Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of Effective Income Tax Rate Reconciliation

The following table reconciles the income tax expense at statutory rates to the actual income tax expense recorded (in thousands):



	Year Ended December 31,
	2015			2014			2013
Income tax expense at federal statutory income tax rate of 35%	$	(1,727	)	$	(2,299	)	$	(1,838	)
State income tax expense, net of federal income tax benefit	(117		)	(279		)	(164		)
State and local income tax expense on pass-through entity subsidiaries	(86		)	(56		)	(161		)
Gross receipts and margin taxes	(170		)	(193		)	(177		)
Other	(40		)	(2		)	(65		)
Valuation allowance	1,877			1,732			62
Total income tax expense	$	(263	)	$	(1,097	)	$	(2,343	)

Schedule of Components of Income Tax Expense (Benefit)

The components of income tax expense are as follows (in thousands):



	Year Ended December 31,
	2015			2014			2013
Current:
Federal	$	(1,067	)	$	(824	)	$	(2,043	)
State	(252		)	(315		)	(504		)
Foreign	(37		)	—			—
Total current	(1,356		)	(1,139		)	(2,547		)
Deferred:
Federal	953			76			178
State	140			(34		)	26
Foreign	—			—			—
Total deferred	1,093			42			204
Total income tax expense	$	(263	)	$	(1,097	)	$	(2,343	)

Schedule of Deferred Tax Assets and Liabilities

At December 31, 2015 and 2014, our net deferred tax asset, included in “other assets”, and net deferred tax liability, included in “accounts payable and accrued expenses”, respectively, on the consolidated balance sheets, consisted of the following (in thousands):



	December 31,
	2015			2014
Deferred tax assets:
Tax intangibles basis greater than book basis	$	1,214		$	17
Allowance for doubtful accounts	20			19
Unearned income	108			134
Unfavorable management contract liability	63			126
Federal and state net operating losses	22,672			1,978
Other	8			—
Accrued expenses	256			743
Tax property basis greater than book basis	4,429			1,575
Prepaid expenses	(1,158		)	(1,156		)
Net deferred tax asset	27,612			3,436
Valuation allowance	(27,022		)	(3,939		)
Net deferred tax asset (liability)	590			(503		)

Summary of Valuation Allowance

The following table summarizes the changes in the valuation allowance (in thousands):



	Year Ended December 31,
	2015			2014			2013
Balance at beginning of year	$	3,939		$	3,920		$	2,202
Additions	25,043			1,945			1,867
Deductions	(1,960		)	(1,926		)	(149		)
Balance at end of year	$	27,022		$	3,939		$	3,920