Income Tax (Tables)

3 Months Ended

Mar. 31, 2015

Income Taxes

Schedule of income tax rate reconciliation

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, 2015 and 2014 is as follows (in thousands):

	Three months ended March 31, 2015
	Corporation			Partnership			Eliminations			Consolidated
(Loss) income before provision for income tax	$	(12,830	)	$	14,912		$	(682	)	$	1,400
Federal statutory rate	35		%	0		%	0		%
Federal income tax at statutory rate	(4,491		)	—			—			(4,491		)
Permanent items	9			—			—			9
State income taxes net of federal benefit	(384		)	165			—			(219		)
Provision on income from Class A units (1)	580			—			—			580
Provision for income tax	$	(4,286	)	$	165		$	—		$	(4,121	)

	Three months ended March 31, 2014
	Corporation			Partnership			Eliminations			Consolidated
Income before provision for income tax	$	18,459		$	15,106		$	(5,103	)	$	28,462
Federal statutory rate	35		%	0		%	0		%
Federal income tax at statutory rate	6,461			—			—			6,461
Permanent items	21			—			—			21
State income taxes net of federal benefit	463			156			—			619
Federal and state tax rate change	4,250			—			—			4,250
Provision on income from Class A units (1)	1,195			—			—			1,195
Provision for income tax	$	12,390		$	156		$	—		$	12,546

(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.