Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v2.4.1.9
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2014
Income Tax Disclosure [Abstract]  
Components of Provisions for Income Taxes

The provision for income taxes consists of the following:

 

Years ended December 31,

 

2014

 

 

2013

 

 

2012

 

Current tax expense

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

$

(1,139

)

 

$

(42

)

 

$

—

 

State

 

 

(525

)

 

 

(169

)

 

 

(15

)

Total current tax expense

 

 

(1,664

)

 

 

(211

)

 

 

(15

)

Deferred tax benefit (expense)

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

 

(2,782

)

 

 

(798

)

 

 

523

 

State

 

 

(3

)

 

 

(313

)

 

 

88

 

Total deferred tax benefit (expense)

 

 

(2,785

)

 

 

(1,111

)

 

 

611

 

Plus (less): change in valuation allowance

 

 

1,223

 

 

 

22,909

 

 

 

(614

)

Total deferred tax benefit (expense), net

 

 

(1,562

)

 

 

21,798

 

 

 

(3

)

Income tax benefit (expense)

 

$

(3,226

)

 

$

21,587

 

 

$

(18

)

 
Components of Deferred Tax Assets and Liabilities

The components of deferred tax assets and liabilities consist of the following:

 

 

 

As of

 

 

 

December 31,

 

 

 

2014

 

 

2013

 

Deferred tax assets (liabilities)

 

 

 

 

 

 

 

 

NOL and credit carryforward

 

$

22,924

 

 

$

25,233

 

Accrued expenses

 

 

3,575

 

 

 

2,686

 

Valuation allowance

 

 

(2,899

)

 

 

(4,122

)

Allowance, reserves and other

 

 

1,965

 

 

 

—

 

 

 

 

25,565

 

 

 

23,797

 

Deferred tax liabilities

 

 

 

 

 

 

 

 

Property, plant, and equipment

 

 

(3,674

)

 

 

(1,643

)

Other

 

 

(1,667

)

 

 

(366

)

 

 

 

(5,341

)

 

 

(2,009

)

Net deferred tax assets (liabilities)

 

$

20,224

 

 

$

21,788

 

 
Reconciliation of the Federal Statutory Income Tax Rate to the Effective Income Tax Rate

Reconciliation of the federal statutory income tax rate to the effective income tax rate for the last three years is as follows:

 

 

 

 

 

 

 

 

 

Years ended December 31,

 

2014

 

 

2013

 

 

2012

 

U.S. Statutory rate

 

 

34.00

%

 

 

34.00

%

 

 

34.00

%

State income taxes (net of federal benefit)

 

 

2.47

 

 

 

5.48

 

 

 

4.53

 

Nondeductible expenses

 

 

1.39

 

 

 

2.54

 

 

 

(2.77

)

Remeasured deferred for state rate change

 

 

(0.25

)

 

 

(8.25

)

 

 

(137.26

)

Change in valuation allowance

 

 

(12.16

)

 

 

(595.34

)

 

 

105.55

 

R&D credit (net of reserve)

 

 

(3.49

)

 

 

—

 

 

 

—

 

Expiration of net operating losses

 

 

8.09

 

 

 

—

 

 

 

—

 

Other

 

 

2.04

 

 

 

0.58

 

 

 

(1.02

)

Effective income tax rate

 

 

32.09

%

 

 

(560.99

)%

 

 

3.03

%

 
Summary of Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefit is as follows:

 

 

 

December 31,

 

 

 

2014

 

 

2013

 

Reconciliation of liability for unrecognized tax benefits

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

306

 

 

$

—

 

Additions based on tax positions related to current year

 

 

123

 

 

 

—

 

Additions for tax positions of prior years

 

 

148

 

 

 

306

 

Reductions for tax positions of prior years

 

 

—

 

 

 

—

 

Settlements

 

 

—

 

 

 

—

 

Balance at end of period

 

$

577

 

 

$

306