Income Taxes Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of Components of Income Tax Expense (Benefit)

The components of the Company's income tax expense for the years ended December 31, 2014 , 2013 and 2012 are as follows:



	Year ended December 31,
	2014			2013		2012
	(dollars in thousands)
Current tax expense/(benefit)
Federal	$	2,247		$	—	$	—
State and local	573			241		(133		)
Foreign	341			188		569
Total	$	3,161		$	429	$	436
Deferred tax expense/(benefit)
Federal	$	(99,284	)	$	—	$	8
State and local	(28,825		)	—		2
Foreign	4			28		2
Total	(128,105		)	28		12
Total Tax expense/(benefit)	$	(124,944	)	$	457	$	448

Schedule of Effective Income Tax Rate Reconciliation

The reconciliations of the Company's federal statutory rate to the effective income tax rate for the years ended December 31, 2014, 2013, and 2012 are as follows:



	2014		2013		2012
Pre-tax loss at U.S. statutory rate	35.0	%	35.0	%	35.0	%
Stock compensation	—		12.6		(28.1	)
Change in valuation allowance	(252.7	)	(27.2	)	(7.6	)
State and foreign tax	5.8		—		—
Minority interest reversal	(9.4	)	(25.2	)	(0.1	)
Other, net	5.3		7.3		(1.1	)
Total	(216.0	)%	2.5	%	(1.9	)%

Schedule of Deferred Tax Assets and Liabilities

The components of the Company's deferred tax assets and liabilities as of December 31, 2014 and 2013 are as follows:



	2014			2013
	(dollars in thousands)
Deferred tax assets, net of valuation allowance
Net operating loss	$	94,628		$	130,562
Deferred compensation	56,069			22,538
Goodwill	8,434			9,937
Tax credits	2,668			1,820
Acquired lease liability	5,164			3,336
Other	2,394			4,081
Total deferred tax assets	169,357			172,274
Valuation allowance	(2,263		)	(148,816		)
Deferred tax assets, net of valuation allowance	167,094			23,458
Deferred tax liabilities
Basis difference on investments	(15,352		)	(15,352		)
Unrealized gains on investments	(21,739		)	(6,354		)
Intangible assets	(537		)	(1,177		)
Other	(66		)	(602		)
Total deferred tax liabilities	(37,694		)	(23,485		)
Deferred tax assets/(liabilities), net	$	129,400		$	(27	)

Summary of Operating Loss Carryforwards

The Company has the following net operating loss carryforwards at December 31, 2014:



	Federal		New York		Hong Kong
Jurisdiction:
Net operating loss (in millions)	$	230	$	295	$	14
Year of expiration	2033		2033		Indefinite