INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2013

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:

	Years Ended December 31,
	2013			2012		2011
RAI	$	1,657		$	13,117	(3,811		)
RSO, net of eliminations	(1,041		)	14,602		12,036
Total	$	616		$	27,719	$	8,225

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

	Years Ended December 31,
	2013			2012			2011
Current tax provision:
Federal	$	746		$	—		$	(29	)
State	1,042			1,225			(328		)
Foreign	(156		)	56			(243		)
Total current tax provision (benefit)	1,632			1,281			(600		)
Deferred tax provision (benefit)
Federal	1,399			13,045			(2,650		)
State	(1,374		)	(1,209		)	(1,167		)
Foreign	—			—			606
Total deferred tax provision (benefit)	25			11,836			(3,211		)
Total income tax provision (benefit)	$	1,657		$	13,117		$	(3,811	)

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:

	Years Ended December 31,
	2013		2012		2011
Statutory tax rate	35	%	35	%	35	%
State and local taxes, net of federal benefit	(10	)	3		9
Deconsolidation adjustment	—		(6	)	—
Return permanent adjustments	—		—		15
Foreign adjustment	(2	)	—		(5	)
Valuation allowance for deferred tax assets	—		3		—
Equity-based compensation expense (benefit)	1		—		(4	)
Dividend received deduction	(2	)	—		—
Other items	(5	)	—		2
	17	%	35	%	52	%

Components of Deferred Tax Assets and Liabilities

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

	December 31,
	2013			2012
Deferred tax assets related to:
Federal, foreign, state and local operating loss carryforwards	$	8,999		$	22,384
Capital loss carryforwards	450			1,316
Unrealized loss on investments	3,664			2,743
Investment in partnerships	2,572			—
Provision for credit losses	15,600			13,295
Accrued expenses	2,142			1,848
Employee equity compensation awards	1,005			814
Investments in real estate assets	—			136
Property and equipment basis differences	96			—
Gross deferred tax assets	34,528			42,536
Less:  valuation allowance	(4,584		)	(6,350		)
	29,944			36,186
Deferred tax liabilities related to:
Investments in partnership interests	—			(5,481		)
Deferred income	(2,175		)	(2,343		)
Property and equipment basis differences	—			(88		)
	(2,175		)	(7,912		)
Deferred tax assets, net	$	27,769		$	28,274