Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

The (Benefit) Provision for Income Taxes

The provision (benefit) for income taxes consists of the following for the years ended December 31, 2015, 2014 and 2013:

	2015			2014			2013
Federal	$	383		$	(2,030	)	$	3,010
State and local		168			126			317
	$	551		$	(1,904	)	$	3,327

Current	$	551		$	(1,904	)	$	3,327
Deferred		(8,848	)		2,245			(30,810	)
	$	(8,297	)	$	341		$	(27,483	)

Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities consisted of the following as of December 31, 2015 and 2014:

	2015			2014
Deferred tax assets
Net operating loss, domestic	$	16,986		$	4,574
Stock-based and other compensation		15,579			23,105
Unrealized losses on investment		1,739			—
AMT credit carryforward		1,661			1,666
Deferred rent		1,547			462
Partnership income		1,027			—
Capital loss carryforward		344			5,383
Other, net		226			461
Total deferred tax assets		39,109			35,651
Deferred tax liabilities
Partnership income		—			(2,077	)
Deferred expenses		(1,268	)		(1,391	)
Net deferred tax assets		37,841			32,183
Valuation allowance		(344	)		(3,535	)
Net deferred tax asset	$	37,497		$	28,648

Provision Attributable to Continuing Operations to the Amount of Income Tax Expense

The reconciliation of the Company’s reported amount of income tax provision (benefit) attributable to continuing operations to the amount of income tax expense that would result from applying domestic federal statutory tax rates to income from continuing operations was:

	Year Ended December 31,
	2015			2014			2013
Federal income tax provision, at statutory rate	$	(5,515	)	$	6,076		$	20,045
State and local income taxes benefit, net of federal benefit		(907	)		1,322			2,693
Nondeductible expenses		295			281			7
Effect of stock-based compensation		989			87			82
Other, net		(363	)		(622	)		1,047
Uncertain tax positions		—			—			—
Valuation allowance		(2,796	)		(6,803	)		(51,357	)
Effective income tax (benefit) provision	$	(8,297	)	$	341		$	(27,483	)

Components of (Loss) Income Before Income Taxes

The Components of (loss) income before income taxes were as follows:

	For the Year Ended December 31,
	2015			2014		2013
United States	$	(15,758	)	$	17,360	$	57,368
United Kingdom		—			—		(98	)
	$	(15,758	)	$	17,360	$	57,270