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Income Taxes
6 Months Ended
Jun. 30, 2014
Income Tax Disclosure [Abstract]  
Income Taxes
Income Taxes

The Company accounts for income taxes in accordance with Accounting Standards Codification (“ASC”) Topic 740, Income Taxes, which requires that deferred tax assets and liabilities are recognized using enacted tax rates for the effect of temporary differences between the book and tax bases of recorded assets and liabilities. ASC 740 also requires that deferred tax assets be reduced by a valuation allowance if it is more likely than not that some or all of the deferred tax assets will not be realized. Based on its history of operating losses, the Company has offset its net deferred tax assets by a full valuation allowance. Any reversal of the corresponding valuation allowance will generally result in a tax benefit being recorded in the consolidated statement of operations in the respective period.

For the three months ended June 30, 2014 and 2013, the Company reversed $1.1 million and $0.3 million, respectively, of its valuation allowance for deferred tax assets as a result of recognizing deferred tax liabilities related to unrealized gains on marketable securities recorded during the period. These reversals resulted in an overall benefit from income taxes of $0.7 million and $0.4 million for the three months ended June 30, 2014 and 2013, respectively.

For the six months ended June 30, 2014 and 2013, the Company reversed $3.2 million and $2.1 million, respectively, of its valuation allowance for deferred tax assets as a result of recognizing deferred tax liabilities related to unrealized gains on marketable securities recorded during the period. These reversals resulted in an overall benefit from income taxes of $2.6 million and $2.0 million for the six months ended June 30, 2014 and 2013, respectively.