Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

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


	2016		2015		2014
Current:
Federal	$	(1,379)	$	760	$	255
State		763		779		(76)
Total current income tax (benefit) provision	$	(616)	$	1,539	$	179
Deferred:
Federal	$	(3,797)	$	(4,856)	$	(2,341)
State		(1,638)		(1,254)		(598)
Change in valuation allowance		5,435		6,110		2,939
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 are as follows (in thousands):


	December 31,
	2016		2015
NOL carryover	$	10,270	$	14,977
Other reserves		1,945		2,005
State taxes and other		2,351		3,157
Depreciation		702		564
Deferred tax asset before valuation allowance		15,268		20,703
Valuation allowance		(15,268)		(20,703)
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, 2016, 2015 and 2014, distributions paid per share were characterized as follows (unaudited):


	2016				2015				2014
	Amount		%		Amount		%		Amount		%
Common Stock:
Ordinary income	$	0.609	89.62	%	$	0.661	46.86	%	$	0.510	100	%
Capital gain		0.071	10.38			0.749	53.14			—	—
Return of capital		—	—			—	—			—	—
Total	$	0.680	100	%	$	1.410	100	%	$	0.510	100	%

Preferred Stock — Series D
Ordinary income	$	0.473	89.62	%	$	0.937	46.86	%	$	2.000	100	%
Capital gain		0.055	10.38			1.063	53.14			—	—
Return of capital		—	—			—	—			—	—
Total	$	0.528	100	%	$	2.000	100	%	$	2.000	100	%

Preferred Stock — Series E
Ordinary income	$	1.259	89.62	%	$	—	—	%	$	—	—	%
Capital gain		0.146	10.38			—	—			—	—
Return of capital		—	—			—	—			—	—
Total	$	1.405	100	%	$	—	—	%	$	—	—	%

Preferred Stock — Series F
Ordinary income	$	0.903	89.62	%	$	—	—	%	$	—	—	%
Capital gain		0.105	10.38			—	—			—	—
Return of capital		—	—			—	—			—	—
Total	$	1.008	100	%	$	—	—	%	$	—	—	%