6.	Income Taxes

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax liabilities and assets are as follows:

	December 31,
	2014		2013
	(In thousands)

Deferred tax liabilities:
Property and equipment	$	7,727	$	8,235
Intangible assets		18,134		14,425
Prepaid expenses		621		601
Total deferred tax liabilities		26,482		23,261
Deferred tax assets:
Allowance for doubtful accounts		158		232
Compensation		3,264		3,355
Other accrued liabilities		119		128
Loss carry forwards		—		7
		3,541		3,722
Less: valuation allowance		—		7
Total net deferred tax assets		3,541		3,715
Net deferred tax liabilities	$	22,941	$	19,546
Current portion of deferred tax assets	$	845	$	1,025
Non-current portion of deferred tax liabilities		(23,786)		(20,571)
Net deferred tax liabilities	$	(22,941)	$	(19,546)

Deferred tax assets are required to be reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax asset will not be realized. At December 31, 2014, we do not have a valuation allowance for net deferred tax assets.

At December 31, 2014 and 2013, net deferred tax liabilities include a deferred tax asset of $2,082,000 and $2,089,000, respectively, relating to deferred compensation and stock-based compensation expense. Full realization of the tax asset related to stock based compensation requires stock options to be exercised at a price equaling or exceeding the sum of the grant price plus the fair value of the option at the grant date and restricted stock to vest at a price equaling or exceeding the fair market value at the grant date. Accounting guidance, however, does not allow a valuation allowance to be recorded unless the company’s future taxable income is expected to be insufficient to recover the asset. Accordingly, there can be no assurance that the price of the Company’s common stock will increase to levels sufficient to realize the entire tax benefit currently reflected in the balance sheets at December 31, 2014 and 2013. See Note 7 — Stock-Based Compensation for further discussion of stock-based compensation expense.

The significant components of the provision for income taxes are as follows:

	Years Ended December 31,
	2014		2013		2012
	(In thousands)

Current:
Federal	$	5,540	$	6,210	$	6,160
State		1,125		1,125		1,150
Total current		6,665		7,335		7,310
Total deferred		3,385		2,805		4,540
	$	10,050	$	10,140	$	11,850
Taxes are allocated as follows:
Continuing operations	$	10,050	$	9,992	$	11,939
Discontinued operations		—		148		(89)
	$	10,050	$	10,140	$	11,850

In addition, we recognized a tax expense of $10,000, a tax benefit of $9,200 and a tax expense of $25,000 as a result of stock option exercises for the difference between compensation expense for financial statement and income tax purposes for the years ended December 31, 2014, 2013 and 2012, respectively.

The reconciliation of income tax at the U.S. federal statutory tax rates to income tax expense (benefit) is as follows:

	Years Ended December 31,
	2014		2013		2012
	(In thousands)

Tax expense at U.S. statutory rates	$	8,630	$	8,894	$	10,486
State tax expense, net of federal benefit		1,249		1,192		1,356
Other, net		178		105		42
Change in valuation allowance on loss carry forwards		(7)		(51)		(34)
	$	10,050	$	10,140	$	11,850
Discontinued operations		—		148		89
	$	10,050	$	9,992	$	11,939

The Company files income taxes in the U.S. federal jurisdiction, and in various state and local jurisdictions. The Company is no longer subject to U.S. federal examinations by the Internal Revenue Service (IRS) for years prior to 2009. During the first quarter of 2012, the IRS commenced an examination of the Company’s 2010 U.S. federal income tax return which was completed in the third quarter of 2012 and resulted in no changes to the return. The Company is subject to examination for income and non-income tax filings in various states.

As of December 31, 2014 and 2013 there were no accrued balances recorded related to uncertain tax positions.

We classify income tax-related interest and penalties as interest expense and corporate general and administrative expense, respectively. For the years ended December 31, 2014 and 2013, we had no tax-related interest or penalties and had $0 accrued at December 31, 2014 and 2013.