March 31, 2016 .

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Mar. 31, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS Pronouncements Issued But Not Yet Adopted —In August 2013, the FASB issued Accounting Standards Update No. 2014-15, "Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern," which describes how an entity should assess its ability to meet obligations and sets rules for how this information should be disclosed in the financial statements. The new standard applies to all entities for the first annual period in fiscal years ending after December 15, 2016, and interim periods thereafter. We are currently evaluating the requirements of this standard, and have not yet determined the impact on our consolidated financial statements and disclosures. In May 2014, the FASB issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” which requires revenue to be recognized based on the amount an entity is expected to be entitled to for promised goods or services provided to customers. The standard also requires expanded disclosures regarding contracts with customers. The guidance in this standard supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition," and most industry-specific guidance. This guidance is effective for us beginning January 1, 2018, with retrospective application required, subject to certain practical expedients. We are currently evaluating the requirements of this standard, and have not yet determined the impact on our results of operations or financial position. In July 2015, the FASB issued Accounting Standards Update No. 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory.” An entity using an inventory method other than last-in, first-out or the retail inventory method should measure inventory at the lower of cost and net realizable value. The new guidance clarifies that net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation and is effective for us beginning January 1, 2017. We do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. In February 2016, the FASB issued Accounting Standards Update No. 2016-02 , "Leases (Topic 842)," which requires, among other things, lessees to recognize lease assets and liabilities on their balance sheets for those leases classified as operating leases under previous generally accepted accounting principles. These assets and liabilities must be recorded generally at the present value of the contracted lease payments, and the cost of the lease must be allocated over the lease term on a straight-line basis. This guidance is effective for us for annual and interim periods in fiscal years beginning after December 15, 2018, with a modified retrospective transition method mandated. We are currently evaluating the requirements of this standard and have not yet determined the impact on our consolidated financial statements. In March 2016, the FASB issued Accounting Standards Update No. 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting." This standard changes several aspects of how we account for share-based payment award transactions, including income tax consequences, classification of awards as either equity or liabilities, classification of excess tax benefits on the statement of cash flows, forfeitures, minimum statutory tax withholding payments, and classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax-withholding purposes. This standard is effective for us for annual and interim periods in fiscal years beginning after December 15, 2016. Early adoption, as specified in the guidance, is permitted in any interim or annual period provided that the entire standard is adopted. We are currently evaluating the requirements of this standard and have not yet determined the impact on our consolidated financial statements. Recently Adopted Accounting Standard —In April 2015, the FASB issued Accounting Standards Update No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs.” which became effective for us beginning January 1, 2016, and requires retrospective adoption. In accordance with this standard, our deferred financing costs associated with outstanding debt balances have been reclassified from “Prepaid expenses and other current assets” and “Other assets, net" to "Long-term debt, net." Amortization of such costs continues to be reported as "Interest expense, net."

FINANCIAL INFROMATION FOR SUBSI

FINANCIAL INFROMATION FOR SUBSIDIARY GUARANTORS OF POSSIBLE FUTURE PUBLIC DEBT (Notes)	3 Months Ended
	Mar. 31, 2016
Guarantees [Abstract]
Schedule of Guarantor Obligations [Table Text Block]	FINANCIAL INFORMATION FOR SUBSIDIARY GUARANTORS OF POSSIBLE FUTURE PUBLIC DEBT Intrepid Potash, Inc., as the parent company, has no independent assets or operations, and operations are conducted solely through its subsidiaries. Cash generated from operations is held at the parent company level as cash on hand and short- and long-term investments. Cash on hand and short- and long-term investments totaled $55 million and $64 million at March 31, 2016, and December 31, 2015, respectively. In the event that one or more of our wholly owned operating subsidiaries guarantee public debt securities in the future, those guarantees will be full and unconditional and will constitute the joint and several obligations of the subsidiary guarantors. Our other subsidiaries are minor. There are no restrictions on our ability to obtain cash dividends or other distributions of funds from the subsidiary guarantors, except those imposed by applicable law.

