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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2013
Income Taxes [Abstract]  
Schedule of Components of Income Tax Provision

 

 

 

 

 

 

 

 

 

 

 

  

Year Ended December 31,

 

  

2013

 

2012

 

2011

Deferred:

  

 

 

 

 

 

 

 

 

Federal

  

$

(93,078,760)

 

$

4,586,506 

 

$

11,367,771 

State and local

  

 

(6,128,198)

 

 

493,946 

 

 

1,437,062 

 

  

 

(99,206,958)

 

 

5,080,452 

 

 

12,804,833 

Valuation allowance

  

 

99,206,958 

 

 

(5,080,452)

 

 

(12,804,833)

 

  

$

 

$

 

$

 

Schedule of Reconciliation of Federal Income Tax Rate

 

 

 

 

 

 

 

 

 

 

 

  

Year Ended December 31,

 

  

2013

 

2012

 

2011

U.S. statutory income tax rate

  

34.0 

 

34 

 

34 

State and local taxes, net of federal tax benefit

  

(8.9)

 

5.2 

 

4.5 

Permanent differences between book and tax and other

  

(169.4)

 

14.4 

 

1.5 

Valuation allowance

  

144.3 

 

(53.6)

 

(40)

Effective income tax rate

  

 

 

 

Schedule of Deferred Tax Assets

 

 

 

 

 

 

 

 

  

December 31,

 

  

2013

 

2012

Current accruals

  

$

1,998,086 

 

$

1,753,064 

Depreciation and amortization

  

 

2,566,979 

 

 

2,676,884 

Deferred compensation

  

 

5,421,688 

 

 

5,332,415 

Net operating loss carryovers

  

 

28,045,831 

 

 

127,477,179 

Deferred tax assets

  

 

38,032,584 

 

 

137,239,542 

Valuation allowance

  

 

(38,032,584)

 

 

(137,239,542)

Net deferred tax assets

  

$

 

$