Income Taxes (Tables)

3 Months Ended

Mar. 31, 2015

Provision for Income Taxes

The Company had a provision for income taxes for the three months ended March 31, 2015 and 2014 that consisted of the following (in thousands):

	Three Months Ended
	March 31,
	2015		2014
Current:
Federal	$	—	$	—
State		6		4
Total		6		4
Deferred:
Federal		—		2
State		—		—
Total		—		2
Total:
Federal		—		2
State		6		4
Total	$	6	$	6

Net Deferred Tax Assets

The tax effects of temporary differences that gave rise to deferred tax assets at March 31, 2015, and December 31, 2014, were as follows (in thousands):

	March 31,			December 31,
	2015			2014
Deferred tax assets:
Net operating losses	$	42,277		$	42,579
Capital losses		361			361
Accrued expenses		22			18
Total deferred tax assets		42,660			42,958
Valuation allowance		(37,860	)		(38,166	)
		4,800			4,792
Deferred tax liabilities:
State deferreds		(4,822	)		(4,814	)
Other investment		22			22
Total deferred tax liabilities		(4,800	)		(4,792	)
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,
	2015			2014
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		38.2			39.5
Permanent differences		1.6			0.3
Minimum tax		2.4			0.6
		2.4	%		0.6	%