SUMMARY OF SIGNIFICANT ACCOUN24

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Principles of Consolidation	Our consolidated financial statements include our accounts and those of our wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, all adjustments, consisting of normal recurring accruals considered necessary for a fair presentation of interim financial information, have been included. The lenders under our credit facility have agreed to waive until no later than July 31, 2016, the requirements under our credit facility that we comply with certain financial covenants and that we deliver audited annual financial statements for the year ended December 31, 2015, without any going concern modification. In addition, the holders of our senior notes have agreed to waive until June 30, 2016, the requirement under the terms of the senior notes that we comply with certain financial covenants. If current market conditions continue, we anticipate that our adjusted EBITDA (earnings before interest, income taxes, depreciation, amortization, and certain other expenses, as defined in the credit facility) will not be sufficient for us to return to compliance with these covenants through 2016. As a result, we are proactively working with our lenders and evaluating our options, which could include additional covenant amendments, waivers, or forbearances, alternative financing arrangements, a possible further reduction in the amount of the facility, and a possible reduction of our outstanding debt (including the payment of prepayment penalties). Our continued failure to comply with these covenants after June 30, 2016, will result in an event of default under the terms of the senior notes and a cross-default under the credit facility that, if not cured or waived, could result in the acceleration of all outstanding indebtedness, including the acceleration of our senior notes and any amounts outstanding under the credit facility. If the lenders were to make such a demand for repayment, we would be unable to pay the obligations as we do not have existing facilities or sufficient cash on hand to satisfy these obligations. With this material uncertainty surrounding compliance with our debt covenants, declining revenues, lower-of-cost-or-market inventory adjustments, and negative cash flows from operations, there is substantial doubt about our ability to continue as a going concern. While we will continue to work with our lenders, there can be no assurance that we will be successful. The accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. The condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded assets or the amounts and classification of liabilities that might be necessary should we be unable to continue as a going concern.
Reclassifications [Text Block]	Certain prior period amounts have been reclassified in order to conform to the current period presentation. In accordance with the adoption of new accounting standards indicated in note 16, we have reclassified deferred financing costs associated with our outstanding debt from "Other current assets" and "Other assets" to "Long-term debt, net."
Use of Estimates	The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results may differ significantly from these estimates under different assumptions or conditions. Significant estimates include, but are not limited to, those for proven and probable mineral reserves, the related present value of estimated future net cash flows, useful lives of plant assets, asset retirement obligations, normal inventory production levels, inventory valuations, the valuation of equity awards, valuation of investments, the valuation of receivables, valuation of our deferred tax assets, and estimated blended income tax rates utilized in the current and deferred income tax calculations. There are numerous uncertainties inherent in estimating quantities of proven and probable reserves, projecting future rates of production, and the timing of development expenditures. Future mineral prices may vary significantly from the prices in effect at the time the estimates are made, as may estimates of future operating costs. The estimate of proven and probable mineral reserves, the related present value of estimated future cash flows, and useful lives of plant assets can affect various other items, including depletion; the net carrying value of our mineral properties; the useful lives of related property, plant, and equipment; depreciation expense; and estimates associated with recoverability of long-lived assets and asset retirement obligations. Specific to income tax items, we experience fluctuations in the valuation of the deferred tax assets and liabilities due to changing state income tax rates and the blend of state tax rates.
Revenue Recognition	Revenue is recognized when evidence of an arrangement exists; risks and rewards of ownership have been transferred to customers, which is generally when title passes; the selling price is fixed and determinable; and collection is reasonably assured. Title passes at the designated shipping point for the majority of sales, but, in a few cases, title passes at the delivery destination. The shipping point may be the plant, a distribution warehouse, a customer warehouse, or a port. Title passes for some international shipments upon payment by the purchaser; however, revenue is not recognized for these transactions until shipment because the risks and rewards of ownership have not transferred pursuant to a contractual arrangement. Prices are generally set at the time of, or prior to, shipment. In cases where the final price is determined after shipment and agreed to with our customer, revenue is recognized when the final sales price is fixed and determinable and the other revenue recognition criteria have been met. Sales are reported on a gross basis. We quote prices to customers both on a delivered basis and on the basis of pick-up at our plants and warehouses. When a sale occurs on a delivered basis, we incur and, in turn, bill the customer and record as gross revenue the product sales value, freight, packaging, and certain other distribution costs. Many customers, however, arrange and pay for these costs directly and, in these situations, only the product sales are included in gross revenues.
