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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Reconciliation of Total Amounts of Unrecognized Tax Benefits

The following is a reconciliation of the total amounts of unrecognized tax benefits for the years ended December 31, 2014, 2013 and 2012 (in thousands):

		2014				2013				2012
Beginning uncertain tax benefits		$	1,674			$	1,243			$	997
Current year—increases			1,067				687				294
Current year—decreases for lapses in statutes of limitations			(254	)			(256	)			(48	)
Ending uncertain tax benefits		$	2,487			$	1,674			$	1,243

Jurisdictions the Company Remains Subject to Tax Examinations

The Company remains subject to tax examinations in the following jurisdictions as of December 31, 2014:

Jurisdiction		Tax Years
United States (Federal and State)			2011-2014
Ireland			2009-2014
United Kingdom			2013-2014

Components of Loss from Operations Before Taxes

The components of loss from operations before taxes were as follows at December 31, 2014, 2013 and 2012 (in thousands):

		2014				2013				2012
United States		$	(7,331	)		$	(9,234	)		$	1,874
Ireland and United Kingdom			(51,870	)			(160,187	)			(171,942	)
		$	(59,201	)		$	(169,421	)		$	(170,068	)

(Benefit) Expense from Income Taxes

The (benefit) expense from income taxes shown in the accompanying consolidated statements of operations consists of the following for fiscal 2014, 2013 and 2012 (in thousands):

		2014				2013				2012
Current:
Federal-U.S.		$	660			$	122			$	10,265
State-U.S.			117				118				2,565
Total Current		$	777			$	240			$	12,830
Deferred:
Federal-U.S.			(3,689	)			(4,065	)			(2,803	)
State-U.S.			(226	)			631				(911	)
Ireland and United Kingdom			3,335				(33,106	)			(22,515	)
Change in valuation allowance			(3,034	)			33,106				22,515
Total Deferred		$	(3,614	)		$	(3,434	)		$	(3,714	)
		$	(2,837	)		$	(3,194	)		$	9,116

Difference between (Benefit) Expense from Income Taxes and Amount Computed by Applying Statutory Income Tax Rate to Income Before Taxes

The (benefit) expense from income taxes differs from the amount computed by applying the statutory income tax rate to income before taxes due to the following for fiscal 2014, 2013 and 2012 (in thousands):

		2014				2013				2012
Benefits from taxes at statutory rate		$	(14,786	)		$	(42,355	)		$	(42,517	)
Rate differential			9,493				18,494				13,249
Change in valuation reserves			(3,034	)			33,106				22,515
Warrant derivative liabilities			(2,706	)			(11,984	)			8,904
Gain on extinguishment of debt			(9,509	)			—				—
Research and development credits			(1,455	)			(2,008	)			(48	)
Tax return to provision adjustments			10,026				125				375
Cumulative translation adjustment			8,061				(280	)			—
Permanent and other			1,073				1,708				6,638
		$	(2,837	)		$	(3,194	)		$	9,116

Income Tax Effect of Each Type of Temporary Difference Comprising Net Deferred Tax Asset

The income tax effect of each type of temporary difference comprising the net deferred tax asset at December 31, 2014 and 2013 is as follows (in thousands):

		2014				2013
Deferred tax assets:
Net operating losses		$	80,096			$	85,724
Stock based compensation			15,600				11,660
Depreciation			(90	)			(126	)
Tax credits			2,141				1,256
Other reserves and accrued liabilities			1,708				2,900
Gross deferred tax asset			99,455				101,414
Less: valuation allowance			(85,965	)			(88,999	)
		$	13,490			$	12,415

Valuation Allowance

The following table reflects the activity in the valuation allowance for the years ended December 31, 2014 and 2013 (in thousands):

		2014				2013
Beginning valuation allowance		$	88,999			$	55,894
Increase as reflected in income tax expense			5,081				32,999
Cumulative translation adjustment			(8,115	)			106
Ending valuation allowance		$	85,965			$	88,999

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