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11. Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Income taxes

		Year Ended December 31,
		2013				2012
		(In thousands)
Current federal tax expense		$	977			$	369
Current state tax expense			365				49
Deferred federal tax expense			13,306				2,826
Deferred state tax expense (benefit)			1,520				(654	)
Change in valuation allowance			–				(62,811	)
Income tax expense (benefit)		$	16,168			$	(60,221	)

Income tax expense/(benefit)

		Year Ended December 31,
		2013				2012
		(In thousands)
Expense at federal tax rate		$	13,011			$	3,215
State taxes, net of federal income tax effect			2,079				1,190
Other adjustments to tax reserve			(419	)			(1,153	)
Effect of change in state tax rate			(239	)			(1,105	)
Change in valuation allowance			–				(62,811	)
Stock-based compensation			911				321
Non-deductible expenses			619				63
Other			206				59
		$	16,168			$	(60,221	)

Deferred tax assets and liabilities

		December 31,
		2013				2012
		(In thousands)
Deferred Tax Assets:
Finance receivables		$	17,258			$	10,840
Accrued liabilities			5,079				1,605
Furniture and equipment			196				213
NOL carryforwards			23,811				48,140
Built in losses			13,074				14,406
Pension accrual			–				2,080
AMT credit carryforward			1,993				695
Other			839				712
Total deferred tax assets			62,250				78,691
Deferred Tax Liabilities:
FAS 91 deferred costs			(1,555	)			(1,114	)
Pension accrual			(1,136	)			–
Investment residual			(344	)			(1,937	)
Total deferred tax liabilities			(3,035	)			(3,051	)
Net deferred tax asset		$	59,215			$	75,640

Unrecognized tax benefits including interest and penalties

		2013				2012
		(In thousands)
Unrecognized tax benefit - opening balance		$	1,331			$	2,405
Gross increases - tax positions in prior period			–				–
Gross decreases - tax positions in current period			–				–
Gross increases - tax positions in current period			–				250
Settlements			(686	)			(153	)
Lapse of statute of limitations			(645	)			(1,171	)
Unrecognized tax benefit - ending balance		$	–			$	1,331

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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.

+ References

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

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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.

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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 the change in unrecognized tax benefits.

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