INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of components of income tax expense (benefit)

The income tax expense (benefit) consisted of the following components (amounts in thousands):



	Successor Company					Predecessor Company
	Year ended December 31, 2015		Eight months ended December 31, 2014			Four months ended April 30, 2014			Year ended December 31, 2013
Current:
Federal income tax	$	48	$	(63	)	$	(4,304	)	$	2,988
State income tax	134		126			137			480
Total	182		63			(4,167		)	3,468
Deferred:
Federal income tax	843		343			4,329			(3,001		)
State income tax	165		78			—			—
Total	1,008		421			4,329			(3,001		)
Total income tax expense (benefit)	$	1,190	$	484		$	162		$	467

Schedule of reconciliation of income before taxes at the statutory rate to the effective tax expense

The following table presents a reconciliation of income before taxes at the statutory rate to the effective tax expense (benefit) (amounts in thousands):



	Successor Company						Predecessor Company
	Year ended December 31, 2015			Eight months ended December 31, 2014			Four months ended April 30, 2014			Year ended December 31, 2013
Income before taxes at statutory rate	$	(116,720	)	$	(76,561	)	$	37,150		$	102,794
Income passed through to shareholders	128,242			83,098			(34,377		)	(93,260		)
REIT income not subject to tax	(10,574		)	(6,072		)	(2,773		)	(9,141		)
State and local income taxes, net of federal benefit	194			82			88			(464		)
Withholding taxes	48			21			25			172
Other	—			(84		)	49			366
Effective tax expense (benefit)	$	1,190		$	484		$	162		$	467

Schedule of components of deferred tax assets and liabilities

The significant components of deferred tax assets and liabilities are reflected in the following table as of December 31, 2015 and 2014 (amounts in thousands):



	As of December 31, 2015			As of December 31, 2014
Deferred tax assets:
Unrealized losses from investments in domestic corporate subsidiaries	$	—		$	—
Total deferred tax assets	—			—
Deferred tax liabilities:
Unrealized gains from investments in domestic corporate subsidiaries	1,008			421
Total deferred tax liabilities	1,008			421
Net deferred tax assets (liabilities)	$	(1,008	)	$	(421	)