INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2014

Components Of Income Tax Expense

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

	For the Years Ended December 31,
	2014			2013			2012
Current income tax expense (benefit)
Federal	$	9,326		$	13,674		$	75,867
State		828			2,368			5,885
		10,154			16,042			81,752
Deferred income tax expense (benefit)
Federal		(2,280	)		(144,771	)		8,576
State		(931	)		(6,266	)		(2,815	)
		(3,211	)		(151,037	)		5,761
Income tax expense (benefit)	$	6,943		$	(134,995	)	$	87,513

Components of Deferred Tax Assets and Liabilities

Significant components of CCA’s deferred tax assets and liabilities as of December 31, 2014 and 2013, are as follows (in thousands):

	December 31,
	2014			2013
Current deferred tax assets:
Asset reserves and liabilities not yet deductible for tax	$	15,969		$	11,284
Net current deferred tax assets		15,969			11,284
Current deferred tax liabilities:
Other		(2,740	)		(2,043	)
Net total current deferred tax assets	$	13,229		$	9,241
Noncurrent deferred tax assets:
Asset reserves and liabilities not yet deductible for tax	$	15,665		$	17,372
Tax over book basis of certain assets		924			897
Net operating loss and tax credit carryforwards		5,008			4,575
Intangible contract value		2,877			3,024
Other		579			705
Total noncurrent deferred tax assets		25,053			26,573
Less valuation allowance		(4,065	)		(4,497	)
Net noncurrent deferred tax assets		20,988			22,076
Noncurrent deferred tax liabilities:
Book over tax basis of certain assets		(9,028	)		(9,067	)
Intangible lease value		(9,431	)		(9,894	)
Other		(228	)		(37	)
Total noncurrent deferred tax liabilities		(18,687	)		(18,998	)
Net total noncurrent deferred tax assets	$	2,301		$	3,078

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, 2014, 2013, and 2012 is as follows:

	2014			2013			2012
Statutory federal rate		35.0	%		35.0	%		35.0	%
Dividends paid deduction		(31.1	)		(30.7	)		—
State taxes, net of federal tax benefit		0.8			1.1			1.0
Permanent differences		0.1			3.0			0.7
Impact of REIT election		—			(87.0	)		—
Other items, net		(1.4	)		(1.0	)		(0.9	)
		3.4	%		(79.6	)%		35.8	%