INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2015

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



	Years Ended December 31,
	2015			2014			2013
Current tax provision (benefit):
Federal	$	146		$	(170	)	$	746
State	1,655			592			1,042
Foreign	74			43			(156		)
Total current tax provision (benefit)	1,875			465			1,632
Deferred tax provision (benefit)
Federal	4,386			5,039			1,399
State	(404		)	349			(1,374		)
Foreign	—			—			—
Total deferred tax provision (benefit)	3,982			5,388			25
Total income tax provision (benefit)	$	5,857		$	5,853		$	1,657

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



	Years Ended December 31,
	2015		2014		2013
Statutory tax rate	35	%	35	%	35	%
State and local taxes, net of federal benefit	4		5		(10	)
Non-controlling interests	(5	)	—		—
Foreign adjustment	—		—		(2	)
Excess officers' compensation	5		—		—
Equity-based compensation (benefit) expense	3		(1	)	1
Dividend received deduction	(1	)	(2	)	(2	)
Other items	1		2		(5	)
	42	%	39	%	17	%

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



	December 31,
	2015			2014
Deferred tax assets related to:
Federal, foreign, state and local operating loss carryforwards	$	10,147		$	10,401
Capital loss carryforwards	2,367			1,192
Unrealized loss on investments	14,675			13,455
Investment in partnerships	4,712			2,201
Provision for credit losses	216			7,354
Accrued expenses	2,337			1,794
Employee equity compensation awards	1,711			1,864
Deferred income	10			40
Property and equipment basis differences	16			—
Gross deferred tax assets	36,191			38,301
Less: valuation allowance	(6,565		)	(4,906		)
	29,626			33,395
Deferred tax liabilities related to:
Intangible assets	(362		)	(392		)
Unremitted foreign earnings	—			(76		)
Property and equipment basis differences	—			(109		)
	(362		)	(577		)

Deferred tax assets, net	$	29,264		$	32,818