Inventory, Policy	Inventory consists of product and by-product stocks that are ready for sale; mined ore; potash in evaporation ponds, which is considered work-in-process; and parts and supplies inventory. Product and by-product inventory cost is determined using the lower of weighted average cost or estimated net realizable value and includes direct costs, maintenance, operational overhead, depreciation, depletion, and equipment lease costs applicable to the production process. Direct costs, maintenance, and operational overhead include labor and associated benefits. We evaluate our production levels and costs to determine if any should be deemed abnormal and therefore excluded from inventory costs and expensed directly during the applicable period. The assessment of normal production levels is judgmental and unique to each period. We model normal production levels and evaluate historical ranges of production by operating plant in assessing what is deemed to be normal.
Property, Plant, Equipment, Mineral Properties and Development Costs	Property, plant, and equipment are stated at historical cost. Expenditures for property, plant, and equipment relating to new assets or improvements are capitalized, provided the expenditure extends the useful life of an asset or extends the asset’s functionality. Property, plant, and equipment are depreciated under the straight-line method using estimated useful lives. The estimated useful lives of property, plant, and equipment are evaluated periodically as changes in estimates occur. No depreciation is taken on assets classified as construction in progress until the asset is placed into service. Gains and losses are recorded upon retirement, sale, or disposal of assets. Maintenance and repair costs are recognized as period costs when incurred. Capitalized interest, to the extent of debt outstanding, is calculated and capitalized on assets that are being constructed, drilled, or built or that are otherwise classified as construction in progress. Mineral properties and development costs, which are referred to collectively as mineral properties, include acquisition costs, the cost of drilling production wells, and the cost of other development work, all of which are capitalized. Depletion of mineral properties is calculated using the units-of-production method over the estimated life of the relevant ore body. The lives of reserves used for accounting purposes are shorter than current reserve life determinations due to uncertainties inherent in long-term estimates. These reserve life estimates have been prepared by us and reviewed and independently determined by mine consultants. Tons of potash and langbeinite in the proven and probable reserves are expressed in terms of expected finished tons of product to be realized, net of estimated losses. Market price fluctuations of potash or Trio ® , as well as increased production costs or reduced recovery rates, could render proven and probable reserves containing relatively lower grades of mineralization uneconomic to exploit and might result in a reduction of reserves. In addition, the provisions of our mineral leases, including royalty provisions, are subject to periodic readjustment by the state and federal government, which could affect the economics of our reserve estimates. Significant changes in the estimated reserves could have a material impact on our results of operations and financial position.
(Loss) Earnings per Share	Basic net income or loss per common share of stock is calculated by dividing net income or loss available to common stockholders by the weighted average basic common shares outstanding for the respective period. Diluted net income or loss per common share of stock is calculated by dividing net income or loss by the weighted average diluted common shares outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities for the diluted earnings or loss per share calculation consist of awards of non-vested restricted shares of common stock, non-vested performance units, and non-qualified stock options. The dilutive effect of stock based compensation arrangements are computed using the treasury stock method. Following the lapse of the vesting period of restricted shares of common stock, the shares are considered issued and therefore are included in the number of issued and outstanding shares for purposes of these calculations.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	Potentially dilutive securities, including non-vested restricted common stock, stock options, and performance units, are excluded from the diluted weighted average shares outstanding computation in periods in which they have an anti-dilutive effect, such as when there is a net loss. The treasury stock method is used to measure the dilutive impact of non-vested restricted common stock, stock options outstanding, and performance units. The following table shows the shares that have an anti-dilutive effect and are excluded from the diluted weighted average shares outstanding computations: Three Months Ended March 31, 2016 2015 Anti-dilutive effect of non-vested restricted common stock 336,330 91,621 Anti-dilutive effect of stock options outstanding 235,854 320,926 Anti-dilutive effect of performance units 126,050 73,529
Schedule of Calculation of Basic and Diluted Loss or Earnings Per Share	The following table sets forth the calculation of basic and diluted earnings per share (in thousands, except per share amounts): Three Months Ended March 31, 2016 2015 Net (loss) income $ (18,427 ) $ 6,529 Basic weighted average common shares outstanding 75,757 75,589 Add: Dilutive effect of non-vested restricted common stock — 110 Add: Dilutive effect of performance units — 8 Diluted weighted average common shares outstanding 75,757 75,707 (Loss) earnings per share: Basic $ (0.24 ) $ 0.09 Diluted $ (0.24 ) $ 0.09

