INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2013

INCOME TAXES

Components of Income Tax Expense (Benefit)

Components of income tax expense (benefit) are as follows (in thousands):

	Year Ended December 31,
	2013		2012		2011
Current:
Federal	$	8	$	(37)	$	(337)
State	16		(183)		(75)
	24		(220)		(412)
Deferred:
Federal	1,022		(753)		(17)
State	351		(109)		(1)
	1,373		(862)		(18)
Income tax expense (benefit)	$	1,397	$	(1,082)	$	(430)

Reconciliation of Effective Tax Rate for the Provision for Income Taxes

Reconciliations from the provision for income taxes at the U.S. federal statutory tax rate to the effective tax rate for the provision for income taxes are as follows (in thousands):

	Year Ended December 31,
	2013		2012		2011
Income taxes at statutory rate	$	137,547	$	115,550	$	135,069
Less: Income taxes at statutory rate on Partnership income not subject to income taxes	(139,107)		(116,260)		(135,204)
Increase/(decrease) resulting from:
State taxes, net of federal income tax	(192)		(83)		(7)
Valuation allowance for deferred tax assets	3,483		-		-
Other	(334)		(289)		(288)
Income tax expense (benefit)	$	1,397	$	(1,082)	$	(430)