Income Taxes

3 Months Ended

Mar. 31, 2013

Income Taxes

Income Taxes

10. Income Taxes

A reconciliation of the provision for income tax and the amount computed by applying the federal statutory rate to income before provision for income tax for the three months ended March 31, 2013 and 2012 is as follows (in thousands):

	Three months ended March 31, 2013
	Corporation			Partnership			Eliminations			Consolidated
Income (loss) before provision for income tax	$	20,311		$	(33,080	)	$	(1,438	)	$	(14,207	)
Federal statutory rate	35		%	0		%	0		%
Federal income tax at statutory rate	7,109			—			—			7,109
Permanent items	16			—			—			16
State income taxes, net of federal benefit	508			(133		)	—			375
Provision on income from Class A units (1)	(943		)	—			—			(943		)
Provision for income tax	$	6,690		$	(133	)	$	—		$	6,557

	Three months ended March 31, 2012
	Corporation			Partnership			Eliminations			Consolidated
Income (loss) before provision for income tax	$	7,525		$	14,097		$	(804	)	$	20,818
Federal statutory rate	35		%	0		%	0		%
Federal income tax at statutory rate	2,634			—			—			2,634
Permanent items	4			—			—			4
State income taxes, net of federal benefit	339			66			—			405
Provision on income from Class A units (1)	1,502			—			—			1,502
Provision for income tax	$	4,479		$	66		$	—		$	4,545

(1) The Corporation and the General Partner of the Partnership own Class A units of the Partnership that were received in the merger of the Corporation and the Partnership completed in February 2008. The Class A units share, on a pro-rata basis, in the income or loss of the Partnership, except for items attributable to the Partnership’s ownership of or sale of shares of the Corporation’s common stock. The provision for income tax on income from Class A units includes intra period allocations to continued operations and excludes allocations to equity.