CASH, CASH EQUIVALENTS, AND I26

CASH, CASH EQUIVALENTS, AND INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2016
Cash, Cash Equivalents, and Investments Disclosure [Abstract]
Summary of Cash, Cash Equivalents, and Investments	The following table summarizes the fair value of our cash and investments held in our portfolio, recorded as cash and cash equivalents or short-term or long-term investments as of March 31, 2016 , and December 31, 2015 (in thousands): March 31, 2016 December 31, 2015 Cash $ 11,292 $ 9,056 Commercial paper and money market accounts 13,130 251 Total cash and cash equivalents $ 24,422 $ 9,307 Corporate bonds $ 29,008 $ 49,518 Certificates of deposit and time deposits 1,006 1,005 Total short-term investments $ 30,014 $ 50,523 Corporate bonds $ 479 $ 3,799 Total long-term investments $ 479 $ 3,799 Total cash, cash equivalents, and investments $ 54,915 $ 63,629
Schedule of Available-for-Sale Investments	The following tables summarize the cost basis, unrealized gains and losses, and fair value of our available-for-sale investments held in our portfolio as of March 31, 2016 , and December 31, 2015 (in thousands): March 31, 2016 Unrealized Cost Basis Gain Loss Fair Value Corporate bonds $ 29,508 $ 8 $ (29 ) $ 29,487 Certificates of deposit and time deposits 1,006 — — 1,006 Total available-for-sale investments $ 30,514 $ 8 $ (29 ) $ 30,493 December 31, 2015 Unrealized Cost Basis Gain Loss Fair Value Corporate bonds $ 53,403 $ 6 $ (92 ) $ 53,317 Certificates of deposit and time deposits 1,005 — — 1,005 Total available-for-sale investments $ 54,408 $ 6 $ (92 ) $ 54,322

INVENTORY AND LONG-TERM PARTS27

INVENTORY AND LONG-TERM PARTS INVENTORY (Tables)	3 Months Ended
	Mar. 31, 2016
Inventory Disclosure [Abstract]
Summary of Inventory	The following summarizes our inventory, recorded at the lower of weighted average cost or estimated net realizable value, as of March 31, 2016 , and December 31, 2015 (in thousands): March 31, 2016 December 31, 2015 Finished goods product inventory $ 64,838 $ 65,200 In-process mineral inventory 17,222 19,769 Total product inventory 82,060 84,969 Current parts inventory, net 21,556 21,562 Total current inventory, net 103,616 106,531 Long-term parts inventory, net 18,467 17,344 Total inventory, net $ 122,083 $ 123,875

ASSET RETIREMENT OBLIGATION (Ta

ASSET RETIREMENT OBLIGATION (Tables)	3 Months Ended
	Mar. 31, 2016
Asset Retirement Obligation Disclosure [Abstract]
Schedule of Changes to Asset Retirement Obligation	Following is a table of the changes to our asset retirement obligation for the following periods (in thousands): Three Months Ended March 31, 2016 2015 Asset retirement obligation, at beginning of period $ 22,951 $ 22,037 Liabilities settled — — Liabilities incurred — — Changes in estimated obligations — — Accretion of discount 442 424 Total asset retirement obligation, at end of period $ 23,393 $ 22,461

INCOME TAXES (Tables)

