INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2015

INCOME TAXES

Components of income tax expense

	Year Ended December 31,
	2015			2014		2013
				(in thousands)
Current:
Federal	$	13		$	-	$		8
State	1			-		16
	14			-		24
Deferred:
Federal	7			-		1,022
State	-			-		351
	7			-		1,373
Income tax expense	$		21	$	-	$	1,397

Reconciliation from provision for income taxes at U.S. federal statutory rate to effective tax rate

	Year Ended December 31,
	2015		2014			2013
			(in thousands)
Income taxes at statutory rate	$	106,454	$	172,434		$		137,547
Less: Income taxes at statutory rate on Partnership income not subject to income taxes	(107,594)		(173,322)			(139,107)
Increase/(decrease) resulting from:
State taxes, net of federal income tax	(123)		(112)			(192)
Change in valuation allowance of deferred tax assets	1,557		1,636			3,483
Other	(273)		(636)			(334)
Income tax expense	$	21	$		-	$	1,397