Income Taxes (Tables)

6 Months Ended

Jun. 30, 2012

Income Taxes [Abstract]

Components of income tax

The components of the income tax expense are as follows:

	For the Three						For the Six
	Months Ended June 30,						Months Ended June 30,
	2012			2011			2012			2011
	(in thousands)
Current Provision:
Unincorporated Business Taxes	$	578		$	737		$	1,169		$	1,505
Local Corporate Tax		-			-			-			-
State Corporate Tax		-			-			-			-
Federal Corporate Tax		-			-			-			-
Total Current Provision	$	578		$	737		$	1,169		$	1,505
Deferred Provision:
Unincorporated Business Taxes	$	(27	)	$	(38	)	$	15		$	(39	)
Local Corporate Tax		62			87			139			164
State Corporate Tax		110			153			246			289
Federal Corporate Tax		365			525			834			993
Total Deferred Provision	$	510		$	727		$	1,234		$	1,407
Change in Valuation Allowance		446			(1,980	)		(623	)		(2,845	)
Total Income Tax Expense/(Benefit)	$	1,534		$	(516	)	$	1,780		$	67

Deferred Tax Assets and Liabilities

The change in the Company's deferred tax assets, net of valuation allowance, for the three and six months ended June 30, 2012 is summarized as follows:

						Valuation
	Section 754			Other		Allowance			Total
	(in thousands)
Balance at December 31, 2011	$	66,224		$	3,661	$	(61,050	)	$	8,835
Deferred Tax Expense		(823	)		158		-			(665	)
Change in Valuation Allowance		-			-		1,069			1,069
Balance at March 31, 2012	$	65,401		$	3,819	$	(59,981	)	$	9,239
Deferred Tax Expense		(835	)		320		-			(515	)
Change in Valuation Allowance		-			-		(446	)		(446	)
Balance at June 30, 2012	$	64,566		$	4,139	$	(60,427	)	$	8,278

The change in the Company's deferred tax liabilities, which is included in other liabilities on the Company's consolidated statements of financial condition, for the three and six months ended June 30, 2012, is summarized as follows:

	Total
	(in thousands)
Balance at December 31, 2011	$	(13	)
Deferred Tax Expense		(59	)
Balance at March 31, 2012	$	(72	)
Deferred Tax Expense		5
Balance at June 30, 2012	$	(67	)

The change in the Company's deferred tax assets, net of valuation allowance, for the three and six months ended June 30, 2011 is summarized as follows:

						Valuation
	Section 754			Other		Allowance			Total
	(in thousands)
Balance at December 31, 2010	$	65,468		$	2,797	$	(59,431	)	$	8,834
Deferred Tax Expense		(777	)		96		-			(681	)
Unit Exchange		2,381			-		(2,075	)		306
Change in Valuation Allowance		-			-		865			865
Balance at March 31, 2011	$	67,072		$	2,893	$	(60,641	)	$	9,324
Deferred Tax Expense		(816	)		71		-			(745	)
Change in Valuation Allowance		-			-		1,980			1,980
Balance at June 30, 2011	$	66,256		$	2,964	$	(58,661	)	$	10,559

The change in the Company's deferred tax liabilities for the three and six months ended June 30, 2011 is summarized as follows:

	Total
	(in thousands)
Balance at December 31, 2010	$	(51	)
Deferred Tax Expense		1
Balance at March 31, 2011	$	(50	)
Deferred Tax Expense		19
Balance at June 30, 2011	$	(31	)

As of June 30, 2012 and December 31, 2011, the net values of the liability to selling and converting shareholders were approximately $9.8 million and $11.2 million, respectively.