INCOME TAXES (Tables) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]	A summary of our valuation allowance activity is as follows (in thousands): Three Months Ended March 31, 2016 2015 Valuation allowance, beginning of period $ 300,601 $ 268 Additions 8,004 — Reversals — — Valuation allowance, end of period $ 308,605 $ 268
Valuation and Qualifying Accounts Disclosure [Line Items]
Valuation Allowances and Reserves, Balance	$ 308,605	$ 268	$ 300,601	$ 268
Valuation Allowances and Reserves, Charged to Other Accounts	8,004	0
Valuation Allowances and Reserves, Recoveries	$ 0	$ 0
Schedule of Components of Income Tax (Benefit) Expense	A summary of the provision for income taxes is as follows (in thousands): Three Months Ended March 31, 2016 2015 Current portion of income tax expense $ 2 $ 114 Deferred portion of income tax expense — 2,957 Total income tax expense $ 2 $ 3,071 Effective tax rate — % 32.0 %

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Schedule of Rental and Lease Expense	Rental and lease expenses are shown below for the indicated periods: For the three months ended March 31, 2016 $ 1,548 For the three months ended March 31, 2015 $ 1,744

FAIR VALUE (Tables)

FAIR VALUE (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following is a listing of our assets and liabilities required to be measured at fair value on a recurring basis and where they are classified within the hierarchy as of March 31, 2016 , and December 31, 2015 (in thousands): Fair Value at Reporting Date Using March 31, 2016 Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Observable Inputs Significant Unobservable Inputs Investments Corporate bonds $ 29,487 $ — $ 29,487 $ — Fair Value at Reporting Date Using December 31, 2015 Quoted Prices in Active Markets for Identical Assets or Liabilities Significant Observable Inputs Significant Unobservable Inputs Investments Corporate bonds $ 53,317 $ — $ 53,317 $ —
Fair Value, by Balance Sheet Grouping	The carrying values and estimated fair values of our financial instruments as of March 31, 2016 , and December 31, 2015 , were as follows (in thousands): March 31, 2016 December 31, 2015 Carrying Value Fair Value Carrying Value Fair Value Senior notes $ 150,000 $ 131,000 $ 150,000 $ 138,000

EARNINGS PER SHARE (Narrative)

EARNINGS PER SHARE (Narrative) (Details) - shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Restricted Stock
Anti-dilutive weighted average non-vested shares
Anti-dilutive weighted average non-vested shares (in shares)	336,330	91,621
Stock Options
Anti-dilutive weighted average non-vested shares
Anti-dilutive weighted average non-vested shares (in shares)	235,854	320,926
Performance Units
Anti-dilutive weighted average non-vested shares
Anti-dilutive weighted average non-vested shares (in shares)	126,050	73,529

EARNINGS PER SHARE (Schedule of

EARNINGS PER SHARE (Schedule of Calculation of Basic and Diluted Loss or Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
Net (Loss) Income	$ (18,427)	$ 6,529
Basic weighted average common shares outstanding (in shares)	75,756,535	75,589,092
Add: Dilutive effect of non-vested restricted common stock (in shares)	0	109,500
Add: Dilutive effect of performance units (in shares)	0	8,487
Diluted weighted average common shares outstanding (in shares)	75,756,535	75,707,079
(Loss) Earnings per share:
Basic (in dollars per share)	$ (0.24)	$ 0.09
Diluted (in dollars per share)	$ (0.24)	$ 0.09

CASH, CASH EQUIVALENTS, AND I34

CASH, CASH EQUIVALENTS, AND INVESTMENTS (Summary of Cash, Cash Equivalents, and Investments) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Investment [Line Items]
Cash and cash equivalents	$ 24,422	$ 9,307	$ 66,786	$ 67,589
Short-term investments	30,014	50,523
Long-term investments	479	3,799
Cash, cash equivalents, and investments	54,915	63,629
Cash
Investment [Line Items]
Cash and cash equivalents	11,292	9,056
Commercial paper and money market accounts
Investment [Line Items]
Cash and cash equivalents	13,130	251
Corporate bonds
Investment [Line Items]
Short-term investments	29,008	49,518
Long-term investments	479	3,799
Certificates of deposit and time deposits
Investment [Line Items]
Short-term investments	$ 1,006	$ 1,005

