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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Components of Income Tax Expense (Benefit)

The components of income tax expense (benefit) included in the consolidated statements of operations for each year presented herein are:

INCOME TAX EXPENSE

(Dollars in Thousands)

		For the Year Ended December 31,
		2012				2011				2010
Current income tax expense (benefit):
Federal income tax expense		$	142			$	92			$	—
Foreign income tax expense			20				149				31
State and local income tax expense/(benefit)			120				—				47
			282				241				78
Deferred income tax expense (benefit):
Federal income tax (benefit) expense			(703	)			(1,047	)			587
State income tax (benefit) expense			(194	)			(343	)			(1,414	)
Net deferred tax expense (benefit)			(897	)			(1,390	)			(827	)
Total		$	(615	)		$	(1,149	)		$	(749	)

Expected Income Tax Expense /(Benefit) using Federal Statutory Rate

The expected income tax expense /(benefit) using the federal statutory rate differs from income tax expense / (benefit) pertaining to pre-tax income / (loss) as a result of the following for the year ended December 31, 2012, 2011, and 2010, respectively.

		2012				2011				2010
Federal statutory rate — 35%		$	(929	)		$	(5,053	)		$	3,663
Pass thru impact			352				1,689				(1,267	)
Goodwill impairment			—				—				1,299
Deferred tax valuation allowance			(42	)			1,964				(5,214	)
Other, net			4				251				770
Total		$	(615	)		$	(1,149	)		$	(749	)

Components of Net Deferred Tax Asset (Liability)

The components of the net deferred tax asset (liability) are as follows:

DEFERRED TAX ASSET AND LIABILITY

(Dollars in Thousands)

		December 31, 2012												December 31, 2011
		Asset				Liability				Net				Asset				Liability				Net
Federal Net operating loss carry-forward		$	29,990			$	—			$	29,990			$	28,116			$	—			$	28,116
State Net operating loss carry-forward			5,066				—				5,066				4,841				—				4,841
Capital loss carry-forward			25,283				—				25,283				19,834				—				19,834
Unrealized gain on debt			—				(14,095	)			(14,095	)			—				(14,179	)			(14,179	)
Unrealized loss on investment in the Operating LLC			113,398				—				113,398				114,121				—				114,121
Other			1,253				—				1,253				6,730				—				6,730
Ending deferred tax asset/(liability)			174,990				(14,095	)			160,895				173,642				(14,179	)			159,463
Less: Deferred tax asset valuation allowance			(167,498	)			—				(167,498	)			(166,963	)			—				(166,963	)
Net deferred tax asset/(liability)		$	7,492			$	(14,095	)		$	(6,603	)		$	6,679			$	(14,179	)		$	(7,500	)

Reconciliation of Beginning and Ending Unrecognized Tax Benefits

A reconciliation of the beginning and ending unrecognized tax benefits for year ended December 31, 2012, 2011 and 2010, respectively, are as follows:

		2012				2011				2010
Unrecognized tax benefits as of January 1		$	1,231			$	1,231			$	—
Increases due to tax positions taken during prior periods			—				—				—
Increases due to tax positions taken in current period			—				—				1,231
Decreases due to settlements with taxing authorities			—				—				—
Reductions due to lapse of applicable statute of limitations			—				—				—
Unrecognized tax benefits as of December 31		$	1,231			$	1,231			$	1,231

X

- 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

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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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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-Name Accounting Standards Codification

-Topic 740

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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

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Tabular disclosure of the change in unrecognized tax benefits.

+ References

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 55

-Paragraph 217

-URI http://asc.fasb.org/extlink&oid=21917533&loc=d3e36027-109320



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