Note 8 - Income Taxes

12 Months Ended

Dec. 31, 2015

8 .	INCOME TAXES

GAAP prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return.

Reconciliations between the total income tax benefit and the amount computed using the statutory federal rate of 35% for the years ended December 31, 2015 and 2014 were as follows:

	2015			2014
	(in thousands)
Federal income tax expense (benefit) at statutory rate	$	2,385		$	6,172
Adjusted for:
Valuation allowance		(2,390	)		(6,170	)
Permanent differences and other		5			(2	)
Income tax benefit - continuing operations	$	-		$	-

Deferred tax assets were comprised of the following temporary differences as of December 31, 2015 and 2014:

	2015			2014
	(in thousands)
Net operating loss and tax credit carryforwards	$	46,395		$	50,361
Joint venture and other investments		183			238
Accrued retirement benefits		4,765			2,550
Property net book value		3,275			2,715
Deferred revenue		1,101			1,160
Stock compensation		22			154
Reserves and other		460			447
Total deferred tax assets		56,201			57,625
Valuation allowance		(56,201	)		(57,625	)
Net deferred tax assets	$	-		$	-

Valuation allowances have been established to reduce future tax benefits not expected to be realized. The change in the deferred tax asset related to accrued retirement benefits and the valuation allowance includes the pension adjustment included in accumulated other comprehensive income, which is not included in the current provision. The Company had $105.7 million in federal net operating loss carry forwards at December 31, 2015, that expire from 2028 through 2033.The Company had $121.3 million in state net operating loss carry forwards at December 31, 2015, that expire from 2028 through 2033.