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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2015
Income Tax Disclosure [Abstract]  
Components of Net Deferred Tax Assets

The components of the Company’s net deferred tax assets as of December 31, 2015 and 2014 are as follows (in thousands):

 

 

 

Federal

 

 

State

 

 

Total

 

Deferred tax assets—2015:

 

 

 

 

 

 

 

 

 

 

 

 

Net operating loss carry forwards

 

$

125,244

 

 

$

21,489

 

 

$

146,733

 

Business credit carryforwards

 

 

11,528

 

 

 

6,373

 

 

 

17,901

 

Organization costs

 

 

166

 

 

 

29

 

 

 

195

 

Compensation

 

 

38,138

 

 

 

6,545

 

 

 

44,683

 

Depreciation

 

 

180

 

 

 

30

 

 

 

210

 

Other

 

 

53

 

 

 

9

 

 

 

62

 

 

 

 

175,309

 

 

 

34,475

 

 

 

209,784

 

Deferred tax liabilities

 

 

 

 

 

 

 

 

 

Total deferred tax assets

 

 

175,309

 

 

 

34,475

 

 

 

209,784

 

Valuation allowance

 

 

(175,309

)

 

 

(34,475

)

 

 

(209,784

)

Net deferred tax assets

 

$

 

 

$

 

 

$

 

 

 

 

Federal

 

 

State

 

 

Total

 

Deferred tax assets—2014:

 

 

 

 

 

 

 

 

 

 

 

 

Net operating loss carry forwards

 

$

71,535

 

 

$

12,273

 

 

$

83,808

 

Business credit carryforwards

 

 

6,499

 

 

 

3,429

 

 

 

9,928

 

Organization costs

 

 

185

 

 

 

32

 

 

 

217

 

Compensation

 

 

12,178

 

 

 

2,090

 

 

 

14,268

 

Depreciation

 

 

109

 

 

 

19

 

 

 

128

 

Other

 

 

72

 

 

 

12

 

 

 

84

 

 

 

 

90,578

 

 

 

17,855

 

 

 

108,433

 

Deferred tax liabilities

 

 

 

 

 

 

 

 

 

Total deferred tax assets

 

 

90,578

 

 

 

17,855

 

 

 

108,433

 

Valuation allowance

 

 

(90,578

)

 

 

(17,855

)

 

 

(108,433

)

Net deferred tax assets

 

$

 

 

$

 

 

$

 

 

 

Schedule of Income Tax Reconciliation

The provision (credit) for income taxes in the accompanying Consolidated Statements of Operations differs from the amount calculated by applying the statutory income tax rate to income (loss) from continuing operations before income taxes. The primary components of such differences are as follows as of December 31 (in thousands):

 

 

 

2015

 

 

2014

 

 

2013

 

Tax computed at the federal statutory rate

 

$

(81,356

)

 

$

(48,268

)

 

$

(18,584

)

State taxes

 

 

(16,620

)

 

 

(8,465

)

 

 

(3,948

)

Permanent items

 

 

4,225

 

 

 

9,956

 

 

 

(806

)

R&D credits

 

 

(5,029

)

 

 

(3,697

)

 

 

 

Other

 

 

(2,571

)

 

 

690

 

 

 

 

Change in valuation allowance

 

 

101,351

 

 

 

49,784

 

 

 

23,338

 

Total provision

 

$

 

 

$

 

 

$

 

 

Reconciliation of Unrecognized Tax Benefits

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits at December 31:

 

(in thousands)

 

2015

 

 

2014

 

 

2013

 

Unrecognized tax benefits—January 1

 

$

2,482

 

 

$

1,263

 

 

$

205

 

Gross decreases—tax positions in prior period

 

 

 

 

 

(205

)

 

 

 

Gross increases—tax positions in current period

 

 

1,993

 

 

 

1,424

 

 

 

1,058

 

Unrecognized tax benefits—December 31

 

$

4,475

 

 

$

2,482

 

 

$

1,263