Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Summary of Change in Valuation Allowance

The following table summarizes the change in the valuation allowance during 2014 and 2015 (in thousands):

Balance at December 31, 2013	$	4,740
Change during 2014		24,102
Balance at December 31, 2014		28,842
Change during 2015		3,080
Balance at December 31, 2015	$	31,922

Schedule of Components of Income Tax Expense (Benefit)

The reported tax expense varies from the amount that would be provided by applying the statutory U.S. Federal income tax rate to the loss before income tax expense for the following reasons in each of the years ending December 31 (in thousands):

	2015			2014
Expected federal statutory tax benefit	$	(4,130	)	$	(694	)
Increase (reduction) in taxes resulting from:
State income taxes recoverable		17			56
Non-deductible expenses (permanent differences)		1,162			537
Change in valuation allowance		3,080			24,102
Rate changes		—			55
Other		(114	)		666
Income tax expense	$	15		$	24,722

Schedule of Deferred Tax Assets and Liabilities

The components of the deferred tax assets and liabilities as of December 31, 2015 and 2014 are as follows in (thousands):

	2015			2014
Net operating loss carry forwards	$	30,073		$	29,437
Stock based compensation		1,019			870
Write-down of real estate inventory		1,550			456
Trade names		(1,388	)		(1,418	)
Customer relationships		(351	)		(1,597	)
Minimum tax credit carry forwards		—			186
Mark to market of contingent consideration		91			—
Other		(32	)		(52	)
Gross deferred tax assets		30,962			27,882
Less: valuation allowance		(31,922	)		(28,842	)
Deferred tax assets (liabilities), net of valuation allowance	$	(960	)	$	(960	)