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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2014
Income Tax Disclosure [Abstract] |
Components of Current and Deferred Income Tax Expense | The components of current and deferred income tax expense included in the Consolidated Statement of Operations for years ended December 31, 2014, 2013 and 2012 as determined in accordance with ASC 740, Income Taxes (“ASC 740”), are as follows:
|  | Year ended December 31, |
|  | 2014 |  |  | 2013 |  |  | 2012 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | — |  |  | $ | — |  |  | $ | — |
State and local |  |  | 94 |  |  |  | — |  |  |  | — |
Foreign |  |  | — |  |  |  | — |  |  |  | — |
|  |  | 94 |  |  |  | — |  |  |  | — |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 10,739 |  |  |  | — |  |  |  | — |
State and local |  |  | 1,664 |  |  |  | — |  |  |  | — |
Foreign |  |  | — |  |  |  | — |  |  |  | — |
|  |  | 12,403 |  |  |  | — |  |  |  | — |
Income tax expense from operations |  | $ | 12,497 |  |  | $ | — |  |  | $ | — |
Schedule of Net Operating Losses for Tax Purposes | The Company has generated net operating losses for tax purposes (“NOL”) during the years ended December 31, 2013 and 2012 and prior periods which may be used to minimize income taxes paid. The following table provides a summary of the NOL activity for the years indicated:
|  | Year ended December 31, |
|  | 2014 |  |  | 2013 |  |  | 2012 |
Beginning NOL |  | $ | (140,959 | ) |  | $ | (136,515 | ) |  | $ | (106,939 | )
U.S. GAAP income |  |  | 77,609 |  |  |  | 51,537 |  |  |  | 11,030 |
Tax differences: |  |  |  |  |  |  |  |  |  |  |  |
Temporary |  |  | (1,425 | ) |  |  | 5,580 |  |  |  | (5,633 | )
Permanent |  |  | (45,064 | ) |  |  | (61,561 | ) |  |  | (37,618 | )
Net operating losses expired |  |  | — |  |  |  | — |  |  |  | 2,645 |
Ending NOL |  | $ | (109,839 | ) |  | $ | (140,959 | ) |  | $ | (136,515 | )
Schedule of Net Operating Loss Expiration | Prior to the consideration of any limitations imposed due to ownership changes, the Company’s available NOLs will expire as follows:
Year Ending December 31: |
2018 |  | $ | 502 |
2019 |  |  | 5,101 |
2021 |  |  | 579 |
2023 |  |  | 608 |
2024 |  |  | 1,942 |
2027 |  |  | 18,039 |
2028 |  |  | 19,754 |
2029 |  |  | 14,218 |
2030 |  |  | 6,385 |
2031 |  |  | 6,052 |
2032 |  |  | 32,215 |
2033 |  |  | 4,444 |
|  | $ | 109,839 |
Schedule of Annual Limitations for Net Operating Losses | The amounts summarized above are subject to the following annual limitations as indicated by the years such NOLs were incurred:
NOLs generated between |  | Total |  |  | Annual Prospective Limitation |  |  | Amount Deemed Worthless |
1998 — 2004 |  | $ | 8,731 |  |  | $ | 524 |  |  | $ | 3,487 |
2005 — 2013 |  |  | 101,108 |  |  |  | — |  |  |  | — |
Net operating losses |  | $ | 109,839 |  |  | $ | 524 |  |  | $ | 3,487 |
Schedule of Reconciliation of Gross Net Operating Loss | A reconciliation of the NOL amount presented above and the amount utilized in calculating the deferred tax asset at December 31, 2014 and 2013, respectively, is as follows:
|  | December 31, |
|  | 2014 |  |  | 2013 |
Net operating losses |  | $ | 109,839 |  |  | $ | 140,959 |
Net operating losses deemed worthless |  |  | (3,487 | ) |  |  | (3,487 | )
Unrecognized stock-based compensation |  |  | (101,108 | ) |  |  | (111,635 | )
Gross net operating losses available for deferred tax asset |  |  | 5,244 |  |  |  | 25,837 |
Tax rate |  |  | 38.38 | % |  |  | 45.43 | %
Tax affected |  | $ | 2,013 |  |  | $ | 11,738 |
Deferred Tax Assets | At December 31, 2014 and 2013, the composition of the deferred tax asset is summarized as follows:
|  | December 31, |
|  | 2014 |  |  | 2013 |
Deferred tax assets: |  |  |  |  |  |  |  |
Net operating losses |  | $ | 2,013 |  |  | $ | 11,738 |
Foreign net operating losses |  |  | 816 |  |  |  | — |
Stock-based compensation |  |  | 6,046 |  |  |  | 7,579 |
Accrued expenses |  |  | 5,236 |  |  |  | — |
Deferred rent liability |  |  | 2,170 |  |  |  | 1,855 |
Other |  |  | 82 |  |  |  | 82 |
Deferred tax assets |  |  | 16,363 |  |  |  | 21,254 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Incentive compensation |  |  | 4,092 |  |  |  | — |
Fixed assets |  |  | 1,965 |  |  |  | 7 |
Unrealized gains |  |  | — |  |  |  | 26 |
Deferred tax liabilities |  |  | 6,057 |  |  |  | 33 |
Total deferred tax assets less deferred tax liabilities |  |  | 10,306 |  |  |  | 21,221 |
Less: valuation allowance |  |  | (816 | ) |  |  | (21,221 | )
Net deferred tax assets and liabilities |  | $ | 9,490 |  |  | $ | — |
Reconciliation of Statutory Federal Income Tax Rate and Company's Effective Rate | A reconciliation of the statutory federal income tax rate of 35% and the Company’s effective rate is as follows:
|  | December 31, |
|  | 2014 |  |  | 2013 |  |  | 2012 |
Federal statutory rate |  |  | 35.00 | % |  |  | 35.00 | % |  |  | 35.00 | %
Permanent differences |  |  | 0.69 | % |  |  | 0.09 | % |  |  | 0.37 | %
State income tax rate, net of federal benefit |  |  | 1.55 | % |  |  | 10.06 | % |  |  | 9.44 | %
Foreign tax differential |  |  | 0.82 | % |  |  | — |  |  |  | — |
Decrease in valuation allowance |  |  | (27.74 | %) |  |  | (45.13 | %) |  |  | (44.82 | %)
Change in effective state rate |  |  | 6.86 | % |  |  | — |  |  |  | — |
Other differences, net |  |  | (0.19 | %) |  |  | (0.02 | %) |  |  | 0.01 | %
Effective rate |  |  | 16.99 | % |  |  | 0.00 | % |  |  | 0.00 | %

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- Definition 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 Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
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