Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Components of Income Tax Expense (Benefit)

The components of income tax expense (benefit) are as follows:

	For the Years Ended December 31,
	2014		2013		2012
Current Federal alternative minimum tax (“AMT”) expense	$	92,000	$	42,000	$	—
Current state and local tax expense		254,000		132,000		187,000
Deferred Federal tax expense (benefit) (A)		2,118,000		(12,775,000)		(5,279,000)
Deferred state and local tax expense (benefit)		(4,000)		(1,299,000)		(335,000)
Consolidated income tax expense (benefit), including taxes attributable to discontinued operations (B)		2,460,000		(13,900,000)		(5,427,000)
Less income tax expense (benefit) attributable to discontinued operations		(382,000)		(230,000)		—
Income tax expense (benefit) (C)	$	2,842,000	$	(13,670,000)	$	(5,427,000)

(A) Includes an AMT (benefit) of $(92,000) and $(1,181,000) in 2014 and 2013, respectively.

(B) Includes income tax (benefit) attributable to (loss) from discontinued operations.

(C) Reflects the tax expense (benefit) from continuing operations as reported on the consolidated statements of operations for the periods presented.

Reconciliation of Income Tax Computed at U.S. Federal Statutory Rate to Income Tax Expense (Benefit)

The reconciliation of income tax computed at the U.S. Federal statutory rate to income tax expense (benefit) on continuing operations is as follows:

	For the Years Ended December 31,
	2014				2013				2012
	Amount		Percent		Amount		Percent		Amount		Percent
Tax expense (benefit) at U.S. statutory rate	$	2,610,000		35.00%	$	1,492,000		35.00%	$	(3,399,000)		(35.00%)
State and local tax expense (benefit), net of Federal impact		194,000		2.60%		86,000		2.01%		(96,000)		(0.99%)
Impact of state and local tax rate change net of Federal impact		27,000		0.36%		110,000		2.58%		6,000		0.06%
Cost (benefit) attributable to valuation allowance, net		—		—		(150,000)		(3.52%)		3,671,000		37.80%
Non-deductible items		11,000		0.15%		9,000		0.21%		5,000		0.05%
Benefit attributable to reduction in allowance against certain deferred tax assets		—		—		(15,217,000)		(356.94%)		(5,614,000)		(57.81%)
Income tax expense (benefit)	$	2,842,000		38.11%	$	(13,670,000)		(320.66%)	$	(5,427,000)		(55.89%)

Significant Components of Company's Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows:

	December 31,
	2014		2013
Deferred Tax Assets
Net operating loss carryforwards	$	22,113,983	$	23,771,675
Asset basis differences — tax amount greater than book value		259,922		263,944
Liability reserves		212,142		212,376
Reserve for option cancellations		—		99,689
Stock compensation plans		1,520,041		1,598,969
AMT credit carryforwards		1,273,792		1,181,423
Other		21,585		31,167
		25,401,465		27,159,243
Valuation allowance		—		—
Total deferred tax assets		25,401,465		27,159,243
Deferred Tax Liabilities
Acquired asset differences — book value greater than tax		(2,669,655)		(3,145,741)
Asset basis differences — carrying amount value greater than tax		(295,073)		(224,982)
Total deferred tax liabilities		(2,964,728)		(3,370,723)
Net deferred tax asset (liability)	$	22,436,737	$	23,788,520

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the unrecognized tax benefits for the years ended December 31, 2014, 2013 and 2012 follows:

	For the Years Ended December 31,
	2014		2013		2012
Balance at beginning of period	$	62,000	$	345,000	$	145,000
Additional provisions and interest related to prior years		43,000		51,000		200,000
Resolution of matters during the period		—		(334,000)		—
Balance at end of period	$	105,000	$	62,000	$	345,000