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Income Tax (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Components of Income Tax (Benefit) Expense

The components of income tax (benefit) expense consisted of the following:

		Years ended December 31,
(Dollar amounts in thousands)		2015				2014				2013
						(As restated)
Current tax (benefit) provision		$	(245	)		$	12,602			$	4,854
Deferred tax benefit			(3,090	)			(3,701	)			(3,419	)
Income tax (benefit) expense		$	(3,335	)		$	8,901			$	1,435

Segregation of Income Tax Expense (Benefit) Based on Location of Operations

The Company conducts operations in Puerto Rico and certain countries throughout the Caribbean and Latin America. As a result, the income tax expense (benefit) includes the effect of taxes paid to the Puerto Rico government as well as foreign jurisdictions. The following table presents the segregation of income tax expense (benefit) based on location of operations:

		Years ended December 31,
(Dollar amounts in thousands)		2015				2014				2013
						(As restated)
Income (loss) before income tax provision (benefit)
Puerto Rico		$	73,327			$	61,759			$	(34,565	)
United States			1,879				2,131				2,031
Foreign countries			6,836				11,168				6,852
Total income (loss) before income tax provision (benefit)		$	82,042			$	75,058			$	(25,682	)
Current tax (benefit) provision
Puerto Rico		$	(3,500	)		$	8,090			$	2,057
United States			413				(517	)			753
Foreign countries			2,842				5,029				2,044
Total currrent tax (benefit) provision		$	(245	)		$	12,602			$	4,854
Deferred tax benefit
Puerto Rico		$	(2,169	)		$	(1,933	)		$	(2,812	)
United States			(114	)			(124	)			(4	)
Foreign countries			(807	)			(1,644	)			(603	)
Total deferred tax benefit		$	(3,090	)		$	(3,701	)		$	(3,419	)

Components of Deferred Tax Assets and Liabilities

The following table presents the components of the Company’s deferred tax assets and liabilities:

		December 31,
(Dollar amounts in thousands)		2015				2014
						(As Restated)
Deferred tax assets (“DTA”)
Allowance for doubtful accounts		$	420			$	245
Unearned income			1,315				1,149
Investment in equity subsidiary			292				304
Alternative minimum tax			400				495
Share-based compensation			379				89
Other temporary assets			679				687
Total gross deferred tax assets			3,485				2,969
Deferred tax liabilities (“DTL”)
Deferred compensation		$	1,270			$	1,144
Difference between the assigned values and the tax basis of assets and liabilities recognized in purchase			21,144				23,844
Total gross deferred tax liabilities			22,414				24,988
Deferred tax liability, net		$	(18,929	)		$	(22,019	)

Reconciliation of Total Amounts of Unrecognized Tax Benefits

The following is a tabular reconciliation of the total amounts of UTBs:

		Years ended December 31,
(Dollar amounts in thousands)		2015				2014				2013
						(As Restated)
Balance, beginning of year		$	19,859			$	20,616			$	20,112
Gross increases—tax positions in prior period			53				—				2,323
Gross decreases—tax positions in prior period			—				(757	)			(1,889	)
Gross increases—tax positions in current period			—				—				916
Lapse of statute of limitations			(7,065	)			—				(846	)
Balance, end of year		$	12,847			$	19,859			$	20,616

Income Tax Expense Differs from Computed Income Tax at Statutory Rates

The income tax expense differs from the amount computed by applying the Puerto Rico statutory income tax rate to the income (loss) before income taxes as a result of the following:

		Years ended December 31,
(Dollar amounts in thousands)		2015				2014				2013
						(As restated)
Computed income tax at statutory rates		$	31,996			$	29,435			$	(10,109	)
Benefit of net tax-exempt interest income			(284	)			—				(180	)
Differences in tax rates due to multiple jurisdictions			37				(942	)			577
Tax (benefit) expense due to a change in estimate			(201	)			(916	)			83
Adjustment to deferred taxes due to changes in enacted tax rate and tax grant			—				(731	)			3,568
Effect of net disallowed operating losses in foreign entities			103				83				93
Effect of income subject to tax-exemption grant			(23,375	)			(19,858	)			6,242
Unrecognized tax benefit			(11,626	)			1,830				1,168
Other			15				—				(7	)
Income tax (benefit) expense		$	(3,335	)		$	8,901			$	1,435

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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