Income Taxes (Tables)

3 Months Ended

Mar. 31, 2015

The Company’s income tax expense (benefit) for the three months ended March 31, 2015 and 2014 consisted of the following:



	2015			2014
Federal current	$	496		$	8,905
Federal deferred	(85		)	193
Foreign current	274			217
Foreign deferred	29			(4		)
State current	120			1,594
State deferred	4
	$	838		$	10,905
Less income tax expense allocated to Gain on Dispositions ⁽¹⁾				(10,206		)
Total income tax expense	$	838		$	699


(1)	Amount represents the income taxes incurred as part of the Company's sale of interests in International Plaza in January 2014. The tax on the sale is classified within Gain on Dispositions, Net of Tax on the Consolidated Statement of Operations and Comprehensive Income and was subsequently adjusted to $9.7 million during the quarter ended June 30, 2014.

Deferred tax assets and liabilities as of March 31, 2015 and December 31, 2014 were as follows:



	2015			2014
Deferred tax assets:
Federal	$	1,501		$	1,382
Foreign	1,761			1,806
State	432			471
Total deferred tax assets	$	3,694		$	3,659
Valuation allowances	(1,633		)	(1,703		)
Net deferred tax assets	$	2,061		$	1,956
Deferred tax liabilities:
Federal	$	626		$	592
Foreign	486			473
State	135			89
Total deferred tax liabilities	$	1,247		$	1,154