CASH, CASH EQUIVALENTS, AND I35

CASH, CASH EQUIVALENTS, AND INVESTMENTS (Schedule of Available-for-Sale Investments) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair value of cash, cash equivalents, and investments
Available-for-sale Securities, Amortized Cost Basis	$ 30,514	$ 54,408
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax	8	6
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax	29	92
Available-for-sale Securities, Fair Value Disclosure	30,493	54,322
Corporate bonds
Fair value of cash, cash equivalents, and investments
Available-for-sale Securities, Amortized Cost Basis	29,508	53,403
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax	8	6
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax	29	92
Available-for-sale Securities, Fair Value Disclosure	29,487	53,317
Certificates of deposit and time deposits
Fair value of cash, cash equivalents, and investments
Available-for-sale Securities, Amortized Cost Basis	1,006	1,005
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax	0	0
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax	0	0
Available-for-sale Securities, Fair Value Disclosure	$ 1,006	$ 1,005

CASH, CASH EQUIVALENTS, AND I36

CASH, CASH EQUIVALENTS, AND INVESTMENTS (Narrative) (Details)	3 Months Ended
	Mar. 31, 2015USD ($)
Cash and Cash Equivalents [Abstract]
Available-for-sale Securities, Gross Realized Losses	$ 1,000

INVENTORY AND LONG-TERM PARTS37

INVENTORY AND LONG-TERM PARTS INVENTORY (Summary of Inventory) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Inventory [Line Items]
Finished goods product inventory, net	$ 64,838	$ 65,200
In-process mineral inventory	17,222	19,769
Total product inventory, net	82,060	84,969
Current parts inventory	21,556	21,562
Total current inventory, net	103,616	106,531
Long-term parts inventory	18,467	17,344
Total inventory, net	$ 122,083	$ 123,875

INVENTORY AND LONG-TERM PARTS38

INVENTORY AND LONG-TERM PARTS INVENTORY (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Inventory [Line Items]
Inventory Valuation Reserves	$ 3,300	$ 500
Lower-of-cost-or-market inventory adjustments	9,007	360
Production Related Impairments or Charges	$ 650	$ 0

PROPERTY, PLANT, EQUIPMENT, A39

PROPERTY, PLANT, EQUIPMENT, AND MINERAL PROPERTIES (Schedule of Property, Plant, Equipment, and Mineral Properties) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Property, plant, equipment, and mineral properties
Property, Plant and Equipment, Gross	$ 369,545	$ 363,827
Accumulated depreciation	(93,021)	(80,707)
Depreciable assets, net	276,524	283,120
Mineral properties and development costs	140,159	139,751
Accumulated depletion	(18,698)	(17,254)
Total depletable assets, net	121,461	122,497
Land	719	719
Construction in Progress, Gross	11,104	13,140
Property, Plant, Equipment and Mineral Properties, Net	409,808	419,476
Buildings Plant [Member]
Property, plant, equipment, and mineral properties
Property, Plant and Equipment, Gross	82,218	81,208
Machinery and Equipment [Member]
Property, plant, equipment, and mineral properties
Property, Plant and Equipment, Gross	213,452	209,920
Vehicles [Member]
Property, plant, equipment, and mineral properties
Property, Plant and Equipment, Gross	4,860	4,747
Office Equipment and Improvements [Member]
Property, plant, equipment, and mineral properties
Property, Plant and Equipment, Gross	12,050	12,001
Ponds and Land Improvements [Member]
Property, plant, equipment, and mineral properties
Property, Plant and Equipment, Gross	$ 56,965	$ 55,951

PROPERTY, PLANT, EQUIPMENT, A40

PROPERTY, PLANT, EQUIPMENT, AND MINERAL PROPERTIES (Schedule of Depreciation, Depletion, and Accretion) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Property, Plant and Equipment [Abstract]
Depreciation	$ 12,482	$ 18,879
Depletion	1,444	1,973
Accretion	442	424
Total incurred	$ 14,368	$ 21,276

DEBT (Narrative) (Details)

