INCOME TAXES (Tables)

12 Months Ended

Sep. 30, 2012

The following table details the components of the Company's provision (benefit) for income taxes from continuing operations (in thousands):



	Years Ended September 30,
	2012			2011			2010
Current tax provision:
Federal	$	—		$	51		$	1,379
State	959			574			535
Foreign	44			425			—
Total current tax provision	1,003			1,050			1,914
Deferred tax provision (benefit)
Federal	13,787			(4,668		)	(5,795		)
State	(1,278		)	(2,056		)	(223		)
Foreign	—			1,067			1,454
Total deferred tax provision (benefit)	12,509			(5,657		)	(4,564		)
Total income tax provision (benefit)	$	13,512		$	(4,607	)	$	(2,650	)

A reconciliation between the federal statutory income tax rate and the Company's effective income tax rate is as follows:



	Years Ended September 30,
	2012		2011		2010
Statutory tax rate	35	%	35	%	35	%
State and local taxes, net of federal benefit	2		13		12
Deconsolidation adjustment	(6	)	—		—
Return permanent adjustments	—		12		(7	)
Taxable foreign distributions	—		(6	)	—
Valuation allowance for deferred tax assets	2		(4	)	(18	)
Equity-based compensation expense	—		(3	)	(8	)
Other items	1		—		(1	)
	34	%	47	%	13	%

The components of deferred tax assets, net, are as follows (in thousands):



	September 30,
	2012			2011
Deferred tax assets related to:
Federal, foreign, state and local operating loss carryforwards	$	23,225		$	23,594
Capital loss carryforwards	1,314			24,752
Unrealized loss on investments	8,913			9,830
Provision for credit losses	11,288			4,627
Accrued expenses	2,059			3,685
Employee equity compensation awards	906			1,242
Investments in real estate assets	1,076			41
Property and equipment basis differences	—			681
Gross deferred tax assets	48,781			68,452
Less: valuation allowance	(5,812		)	(4,858		)
	42,969			63,594
Deferred tax liabilities related to:
Investments in partnership interests	(6,001		)	(12,013		)
Deferred income	(2,312		)	—
Property and equipment basis differences	(91		)	—
	(8,404		)	(12,013		)

Deferred tax assets, net	$	34,565		$	51,581