Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Taxes

Schedule of income tax provision

The income tax provision for the Company is included in the consolidated financial statements as follows (in thousands):

	Year Ended		Year Ended		Year Ended
	December 31,		December 31,		December 31,
	2014		2013		2012
Current:
Federal	$	255	$	6,371	$	850
State		(76)		1,774		298
Total current income tax provision	$	179	$	8,145	$	1,148
Deferred:
Federal	$	(2,341)	$	(9,488)	$	1,031
State		(598)		(2,426)		278
Change in valuation allowance		2,939		11,914		(1,309)
Total deferred income tax provision	$	—	$	—	$	—

Schedule of tax effects of temporary differences that gave rise to the deferred tax assets (liabilities)

The tax effects of temporary differences giving rise to the deferred tax assets (liabilities) are as follows (in thousands):

	December 31,
	2014		2013
NOL carryover	$	28,420	$	31,258
Other reserves		2,784		3,270
State taxes and other		(4,766)		(4,909)
Depreciation		375		133
Deferred tax asset before valuation allowance		26,813		29,752
Valuation allowance		(26,813)		(29,752)
	$	—	$	—

Schedule of characterization of distributions

For income tax purposes, distributions paid consist of ordinary income, capital gains, return of capital or a combination thereof. For the years ended December 31, 2014, 2013 and 2012, distributions paid per share were characterized as follows (unaudited):

	2014				2013				2012
	Amount		%		Amount		%		Amount		%
Common Stock:
Ordinary income	$	0.510	100	%	$	0.100	100	%	$	—	—	%
Capital gain		—	—			—	—			—	—
Return of capital		—	—			—	—			—	—
Total	$	0.510	100	%	$	0.100	100	%	$	—	—	%
Preferred Stock — Series A
Ordinary income	$	—	—	%	$	0.330	100	%	$	2.000	100	%
Capital gain		—	—			—	—			—	—
Return of capital		—	—			—	—			—	—
Total	$	—	—	%	$	0.330	100	%	$	2.000	100	%
Preferred Stock — Series C
Ordinary income	$	—	—	%	$	0.656	100	%	$	1.572	100	%
Capital gain		—	—			—	—			—	—
Return of capital		—	—			—	—			—	—
Total	$	—	—	%	$	0.656	100	%	$	1.572	100	%
Preferred Stock — Series D
Ordinary income	$	2.000	100	%	$	2.000	100	%	$	2.000	100	%
Capital gain		—	—			—	—			—	—
Return of capital		—	—			—	—			—	—
Total	$	2.000	100	%	$	2.000	100	%	$	2.000	100	%