Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of Components of Income Tax Expense (Benefit)

The components of income before income taxes attributable to our operations are as follows (in thousands):



	Years Ended December 31,
	2014			2013		2012
Current:
Federal	$	—		$	—	$	—
State	485			327		231
Total current	485			327		231
Deferred
Federal	(23,308		)	—		—
State	(2,030		)	—		—
Total deferred	(25,338		)	—		—
Total income tax (benefit) provision	$	(24,853	)	$	327	$	231

Schedule of Deferred Tax Assets and Liabilities

The primary differences between the financial statement and tax bases of assets and liabilities are as follows (in thousands):



	December 31, 2014			December 31, 2013
Deferred tax assets:
Accrued bonuses	$	315		$	—
Accrued severance pay	11			—
Stock-based compensation	14			—
Federal net operating loss carryover	62,575			—
State net operating loss carryover	1,161			—
Basis in partnerships	26,123			—
Warranty accrual	161			—
Historical BioFuel capitalized start-up costs	24			—
Historical BioFuel - other	16			—
	90,400			—
Valuation allowance	(1,161		)	—
Deferred tax assets, net	89,239			—

Deferred tax liabilities:
Prepaid insurance	(11		)	—
Noncontrolling interests impact of M-1s	(31		)	—
Deferred tax liabilities, net	(42		)	—

Schedule of Effective Tax Rate Reconciliation

A reconciliation between our effective tax rate on income before income tax (benefit) provision and the U.S. federal statutory rate is as follows (amounts in thousands):



	Years Ended December 31,
	2014			2013			2012
Tax on pre-tax book income (before reduction for noncontrolling interests)	$	12,673		$	—		$	—
Pre-Transaction earnings taxed to partners	(10,634		)	—			—
Tax effect of non-controlled earnings post Transaction	(644		)	—			—
Change in partnership tax status	(25,244		)	—			—
Change in partnership tax status - state benefit	(1,320		)	—			—
State tax expense, net	315			327			231
Perm items - other	1			—			—
Total tax expense	$	(24,853	)	$	327		$	231
	(68.6		)%	0.7		%	1.1		%

Rollforward of Valuation Allowances

The rollforward of valuation allowances is as follows (amounts in thousands):



	Years Ended December 31,
	2014			2013
Valuation allowance at beginning of the year	$	—		$	—
BioFuel valuation allowance at the Transaction Date	65,020			—
Release of valuation allowance at Transaction Date	(63,859		)	—
Valuation allowance at end of the year	$	1,161		$	—

(1)Amount was released through additional paid-in capital at the Transaction Date.