Income Taxes (Tables)

6 Months Ended

Jun. 30, 2015

Provision for Income Taxes

The Company had a provision for income taxes for the six months ended June 30, 2015 and 2014 that consisted of the following (in thousands):

	Six Months Ended
	June 30,
	2015		2014
Current:
Federal	$	—	$	—
State		6.4		5.3
Total		6.4		5.3
Deferred:
Federal		4.7		2.1
State		0.8		0.4
Total		5.5		2.5
Total:
Federal		4.7		2.1
State		7.2		5.7
Total	$	11.9	$	7.8

Net Deferred Tax Assets

The tax effects of temporary differences that gave rise to deferred tax assets at June 30, 2015, and December 31, 2014, were as follows (in thousands):

	June 30,			December 31,
	2015			2014
Deferred tax assets:
Net operating losses	$	52,320		$	42,579
Capital losses		361			361
Accrued expenses		22			18
Total deferred tax assets		52,703			42,958
Valuation allowance		(44,654	)		(38,166	)
		8,049			4,792
Deferred tax liabilities:
State deferreds		(8,070	)		(4,814	)
Other investment		21			22
Total deferred tax liabilities		(8,049	)		(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:

	June 30,
	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		(38.1	)		(34.6	)
Permanent differences		(1.7	)		(5.3	)
Minimum tax		(2.6	)		(0.2	)
		(2.6	)%		(0.3	)%