DEBT (Narrative) (Details)	3 Months Ended
	Mar. 31, 2016USD ($)LeverageRatioFixedCharge	Mar. 31, 2015USD ($)	Sep. 30, 2014USD ($)
Debt
Long-term Line of Credit	$ 0		$ 0
Maximum allowable leverage ratio	3.5
minimum fixed charge ratio | FixedCharge	1.3
Minimum Annual Maintenance Capital Expenditures	$ 20,000,000
Actual Fixed Charge Ratio	1.1
Cash And Investments Maximum Subtracted From Funded Indebtedness	$ 75,000,000
Actual Leverage ratio	3.7
Letters of Credit Outstanding, Amount	$ 500,000
Debt Instrument, Face Amount	$ 150,000,000		150,000,000
Debt Instrument, Interest Rate, Increase (Decrease)	0.25%
Leverage Ratio Exceeding 2.25 To 1 Results in An Increased Interest Rate | LeverageRatio	2.25
Increase In Interest Rate	0.00%
Interest Costs Incurred	$ 2,300,000	$ 1,700,000
Deferred Finance Costs, Description of Significant Additions or Deletions	0.7
Capitalized Interest		100,000
Series A Senior Notes
Debt
Debt Instrument, Face Amount	$ 60,000,000		$ 60,000,000
Debt Instrument, Interest Rate, Stated Percentage	3.23%		3.23%
Series B Senior Notes
Debt
Debt Instrument, Face Amount	$ 45,000,000		$ 45,000,000
Debt Instrument, Interest Rate, Stated Percentage	4.13%		4.13%
Series C Senior Notes
Debt
Debt Instrument, Face Amount	$ 45,000,000		$ 45,000,000
Debt Instrument, Interest Rate, Stated Percentage	4.28%		4.28%
Unsecured credit facility
Debt
Line of Credit Facility, Maximum Borrowing Capacity	$ 8,000,000		$ 250,000,000
Line of Credit Facility, Borrowings	0	0
Line of Credit Facility, Repayments	$ 0	$ 0

ASSET RETIREMENT OBLIGATION (Na

ASSET RETIREMENT OBLIGATION (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Asset Retirement Obligation Disclosure [Abstract]
Credit adjusted risk-free rates to discount abandonment liabilities, low end of range (as a percent)	6.90%
Credit adjusted risk-free rates to discount abandonment liabilities, high end of range (as a percent)	8.50%
Asset retirement obligation, current		$ 0
Undiscounted amount of asset retirement obligation	$ 58.4

ASSET RETIREMENT OBLIGATION (Sc

ASSET RETIREMENT OBLIGATION (Schedule of Changes to Asset Retirement Obligation) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Asset Retirement Obligation Disclosure [Abstract]
Asset retirement obligation, at beginning of period	$ 22,951	$ 22,037
Liabilities settled	0	0
Liabilities incurred	0	0
Asset Retirement Obligation, Revision of Estimate	0	0
Accretion of discount	442	424
Total asset retirement obligation, at end of period	$ 23,393	$ 22,461

COMPENSATION PLANS (Narrative)

COMPENSATION PLANS (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Feb. 22, 2016	Dec. 31, 2015
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding non-vested equity-based awards, end of period (in shares)	233,591			459,663
Period over which grants vest (in years)	3 years
Allocated Share-based Compensation Expense	$ 717,490	$ 901,542
Total unrecognized compensation expense	$ 3,100,000
Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding non-vested equity-based awards, end of period (in shares)	252,100
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding non-qualified stock options, end of period (in shares)	219,731
Common Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock available for issuance under the Plan (in shares)	3,300,000
Restricted Stock Awards, Granted To Newly Hired Employees | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period over which grants vest (in years)	1 year
Restricted Stock Awards, Granted To Newly Hired Employees | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period over which grants vest (in years)	4 years
2015 Performance Units [Member] | Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding non-vested equity-based awards, end of period (in shares)	252,100

