Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

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,
	2015		2014		2013
Current:
Federal	$	760	$	255	$	6,371
State		779		(76)		1,774
Total current income tax provision	$	1,539	$	179	$	8,145
Deferred:
Federal	$	(4,856)	$	(2,341)	$	(9,488)
State		(1,254)		(598)		(2,426)
Change in valuation allowance		6,110		2,939		11,914
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,
	2015		2014
NOL carryover	$	14,977	$	28,420
Other reserves		2,005		2,784
State taxes and other		3,157		(4,766)
Depreciation		564		375
Deferred tax asset before valuation allowance		20,703		26,813
Valuation allowance		(20,703)		(26,813)
Deferred tax asset net of valuation allowance	$	—	$	—

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, 2015, 2014 and 2013, distributions paid per share were characterized as follows (unaudited):

	2015				2014				2013
	Amount		%		Amount		%		Amount		%
Common Stock:
Ordinary income	$	0.661	46.86	%	$	0.510	100	%	$	0.100	100	%
Capital gain		0.749	53.14			—	—			—	—
Return of capital		—	—			—	—			—	—
Total	$	1.410	100	%	$	0.510	100	%	$	0.100	100	%
Preferred Stock — Series A
Ordinary income	$	—	—	%	$	—	—	%	$	0.330	100	%
Capital gain		—	—			—	—			—	—
Return of capital		—	—			—	—			—	—
Total	$	—	—	%	$	—	—	%	$	0.330	100	%
Preferred Stock — Series C
Ordinary income	$	—	—	%	$	—	—	%	$	0.656	100	%
Capital gain		—	—			—	—			—	—
Return of capital		—	—			—	—			—	—
Total	$	—	—	%	$	—	—	%	$	0.656	100	%
Preferred Stock — Series D
Ordinary income	$	0.937	46.86	%	$	2.000	100	%	$	2.000	100	%
Capital gain		1.063	53.14			—	—			—	—
Return of capital		—	—			—	—			—	—
Total	$	2.000	100	%	$	2.000	100	%	$	2.000	100	%