INCOME TAXES (Tables)

12 Months Ended

Mar. 31, 2016

Schedule of Components of Income Tax Expense (Benefit)

The following table presents the components of income tax expense for the fiscal year ended March 31, 2016. No income tax expense was recorded during the fiscal year ended March 31, 2015.



(In thousands)	For the Fiscal Year Ended March 31, 2016
Federal:
Current	$	140
Deferred	—
Total federal	140
State:
Current	205
Deferred	—
Total state	205
Income tax expense	$	345

Schedule of Deferred Tax Assets and Liabilities

Net deferred taxes consisted of the following:



	As of March 31,
(In thousands)	2016			2015
Deferred tax assets:
Net operating loss carryforwards	$	99,524		$	103,312
Stock based compensation	4,432			4,144
Intangibles	8,005			1,710
Revenue deferral	46			46
Interest rate derivatives	199			234
Capital loss carryforwards	7,951			8,604
Other	2,224			1,955
Total deferred tax assets before valuation allowance	122,381			120,005
Less: Valuation allowance	(104,285		)	(88,320		)
Total deferred tax assets after valuation allowance	$	18,096		$	31,685
Deferred tax liabilities:
Depreciation and amortization	$	(17,414	)	$	(27,840	)
Intangibles	(682		)	(3,845		)
Total deferred tax liabilities	(18,096		)	(31,685		)
Net deferred tax	$	—		$	—

Schedule of Effective Income Tax Rate Reconciliation

The differences between the United States statutory federal tax rate and our effective tax rate are as follows:



	For the fiscal years ended March 31,
	2016		2015
Provision at the U.S. statutory federal tax rate	34.0	%	34.0	%
State income taxes, net of federal benefit	5.6	%	(0.1	)%
Change in valuation allowance	(40.3	)%	(44.7	)%
Non-deductible equity compensation	(0.7	)%	(1.9	)%
Sale of subsidiary	—	%	10.8	%
Other	0.5	%	1.9	%
Income tax expense	(0.9	)%	—	%