COMPENSATION PLANS (Summary of

COMPENSATION PLANS (Summary of Non-Vested Restricted Common Stock Activity) (Details) - Restricted Stock - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 717,490	$ 901,542
Shares
Non-vested restricted shares of common stock, beginning of period (in shares)	459,663
Granted (in shares)	0
Vested (in shares)	(211,861)
Forfeited (in shares)	(14,211)
Non-vested restricted shares of common stock, end of period (in shares)	233,591
Weighted Average Grant-Date Fair Value
Non-vested restricted shares of common stock, beginning of period (in dollars per share)	$ 14.91
Granted (in dollars per share)	0
Vested (in dollars per share)	15.53
Forfeited (in dollars per share)	14.76
Non-vested restricted shares of common stock, end of period (in dollars per share)	$ 14.37

COMPENSATION PLANS (Summary o46

COMPENSATION PLANS (Summary of Stock Option Activity) (Details) - Stock Options	3 Months Ended
	Mar. 31, 2016USD ($)$ / sharesshares
Stock Option Activity, Number of Shares
Outstanding non-qualified stock options, end of period (in shares) | shares	219,731
Vested or expected to vest, end of period (in shares) | shares	219,731
Exercisable non-qualified stock options, end of period (in shares) | shares	219,731
Stock Options, Weighted Average Exercise Price
Outstanding non-qualified stock options, end of period (in dollars per share) | $ / shares	$ 25.75
Vested or expected to vest, end of period (in dollars per share) | $ / shares	25.75
Exercisable non-qualified stock options, end of period (in dollars per share) | $ / shares	$ 25.75
Stock Options, Aggregate Intrinsic Value
Outstanding non-qualified stock options, end of period (in shares) | $	$ 0
Vested or expected to vest, end of period (in shares) | $	0
Exercisable non-qualified stock options, end of period (in shares) | $	$ 0
Outstanding non-qualified stock options, end of period (in years)	3 years 6 months 11 days
Vested or expected to vest, end of period (in years)	3 years 6 months 11 days
Exercisable non-qualified stock options, end of period (in years)	3 years 6 months 11 days

INCOME TAXES (Schedule of Compo

INCOME TAXES (Schedule of Components of Income Tax (Benefit) Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Deferred Tax Assets, Net	$ 0		$ 0
Current portion of income tax (benefit) expense	2	$ 114
Deferred portion of income tax (benefit) expense	0	2,957
Total income tax (benefit) expense	$ 2	$ 3,071
Effective tax rate	0.00%	32.00%

COMMITMENTS AND CONTINGENCIES48

COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Jun. 30, 2015	Jun. 30, 2016
Reclamation Deposits and Surety Bonds
Security placed with the State of Utah and BLM	$ 18,000,000
Long-term restricted cash deposits	500,000
Surety bonds issued by an insurer	$ 17,500,000
Future Operating Lease Commitments
Operating Lease, Contract Term, Maximum (in years)	20 years
Lease Termination Penalty			$ 1,100,000
Early Lease Termination Penalty Paid		$ 500,000
Accrued Early Termination Penalty		$ 600,000
Current Monthly Office Rent	$ 83,331			$ 85,626

COMMITMENTS AND CONTINGENCIES49

COMMITMENTS AND CONTINGENCIES (Schedule of Rental and Lease Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Rental and lease expenses	$ 1,548	$ 1,744

FAIR VALUE (Schedule of Assets

FAIR VALUE (Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Investments
Corporate bonds	$ 29,487	$ 53,317
Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1)
Investments
Corporate bonds	0	0
Significant Observable Inputs (Level 2)
Investments
Corporate bonds	29,487	53,317
Significant Unobservable Inputs (Level 3)
Investments
Corporate bonds	$ 0	$ 0

FAIR VALUE (Fair Value, by Bala

FAIR VALUE (Fair Value, by Balance Sheet Groupings) (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Current Maturities	$ 150,000	$ 150,000
Long-term debt, fair value	$ 131,000	$ 138,000

RESTRUCTURING CHARGE (Narrative

RESTRUCTURING CHARGE (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Restructuring Charge [Abstract]
Restructuring charge, percentage of eliminated positions		5.00%
Restructuring charge	$ 400	$ 0