INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2015

INCOME TAXES

Schedule of components of income before income taxes

The components of income before income taxes for the years ended December 31, 2013, 2014 and 2015 are as follows (in thousands):

	2013		2014		2015
Domestic	$	13,697	$	57,767	$	50,563
Foreign		32,776		28,401		5,638
Total	$	46,473	$	86,168	$	56,201

Schedule of reconciliation from the tax computed at statutory income tax rates to the Company's income tax expense

The following is a reconciliation from the tax computed at statutory income tax rates to the Company’s income tax expense for the years ended December 31, 2013, 2014, and 2015 (in thousands):

	2013		2014		2015
Tax computed at statutory U.S. federal income tax rates	$	16,270	$	30,160	$	19,652
Non-controlling interest		(2,750)		(1,229)		(2,807)
Income taxes in excess (below) statutory U.S. tax rates:
Guyana		701		(284)		379
Bermuda and Turks & Caicos		(3,203)		(4,712)		1,704
Turks & Caicos intercompany note receivable write-down		(8,572)		—		—
Foreign tax reserve		2,081		2,095		2,468
State taxes		400		1,252		935
Change in valuation allowance		(476)		(2,548)		(5,949)
Foreign tax credit expiration		1,820		2,999		6,396
Other, net		3,265		415		1,359
Income tax expense	$	9,536	$	28,148	$	24,137

Schedule of components of income tax expense (benefit)

The components of income tax expense (benefit) for the years ended December 31, 2013, 2014 and 2015 are as follows (in thousands):

\
	2013		2014		2015
Current:
United States—Federal	$	1,703	$	14,761	$	(1,308)
United States—State		895		1,347		(383)
Foreign		11,787		12,153		7,959
Total current income tax expense	$	14,385	$	28,261	$	6,268
Deferred:
United States—Federal	$	(5,273)	$	5,205	$	16,760
United States—State		169		466		1,636
Foreign		255		(5,784)		(527)
Total deferred income tax expense (benefit)		(4,849)		(113)		17,869
Consolidated:
United States—Federal	$	(3,570)	$	19,966	$	15,452
United States—State		1,064		1,813		1,253
Foreign		12,042		6,369		7,432
Total income tax expense	$	9,536	$	28,148	$	24,137

Schedule of significant components of deferred tax assets and liabilities

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

	2014		2015
Deferred tax assets:
Receivables reserve	$	1,321	$	702
Temporary differences not currently deductible for tax		8,001		7,236
Deferred compensation		2,019		2,135
Foreign tax credit carryforwards		10,576		4,180
Pension		436		1,153
Net operating losses		4,171		4,463
Valuation allowance		(13,763)		(7,814)
Total deferred tax asset		12,761		12,055
Deferred tax liabilities:
Property, plant and equipment, net	$	27,681	$	43,718
Intangible assets, net		12,021		13,743
Tax on foreign earnings		1,050		—
Total deferred tax liabilities		40,752		57,461
Net deferred tax liabilities	$	27,991	$	45,406

Schedule of deferred tax assets and liabilities

Deferred tax assets and liabilities are reflected in the accompanying consolidated balance sheets as follows (in thousands):

	2014		2015
Deferred tax assets:
Current	$	2,588	$	—
Long term		—		—
Total deferred tax asset	$	2,588	$	—
Deferred tax liabilities:
Current	$	213	$	—
Long term		30,366		45,406
Total deferred tax liabilities	$	30,579	$	45,406
Net deferred tax liabilities	$	27,991	$	45,406

Schedule of activity related to unrecognized tax benefits

The following shows the activity related to unrecognized tax benefits during the three years ended December 31, 2015 (in thousands):

Gross unrecognized tax benefits at December 31, 2012		10,336
Increase in uncertain tax positions		4,137
Lapse in statute of limitations		—
Gross unrecognized tax benefits at December 31, 2013		14,050
Increase in uncertain tax positions		1,675
Lapse in statute of limitations		(226)
Settlements		—
Gross unrecognized uncertain tax benefits at December 31, 2014		15,499
Increase in uncertain tax positions		1,717
Lapse in statute of limitations		—
Settlements		—
Gross unrecognized uncertain tax benefits at December 31, 2015	$	17,216