Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of deferred tax assets and liabilities

Deferred tax assets and liabilities as of December 31, 2014 and 2013, consisted of the following:

	2014			2013
Deferred tax assets:
Depreciation and amortization	$	5,770		$	6,165
R&E tax credit carry-forwards		5,270			5,025
NYS investment tax credit carry-forwards		1,090			1,095
AMT credit carry-forwards		211			211
Net operating loss carry-forwards		204,974			190,263
Capitalized research and development expenditures		20,280			25,231
Stock compensation		13,848			13,826
Other items		-			1,097
Total gross deferred tax assets		251,443			242,913
Less: Valuation allowance		(251,443	)		(242,913	)
Deferred tax assets		-			-
Deferred tax liability – long term		(11,332	)		(12,321	)
Net deferred tax liability	$	(11,332	)	$	(12,321	)

PROGENICS PHARMACEUTICALS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - continued

(amounts in thousands, except per share amounts or as otherwise noted)

Schedule of reconciliation of income taxes

The following is a reconciliation of income taxes computed at the Federal statutory income tax rate to the actual effective income tax provision during 2014, 2013 and 2012:

	2014		2013		2012

U.S. Federal statutory rate		34.0%		(34.0)%		(35.0)%
State income taxes, net of Federal benefit		13.2		(4.9)		(5.4)
Research and experimental tax credit		(15.8)		(3.8)		-
Effect of federal and state tax rate changes		1.5		8.7		-
Permanent differences		47.9		3.2		4.2
Change in valuation allowance		(109.6)		30.0		36.2
Income tax (benefit)		(28.8)%		(0.8)%		0.0%

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits for the years ended December 31, 2014 and 2013.

	2014		2013

Beginning uncertain tax benefits	$	2,661	$	2,661
Current year - increases		-		-
Current year - decreases		-		-
Settlements		-		-
Expired statuses		-		-
Ending uncertain tax benefits	$	2,661	$	2,661