Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Sources of income from continuing operations before income taxes

The sources of income from continuing operations before income taxes and earnings of unconsolidated equity method investment for the years ended December 31, 2015, 2014 and 2013 were as follow

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The components of the income tax provision from continuing operations for the year ended December 31, 2015, 2014 and 2013 consisted of the following:



	Year Ended December 31,
	2015			2014			2013
Current:
United States:
Federal	$	4,167		$	1,571		$	1,742
State	994			390			515
Non-U.S	14,499			9,040			2,542
Current income tax provision	19,660			11,001			4,799
Deferred:
United States:
Federal	829			2,335			963
State	57			932			386
Non-U.S	(7,775		)	(405		)	3,067
Deferred income tax provision (benefit)	(6,889		)	2,862			4,416
Total	$	12,771		$	13,863		$	9,215

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

Significant components of the Company’s deferred tax assets and liabilities at December 31, 2015, 2014 and 2013 consisted of the following:



	Year Ended December 31,
	2015			2014			2013
Deferred tax assets:
Non-cash share based payments	$	1,483		$	1,106		$	1,139
Net operating loss carry forwards	52,007			42,900			23,137
Interest rate derivatives	—			35			863
Other	761			340			356
Total deferred tax assets	54,251			44,381			25,495
Deferred tax liabilities:
Accelerated depreciation	(87,716		)	(79,360		)	(56,312		)
Other	(442		)	(1,795		)	(1,143		)
Total deferred tax liabilities	(88,158		)	(81,155		)	(57,455		)
Net deferred tax liabilities	$	(33,907	)	$	(36,774	)	$	(31,960	)

Analysis of effective income tax rate for continuing operations

Differences between statutory income tax rates and our effective income tax rates applied to pre-tax income from continuing operations at December 31, 2015, 2014 and 2013 consisted of the following:



	Year Ended December 31,
	2015			2014			2013
Notional U.S. federal income tax expense at the statutory rate:	$	44,885		$	39,073		$	13,630
U.S. state and local income tax, net	221			189			195
Non-U.S. operations:
Bermuda	(20,789		)	(12,424		)	4,749
Ireland	(3,073		)	(4,732		)	(5,514		)
Singapore	(5,650		)	(5,529		)	(597		)
Other low tax jurisdictions	(3,395		)	(2,890		)	(3,608		)
Non-deductible expenses in the U.S.	737			644			447
Other	(165		)	(468		)	(87		)
Provision for income taxes	$	12,771		$	13,863		$	9,215