Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Sources of income from continuing operations before income taxes

The sources of income from continuing operations before income taxes and earnings of unconsolidated equity method investment for the years ended December 31, 2012, 2013 and 2014 were as follows:



	Year Ended December 31,
	2012		2013		2014
U.S. operations	$	2,016	$	2,730	$	2,047
Non-U.S. operations	38,697		36,213		109,590
Income from continuing operations before income taxes and earnings of unconsolidated equity method investment	$	40,713	$	38,943	$	111,637

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The components of the income tax provision from continuing operations for the year ended December 31, 2012,

2013 and 2014 consisted of the following:



	Year Ended December 31,
	2012		2013		2014
Current:
United States:
Federal	$	148	$	1,742	$	1,571
State	131		515		390
Non-U.S	738		2,542		9,040
Current income tax provision	1,017		4,799		11,001
Deferred:
United States:
Federal	2,201		963		2,335
State	409		386		932
Non-U.S	4,218		3,067		(405		)
Deferred income tax provision (benefit)	6,828		4,416		2,862
Total	$	7,845	$	9,215	$	13,863

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

Significant components of the Company’s deferred tax assets and liabilities at December 31, 2012, 2013 and 2014 consisted of the following:



	Year Ended December 31,
	2012			2013			2014
Deferred tax assets:
Non-cash share based payments	$	1,180		$	1,139		$	1,106
Net operating loss carry forwards	19,427			23,137			42,900
Interest rate derivatives	1,345			863			35
Other	255			356			340
Total deferred tax assets	22,207			25,495			44,381
Deferred tax liabilities:
Accelerated depreciation	(46,551		)	(56,312		)	(79,360		)
Other	(1,666		)	(1,143		)	(1,795		)
Total deferred tax liabilities	(48,217		)	(57,455		)	(81,155		)
Net deferred tax liabilities	$	(26,010	)	$	(31,960	)	$	(36,774	)

Analysis of effective income tax rate for continuing operations

Differences between statutory income tax rates and our effective income tax rates applied to pre-tax income from continuing operations at December 31, 2012, 2013 and 2014 consisted of the following:



	Year Ended December 31,
	2012			2013			2014
Notional U.S. federal income tax expense at the statutory rate:	$	14,250		$	13,630		$	39,073
U.S. state and local income tax, net	140			195			189
Non-U.S. operations:
Bermuda	2,764			4,749			(12,424		)
Ireland	(5,368		)	(5,514		)	(4,732		)
Singapore	(21		)	(597		)	(5,529		)
Other low tax jurisdictions	(4,168		)	(3,608		)	(2,890		)
Non-deductible expenses in the U.S.	281			447			644
Other	(33		)	(87		)	(468		)
Provision for income taxes	$	7,845		$	9,215		$	13,863