INCOME TAXES	9 Months Ended
Sep. 30, 2015
INCOME TAXES
INCOME TAXES	NOTE 12 - INCOME TAXES Income taxes for the interim periods presented have been included in our consolidated financial statements on the basis of an estimated annual effective tax rate. Our effective tax rate is affected by the mix of earnings and losses by taxing jurisdictions. Our earnings (losses), other than in our TRS, are not generally subject to federal corporate and state income taxes due to our REIT election. Deferred tax assets and liabilities are established for net operating loss carryforwards and temporary differences between the financial reporting basis and the tax basis of assets and liabilities at the enacted tax rates expected to be in effect when the net operating loss carryforwards are utilized and when the temporary differences reverse. At December 31, 2014, we had a valuation allowance of $2.4 million against our net deferred tax assets of $2.6 million. The deferred tax assets primarily related to net operating loss carryforwards in our TRS. The likelihood of realizing the benefit of deferred tax assets and the related need for a valuation allowance is assessed on an ongoing basis. This assessment requires estimates and significant management judgment. Because we are no longer in a cumulative loss and have forecasted income for our TRS for the year ended December 31, 2015, we have concluded that it is more likely than not that our net deferred tax assets will be realized and a valuation allowance is no longer necessary in whole or in part. For the third quarter of 2015 and 2014, we recorded an income tax provision attributable to continuing operations of $0.2 million and $0.4 million, respectively and $1.6 million and $0.8 million, respectively, for the nine months ended September 30, 2015 and 2014. We had no unrecognized tax benefits at September 30, 2015. We expect no significant changes in unrecognized tax benefits within the next year.

INCOME TAXES

9 Months Ended

Sep. 30, 2015

NOTE 12 - INCOME TAXES

Income taxes for the interim periods presented have been included in our consolidated financial statements on the basis of an estimated annual effective tax rate. Our effective tax rate is affected by the mix of earnings and losses by taxing jurisdictions. Our earnings (losses), other than in our TRS, are not generally subject to federal corporate and state income taxes due to our REIT election.

Deferred tax assets and liabilities are established for net operating loss carryforwards and temporary differences between the financial reporting basis and the tax basis of assets and liabilities at the enacted tax rates expected to be in effect when the net operating loss carryforwards are utilized and when the temporary differences reverse. At December 31, 2014, we had a valuation allowance of $2.4 million against our net deferred tax assets of $2.6 million. The deferred tax assets primarily related to net operating loss carryforwards in our TRS.

The likelihood of realizing the benefit of deferred tax assets and the related need for a valuation allowance is assessed on an ongoing basis. This assessment requires estimates and significant management judgment. Because we are no longer in a cumulative loss and have forecasted income for our TRS for the year ended December 31, 2015, we have concluded that it is more likely than not that our net deferred tax assets will be realized and a valuation allowance is no longer necessary in whole or in part.

For the third quarter of 2015 and 2014, we recorded an income tax provision attributable to continuing operations of $0.2 million and $0.4 million, respectively and $1.6 million and $0.8 million, respectively, for the nine months ended September 30, 2015 and 2014.

We had no unrecognized tax benefits at September 30, 2015. We expect no significant changes in unrecognized tax benefits within the next year.