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Income Taxes
12 Months Ended
Dec. 31, 2013
Income Tax Disclosure [Abstract]  
Income Taxes
Income Taxes
The federal and state provision (benefit) for income taxes was $0.0 million for the years ended December 31, 2013, 2012 and 2011.
The total income tax provision (benefit) differed from the amounts computed by applying the U.S. federal income tax rate of 35% to net income (loss) before income taxes as a result of the following:
 
Year Ended December 31,
 
2013
 
2012
 
2011
Statutory tax (benefit) expense
(35.0
)%
 
(35.0
)%
 
35.0
 %
Increase (decrease) in taxes resulting from:
 
 
 
 
 
Valuation allowance
34.7

 
34.7

 
(35.3
)
Other adjustments
0.3

 
0.3

 
0.3

 
0.0
 %
 
0.0
 %
 
0.0
 %

The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets were as follows: 
 
As of December 31,
 
2013
 
2012
 
(In thousands)
Deferred tax asset:
 
 
 
Carrying values of partner companies and other holdings
$
59,045

 
$
52,602

Tax loss and credit carryforwards
82,403

 
75,369

Accrued expenses
2,043

 
1,860

Stock-based compensation
5,005

 
7,942

Other
1,560

 
1,557

 
150,056

 
139,330

Valuation allowance
(150,056
)
 
(139,330
)
Net deferred tax liability
$

 
$






As of December 31, 2013, the Company and its subsidiaries consolidated for tax purposes had federal net operating loss carryforwards of approximately $224.3 million. These carryforwards expire as follows: 
 
 
 
Total
 
(In thousands)
2014
$

2015

2016

2017

2018 and thereafter
224,307

 
$
224,307


In assessing the recoverability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company has determined that it is more likely than not that certain future tax benefits may not be realized as a result of current and future income. Accordingly, a valuation allowance has been recorded against substantially all of the Company’s deferred tax assets.

The Company recognizes in its Consolidated Financial Statements the impact of a tax position if that position is more likely than not to be sustained upon examination, based on the technical merits of the position. All uncertain tax positions relate to unrecognized tax benefits that would impact the effective tax rate when recognized.

The Company does not expect any material increase or decrease in its income tax expense, in the next twelve months, related to examinations or changes in uncertain tax positions.
 
There were no changes in the Company’s uncertain tax positions for the years ended December 31, 2013, 2012 and 2011.
The Company files income tax returns in the U.S. federal jurisdiction, and various state jurisdictions. Tax years 2010 and forward remain open for examination for federal tax purposes and tax years 2008 and forward remain open for examination for the Company’s more significant state tax jurisdictions. To the extent utilized in future years’ tax returns, net operating loss carryforwards at December 31, 2013 will remain subject to examination until the respective tax year is closed. The Company recognizes penalties and interest accrued related to income tax liabilities in income tax benefit (expense) in the Consolidated Statements of Operations.