INCOME TAXES (Tables)

12 Months Ended

Sep. 30, 2012

Income Tax Disclosure [Abstract]

Components of Income Taxes

The following table details the allocation of the Company's provision (benefit) for income taxes from continuing operations between RAI and RSO:

	Fiscal Years Ended September 30,
	2012		2011			2010
RAI	$	13,512	$	(4,607	)	(2,650		)
RSO	14,602		12,036			—
Total	$	28,114	$	7,429		$	(2,650	)

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

	Fiscal 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	)

The following table details the components of income taxes (in thousands):

	Years Ended December 31,
	2012		2011
Provision (benefit) for income taxes:
Current:
Federal	$	11,497	$	7,839
State	776		4,596
Total current	12,273		12,435
Deferred:
Federal	1,769		(305		)
State	560		(94		)
Total deferred	2,329		(399		)
Income tax provision (benefit)	$	14,602	$	12,036

Reconciliation Between Federal Statutory Income Tax Rate and Effective Income Tax Rate

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

	Fiscal 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	%

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

	Years Ended December 31,
	2012		2011
Statutory tax	35	%	35	%
State and local taxes, net of federal benefit	1	%	15	%
Valuation allowance for deferred tax assets	—	%	—	%
Subpart F income	13	%	11	%
Basis difference in LEAF Commercial Capital investment	—	%	6	%
Other items	5	%	—	%
	54	%	67	%

Components of Deferred Tax Assets and Liabilities

The components of deferred tax assets, net, excluding RSO 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	2,118			2,164
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	41,986			60,786
Less:  valuation allowance	(5,812		)	(4,858		)
	36,174			55,928
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	$	27,770		$	43,915

The components of deferred tax assets and liabilities are as follows (in thousands):

	December 31,
	2012		2011
Deferred tax assets related to:
Investment in securities	$	118	$	119
Intangible assets basis difference	2,557		490
Federal, state and local loss carryforwards	45		17
Capital loss carryforward	12		—
Partnership investment	34		—
Total deferred tax assets	2,766		626
Valuation allowance	—		—
Total deferred tax assets	$	2,766	$	626

Deferred tax liabilities related to:
Unrealized income/loss on investments	$	(4,286	)	$	(1,188	)
Equity investments	(838		)	(394		)
Basis difference in LEAF Commercial Capital investment	(185		)	(3,390		)
Subpart F income	(3,067		)	(652		)
Total deferred tax liabilities	$	(8,376	)	$	(5,624	)