INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2013

Components Of Income Tax Expense

Income tax (benefit) expense is comprised of the following components (in thousands):

	For the Years Ended December 31,
	2013			2012			2011
Current income tax (benefit) expense
Federal	$	13,674		$	75,867		$	70,379
State		2,368			5,885			6,466
		16,042			81,752			76,845
Deferred income tax (benefit) expense
Federal		(144,771	)		8,576			17,167
State		(6,266	)		(2,815	)		2,154
		(151,037	)		5,761			19,321
Income tax (benefit) expense	$	(134,995	)	$	87,513		$	96,166

Components of Deferred Tax Assets and Liabilities

Significant components of CCA’s deferred tax assets and liabilities as of December 31, 2013 and 2012, are as follows (in thousands):

	December 31,
	2013			2012
Current deferred tax assets:
Asset reserves and liabilities not yet deductible for tax	$	11,284		$	12,198
Net current deferred tax assets		11,284			12,198
Current deferred tax liabilities:
Other		(2,043	)		(4,176	)
Net total current deferred tax assets	$	9,241		$	8,022
Noncurrent deferred tax assets:
Asset reserves and liabilities not yet deductible for tax	$	17,372		$	24,392
Tax over book basis of certain assets		897			13,994
Net operating loss and tax credit carryforwards		4,575			8,843
Intangible contract value		3,024			—
Other		705			261
Total noncurrent deferred tax assets		26,573			47,490
Less valuation allowance		(4,497	)		(2,655	)
Net noncurrent deferred tax assets		22,076			44,835
Noncurrent deferred tax liabilities:
Book over tax basis of certain assets		(9,067	)		(184,334	)
Intangible lease value		(9,894	)		—
Other		(37	)		(27	)
Total noncurrent deferred tax liabilities		(18,998	)		(184,361	)
Net total noncurrent deferred tax assets (liabilities)	$	3,078		$	(139,526	)

Reconciliation of Income Tax Provision at Statutory Income Tax Rate and Effective Tax Rate

A reconciliation of the income tax provision at the statutory income tax rate and the effective tax rate as a percentage of income from continuing operations before income taxes for the years ended December 31, 2013, 2012, and 2011 is as follows:

	2013			2011			2010
Statutory federal rate		35.0	%		35.0	%		35.0	%
Dividends paid deduction		(30.7	)		—			—
State taxes, net of federal tax benefit		1.1			1.0			2.6
Permanent differences		3.0			0.7			0.5
Impact of REIT election		(87.0	)		—			—
Other items, net		(1.0	)		(0.9	)		(0.9	)
		(79.6	)%		35.8	%		37.2	%