Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of Effective Income Tax Rate Reconciliation

The Company’s effective tax rate differs from the statutory federal rate for the year ended December 31, 2013, the nine months ended December 31, 2012, and year ended March 31, 2012, as follows (in thousands):

	Year Ended					Nine Months Ended					Year Ended
	December 31,					December 31,					March 31,
	2013					2012					2012
Pretax Income (Loss)	$	7,308				$	(4,238	)			$	(11,944	)
Tax at federal statutory rate	$	2,485		34.00	%	$	(1,441	)	34.00	%	$	(4,061	)	34.00	%
State tax, net of federal tax benefit		563		7.7	%		(151	)	3.56	%		(855	)	7.16	%
Share-based compensation expense		(593	)	-8.11	%		(314	)	7.41	%		181		-1.52	%
Tax credits		(459	)	-6.28	%		—		0.00	%		(140	)	1.17	%
Change in valuation allowance		(2,534	)	-34.67	%		1,934		-45.63	%		5,409		-45.28	%
Change in unrecognized tax benefit		518		7.09	%		150		-3.54	%		—		0.00	%
Other		20		0.27	%		(178	)	4.20	%		(534	)	4.47	%
	$	—		0.00	%	$	—		0.00	%	$	—		0.00	%

Deferred Tax Assets and Liabilities

The significant components of our deferred tax assets and liabilities at December 31, 2013 and 2012 are as follows (in thousands):

	December 31, 2013			December 31, 2012
Deferred tax assets
Net operating loss carryforwards	$	18,818		$	21,856
Reserves and accruals		2,804			1,365
Organizational and start-up costs		516			529
Credits & California incentives		216			254
Gross deferred tax asset		22,354			24,004
Valuation Allowance		(22,338	)		(23,939	)
Net deferred tax assets		16			65
Deferred tax liability
Depreciation and amortization	$	(16	)	$	(65	)
Net deferred tax liability	$	(16	)	$	(65	)

Changes in Unrecognized Tax Benefit

The following is a reconciliation of LC’s unrecognized tax benefits (in thousands):

	Year		Nine Months
	Ended		Ended
	December 31,		December 31,
	2013		2012
Balance as of the beginning of the calendar/fiscal year	$	367	$	240
Additions for tax positions related to the prior year		523		—
Additions for tax positions related to the current year		190		127
Balance as of the end of the calendar/fiscal year	$	1,080	$	367