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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2012

Income Tax Disclosure [Abstract]

Consolidated income (loss) before income taxes

The consolidated income (loss) before income taxes for 2012, 2011 and 2010 consists of the following (in thousands):

		2012				2011				2010
Domestic		$	48,533			$	15,213			$	(141,867	)
Foreign			130				-				56
Total income (loss) before income taxes		$	48,663			$	15,213			$	(141,811	)

Consolidated income tax expense (benefit)

The consolidated income tax expense (benefit) for 2012, 2011 and 2010 consists of the following components (in thousands):

		2012				2011				2010
Current
Federal		$	-			$	14			$	(163	)
State			174				157				112
Foreign			141				-				-
Deferred
Federal			(46,378	)			-				-
State			(10,871	)			-				-
Foreign			(34	)			-				-
Total consolidated (benefit) expense		$	(56,968	)		$	171			$	(51	)

Reconciliation of differences from the U.S. Federal statutory rate

The Company’s following table provides a reconciliation of differences from the U.S. Federal statutory rate of 35% as follows (in thousands):

		2012				2011				2010
Pretax book income (loss)		$	48,663			$	15,213			$	(141,811	)
Federal tax expense (benefit) at 35% statutory rate			17,032				5,325				(49,634	)
State and local income taxes			2,619				917				(6,981	)
Foreign tax rate differential			(14	)			—				—
Reversal of income tax valuation allowance against net deferred tax assets			(59,887	)			—				—
(Utilization of) Provisions for valuation allowance for net operating losses and credit carrryforwards – U.S. and states			(19,528	)			(6,060	)			7,604
Effect of non-deductible adjustment to fair market value of warrants			—				—				48,635
Effect of non-deductible stock-based compensation			—				—				395
Other			2,810				(11	)			(70	)
Total income tax expense (benefit)		$	(56,968	)		$	171			$	(51	)

Components of deferred tax assets and deferred tax liabilities

The components of deferred tax assets and deferred tax liabilities as of December 31, 2012 and 2011 were as follows (in thousands):

		2012				2011
Deferred tax assets
Tax credits and loss carryforwards		$	51,811			$	75,836
Accrued liabilities			6,816				4,952
Incentive compensation			12,913				8,988
Other			6,897				5,800
		$	78,437			$	95,576
Deferred tax liabilities
Property, plant and equipment			(163	)			(828	)
Intangibles			(4,026	)			(3,421	)
Prepaid assets			(1,160	)			(413	)
Convertible note equity component			(7,846	)			—
Other			(231	)			(242	)
		$	(13,426	)		$	(4,904	)
Net deferred tax asset before valuation allowances and reserves		$	65,011			$	90,672
Valuation allowances			(1,852	)			(81,267	)
Uncertain tax positions			—				(9,405	)
Net deferred tax asset		$	63,159			$	—

Reconciliation of the beginning and ending amount of unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands) and all balances as of December 31, 2012 are included in Other Noncurrent Liabilities in the Company’s consolidated Balance Sheet:

Balance at January 1, 2011		$	10,095
Increase in prior year tax positions			—
Balance at December 31, 2011		$	10,095
Increase in prior year tax positions			885
Balance at December 31, 2012		$	10,980

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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.

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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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