Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

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,
	2015			2014			2013
Current:
Federal	$	—		$	—		$	—
State	819			485			327
Total current	819			485			327
Deferred
Federal	8,412			(23,308		)	—
State	(60		)	(2,030		)	—
Total deferred	8,352			(25,338		)	—
Total income tax provision (benefit)	$	9,171		$	(24,853	)	$	327

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, 2015			December 31, 2014
Deferred tax assets:
Accrued bonuses	$	39		$	315
Accrued payroll	49			11
Stock-based compensation	125			14
Federal net operating loss carryover	55,622			62,575
State net operating loss carryover	1,161			1,161
Basis in partnerships	24,773			26,123
Warranty accrual	166			161
Historical BioFuel capitalized start-up costs	24			24
Historical BioFuel - other	16			16
	81,975			90,400
Valuation allowance	(1,161		)	(1,161		)
Deferred tax assets, net	80,814			89,239

Deferred tax liabilities:
Prepaid insurance	(34		)	(11		)
Noncontrolling interests impact of M-1s	(117		)	(31		)
Deferred tax liabilities, net	(151		)	(42		)

Schedule of Effective Tax Rate Reconciliation

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



	Years Ended December 31,
	2015			2014			2013
Tax on pre-tax book income (before reduction for noncontrolling interests)	$	12,151		$	12,673		$	—
Pre-Transaction earnings taxed to partners	—			(10,634		)	—
Tax effect of non-controlled earnings post Transaction	(3,577		)	(644		)	—
Change in partnership tax status	—			(25,244		)	—
Change in partnership tax status - state benefit	—			(1,320		)	—
State tax expense, net	533			315			327
Deferred other	(36		)	—			—
State deferred tax expense	(39		)	—			—
Perm items - other	139			1			—
Total tax expense	$	9,171		$	(24,853	)	$	327
	26.4		%	(68.6		)%	0.7		%

Rollforward of Valuation Allowances

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



	Years Ended December 31,
	2015		2014
Valuation allowance at beginning of the year	$	1,161	$	—
BioFuel valuation allowance at the Transaction Date	—		65,020
Release of valuation allowance at Transaction Date⁽¹⁾	—		(63,859		)
Valuation allowance at end of the year	$	1,161	$	1,161

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