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Income Taxes (Tables)

12 Months Ended

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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