XML 100 R38.htm IDEA: XBRL DOCUMENT v2.4.0.8
Income Taxes (Tables)
3 Months Ended
Mar. 31, 2014
Components of Income Tax Benefit (Expense)

The components of the income tax benefit (expense) for the three months ended March 31, 2014 and 2013 are as follows (in thousands):

 

     Three Months Ended March 31,  
     2014      2013  

Current:

     

Federal

   $ —         $ —     

State

     30         —     
  

 

 

    

 

 

 

Total current benefit

     30         —     
  

 

 

    

 

 

 

Deferred:

     

Federal

     —           13   

State

     —           —     
  

 

 

    

 

 

 

Total deferred benefit

     —           13   
  

 

 

    

 

 

 

Income tax benefit

   $ 30       $ 13   
  

 

 

    

 

 

 

Significant Components of Deferred Tax Assets

Significant components of the Company’s deferred tax assets as of March 31, 2014 are as follows:

 

Carryforwards of net operating loss

   $ 806   

Prepaid rent

     431   

Valuation allowance

     (1,237
  

 

 

 

Net deferred tax assets

   $ —     
  

 

 

 
Reconciliation of Income Tax Benefit (Expense)

A reconciliation of the income tax benefit (expense) computed at the statutory federal tax rate on income before income taxes is as follows (in thousands):

 

     Three Months Ended March 31,  
     2014     2013  

Tax expense computed at federal statutory rate

   $ (4,394     (35.00 %)    $ (1,338     (35.00 %) 

Benefit of REIT election

     4,394        35.00     1,351        35.35 %

State income tax benefit

     30        0.24     —          0.00
  

 

 

     

 

 

   

Income tax benefit

   $ 30        0.24   $ 13        0.35 %