Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Components of Income Tax Expense (Benefit)

Income tax expense (benefit) from continuing operations for the years ended December 31, 2014, 2013, and 2012 consisted of the following (dollars in thousands):



	2014			2013			2012
Current income tax (benefit) expense
Federal	$	—		$	—		$	(411	)
State and local	3,352			2,987			3,076
Total current income tax expense	$	3,352		$	2,987		$	2,665

Deferred tax expense (benefit)
Federal	$	7,172		$	(65,330	)	$	(22,487	)
State and local	(270		)	(6,121		)	(14,848		)
Total deferred tax expense (benefit)	6,902			(71,451		)	(37,335		)
Total income tax expense (benefit)	$	10,254		$	(68,464	)	$	(34,670	)

Total Income Tax Expense (Benefit) Differed From Amount Computed by Applying Federal Statutory Tax Rate

Total income tax expense (benefit) from continuing operations differed from the amount computed by applying the federal statutory tax rate of 35.0% for the years ended December 31, 2014, 2013 and 2012 due to the following (dollars in thousands):



	2014			2013			2012
Pretax income (loss) at federal statutory rate	$	7,707		$	(8,698	)	$	(51,311	)
State income tax expense (benefit), net federal expense (benefit)	992			(209		)	4,347
Meals and entertainment	424			291			63
Acquisition costs	—			399			—
Change in state tax rates	(1,580		)	296			(10,985		)
Section 162 disallowance	562			140			1,438
Impairment charges on goodwill with no tax basis	—			—			35,000
Increase (decrease) in valuation allowance	2,189			(61,512		)	(12,812		)
Other	(40		)	829			(410		)
Net income tax expense (benefit)	$	10,254		$	(68,464	)	$	(34,670	)

Tax Effects of Temporary Differences That Give Rise to Significant Portions of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at December 31, 2014 and 2013 are presented below (dollars in thousands):



	2014			2013
Current deferred tax assets:
Accounts receivable	$	1,975		$	1,501
Accrued expenses and other current liabilities	826			3,690
Net operating loss	45,246			41,469
Current deferred tax assets	48,047			46,660
Less: valuation allowance	(4,199		)	(3,562		)
Net current deferred tax assets	43,848			43,098
Noncurrent deferred tax assets:
Advertising relationships	4,839			7,037
Other liabilities	19,835			16,281
AMT tax credit	2,042			5,037
Net operating loss	136,700			145,056
Noncurrent deferred tax assets	163,416			173,411
Less: valuation allowance	(14,792		)	(13,240		)
Net noncurrent deferred tax assets	148,624			160,171
Noncurrent deferred tax liabilities:
Intangible assets	560,954			536,351
Property and equipment	38,798			47,083
Cancellation of debt income	51,002			74,396
Other	5,861			2,847
Noncurrent deferred tax liabilities	656,615			660,677
Net noncurrent deferred tax liabilities	507,991			500,506
Net deferred tax liabilities	$	464,143		$	457,408

Schedule of Unrecognized Tax Benefits Roll Forward



Balance at January 1, 2013	$	12,285
Increases for tax positions related to the WestwoodOne acquisition	2,603
Balance at December 31, 2013	$	14,888
Increases for tax positions related to the WestwoodOne acquisition	(422		)
Balance at December 31, 2014	$	14,466