INCOME TAXES

The components of the provision for income taxes are shown below for the periods presented (in thousands):



	Three months ended March 31,
	2016		2015
Current:
U.S. federal	$	—	$	—
State	11		—
Provision for income taxes	$	11	$	—

For the three months ended March 31, 2016, we recorded a provision for income taxes of $11 thousand for various states' income tax. Due to the operating loss incurred in the first quarter of 2016 and after the application of the annual limitation set forth under Section 382 of the Internal Revenue Code ("IRC"), there was no provision recorded for U.S. federal income tax. For the three months ended March 31, 2015, there was no provision recorded for income taxes due to the availability of NOL carry-forwards for U.S. federal and various states income tax.

At March 31, 2016, we had a full valuation allowance recorded against our deferred tax assets. The valuation allowance was recorded due to uncertainties related to our ability to utilize the deferred tax assets, primarily consisting of certain net operating losses carried forward. The valuation allowance is based upon management’s estimates of taxable income by jurisdiction and the periods over which the deferred tax assets will be recoverable.

At December 31, 2015, we had a net operating loss carry-forward of approximately $69.1 million for U.S. federal, state, and local income tax purposes. However, due to changes in our capital structure, approximately $14.8 million of this amount is available to offset future taxable income after the application of the limitations found under Section 382 of the IRC. In addition, as a result of this limitation, in 2016, we only expect to have approximately $6.0 million of the net operating loss carry-forward available for use. If not utilized, these carry-forwards will begin to expire in 2021 for federal purposes and in 2021 or sooner for state and local purposes. For a full discussion of the estimated restrictions on our utilization of net operating loss carry-forwards, please refer to Note 12, "Income Taxes," included under Item 8. of our 2015 Annual Report.