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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Deferred tax assets and liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):

	December 31,
	2015				2014
Deferred tax assets and liabilities:
Accruals and prepaids	$	4,606			$	3,563
Intangible assets	146				619
Property and equipment	(1,396		)		(770		)
R&D and other tax credits	3,293				2,086
Stock compensation	7,063				4,163
Charitable contributions	—				1
Federal and state basis difference	145				114
Net operating loss	1,763				6,382
Net deferred tax assets	$	15,620			$	16,158
Valuation allowance	(782		)		(16,158		)
	$	14,838			$	—

Reconciliation of the Federal statutory income tax

The reconciliation of the Federal statutory income tax rate of 34% to the effective rate is as follows:

	December 31,
	2015			2014
Federal statutory rate	34.00	%		34.00	%
State taxes, net of federal benefit	3.33	%		9.58	%
Non deductible compensation	0.63	%		5.59	%
Meals & entertainment	2.27	%		5.55	%
Stock based compensation - ISO	6.39	%		21.73	%
Other	(4.58	)%		(5.92	)%
Valuation allowance	(63.33	)%		(58.73	)%
	(21.29	)%		11.80	%

Schedule of current and deferred income tax expense (benefit)

Current and deferred income tax expense (benefit) is as follows (in thousands):

	December 31, 2015			December 31, 2014
Current:
Federal	$	8,452		$	—
State	1,218			832
Total current	9,670			832
Deferred:
Federal	(13,070		)	—
State	(1,768		)	—
Total deferred	(14,838		)	—
Total expense	$	(5,168	)	$	832

Reconciliation of unrecognized tax benefits

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (in thousands):

	December 31, 2015			December 31, 2014
Unrecognized tax benefits - January 1	$	—		$	—
Gross increases - tax positions in current period	170			—
Unrecognized tax benefits - December 31	$	170		$	—

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- References

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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

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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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

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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.

+ 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

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Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 55
-Paragraph 217
-URI http://asc.fasb.org/extlink&oid=51663037&loc=d3e36027-109320

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15A
-URI http://asc.fasb.org/extlink&oid=6907707&loc=SL6600010-109319

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