Income Taxes (Tables)

3 Months Ended

Mar. 31, 2013

Net Deferred Tax Assets

The tax effects of temporary differences that gave rise to deferred tax assets as of March 31, 2013, and December 31, 2012, were as follows (in thousands):

	March 31, 2013			December 31, 2012
Deferred tax assets:
Net operating losses	$	28,958		$	28,824
Capital losses		3,907			3,907
Other asset reserves		267			268
AMT credit		—			—
Accrued expenses		19			19
Total deferred tax assets		33,151			33,018
Valuation allowance		(31,556	)		(31,432	)
		1,595			1,586
Deferred tax liabilities:
State deferreds		(1,595	)		(1,586	)
Total deferred tax liabilities		(1,595	)		(1,586	)
Net deferred taxes	$	—		$	—

Reconciliation of Statutory Federal Income Tax Rate to Actual Effective Tax Rate

The following is a reconciliation of the statutory federal income tax rate to the actual effective income tax rate:

	March 31,
	2013			2012
Federal tax (benefit) rate		(34.0	)%		(34.0	)%
Increase (decrease) in taxes resulting from:
State income taxes		(5.8	)		(5.8	)
Change in valuation allowance		24.5			39.3
Permanent differences		15.3			0.3
Minimum tax		0.7			0.8
		0.7	%		0.6	%