XML 45 R29.htm IDEA: XBRL DOCUMENT v2.4.0.8
INCOME TAXES (Tables)
 9 Months Ended
Sep. 30, 2013
Income Tax Disclosure [Abstract]  
Components of income tax
The Company’s Federal and state income tax expense (benefit) from continuing operations for the three months and nine months ended September 30, 2013 and 2012 is summarized in the following table (in thousands):

 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2013
 
2012
 
2013
 
2012
Current
 
 
 
 
 
 
 
Federal
$
(94
)
 
$
(2,933
)
 
$
(613
)
 
$
(3,082
)
State
(575
)
 
(38
)
 
(523
)
 
(27
)
Total Current
(669
)
 
(2,971
)
 
(1,136
)
 
(3,109
)
Deferred
 

 
 

 
 

 
 

Federal
278

 
496

 
1,170

 
496

State
(196
)
 
(31
)
 
(65
)
 
(31
)
Total deferred
82

 
465

 
1,105

 
465

Total income tax (benefit)
$
(587
)
 
$
(2,506
)
 
$
(31
)
 
$
(2,644
)
Schedule of Effective Income Tax Rate Reconciliation
The Company’s reconciliation of the statutory rate from continuing operations to the effective income tax rate for the three months and nine months ended September 30, 2013 and 2012 is summarized as follows (in thousands):

 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2013
 
2012
 
2013
 
2012
Tax benefit at statutory rate
$
(8,060
)
 
$
(1,090
)
 
$
(13,391
)
 
$
(3,348
)
State tax benefit, net of Federal taxes
(1,634
)
 
357

 
(1,861
)
 
(7
)
Change in tax contingencies
11

 
6

 
(495
)
 
17

Valuation allowance changes affecting income tax expense
9,601

 
(2,484
)
 
15,489

 
465

Non-deductible transaction costs and other
(37
)
 
705

 
227

 
229

Officers compensation
(468
)
 
—

 
—

 
—

Income tax (benefit)
$
(587
)
 
$
(2,506
)
 
$
(31
)
 
$
(2,644
)