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Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2015
Income Tax Disclosure [Abstract] |
Income Taxes |
(13) | Income Taxes
Income tax expense is as follows:
|  | Year ended December 31, |
|  | 2014 |  |  | 2015 |
Current: |  |  |  |  |  |  |  |
Federal |  | $ | 4,649,581 |  |  | $ | 1,624,206 |
State |  |  | 832,118 |  |  |  | 226,470 |
|  |  | 5,481,699 |  |  |  | 1,850,676 |
Deferred: |  |  |  |  |  |  |  |
Federal |  |  | 23,421,301 |  |  |  | 2,123,431 |
State |  |  | 1,007,025 |  |  |  | (333,320 | )
|  |  | 24,428,326 |  |  |  | 1,790,111 |
|  | $ | 29,910,025 |  |  | $ | 3,640,787 |
Income taxes are allocated as follows: |  |  |  |  |  |  |  |
Continuing operations |  | $ | 514,275 |  |  | $ | 3,640,787 |
Discontinued operations |  |  | 29,395,750 |  |  |  | — |
|  | $ | 29,910,025 |  |  | $ | 3,640,787 |
Income tax expense differs from the amounts that would result from applying the federal statutory rate of 35% to the Company’s income before taxes as follows:
|  | Year ended December 31, |
|  | 2014 |  |  | 2015 |
Expected tax expense |  | $ | 24,468,287 |  |  | $ | 3,501,088 |
State income taxes, net of federal benefit |  |  | 1,195,443 |  |  |  | 331,177 |
Income tax rate adjustments |  |  | 1,109,211 |  |  |  | (400,629 | )
Change in valuation allowance |  |  | (3,333 | ) |  |  | (36,696 | )
Non-deductible items |  |  | 3,140,417 |  |  |  | 245,847 |
|  | $ | 29,910,025 |  |  | $ | 3,640,787 |
Discontinued operations |  |  | 29,395,750 |  |  |  | — |
Continuing operations |  | $ | 514,275 |  |  | $ | 3,640,787 |
Temporary differences that give rise to the components of deferred tax assets and liabilities are as follows:
|  | December 31, |
|  | 2014 |  |  | 2015 |
Deferred tax assets: |  |  |  |  |  |  |  |
Allowance for doubtful accounts |  | $ | 329,107 |  |  | $ | 319,049 |
Other assets |  |  | 780,009 |  |  |  | 15,752 |
Accrued expenses |  |  | 134,277 |  |  |  | 212,808 |
Other long-term liabilities |  |  | 286,149 |  |  |  | 688,462 |
Stock-based compensation |  |  | 404,667 |  |  |  | 321,860 |
Net operating losses |  |  | 293,184 |  |  |  | 277,235 |
Subtotal |  |  | 2,227,393 |  |  |  | 1,835,166 |
Valuation allowance |  |  | (630,775 | ) |  |  | (594,079 | )
Total |  |  | 1,596,618 |  |  |  | 1,241,087 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Prepaid expenses |  |  | (243,067 | ) |  |  | (382,250 | )
Property and equipment |  |  | (3,088,066 | ) |  |  | (2,907,439 | )
Intangibles |  |  | (74,041,982 | ) |  |  | (75,690,599 | )
Total |  |  | (77,373,115 | ) |  |  | (78,980,288 | )
Net deferred tax liabilities |  | $ | (75,776,497 | ) |  | $ | (77,739,201 | )
As of December 31, 2015, the Company has state net operating losses of $5.8 million, which expire in various years through 2030. The valuation allowance relates to net operating losses and unrealized losses on investments which management has determined, more likely than not, that such losses will not be utilized. As of December 31, 2014 and 2015, the Company does not have any material unrecognized tax benefits and accordingly has not recorded any interest or penalties related to unrecognized tax benefits. The Company and its subsidiaries file a consolidated federal income tax return and various state returns. These returns remain subject to examination by taxing authorities for all years after 2011.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
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