Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Significant components of the provision for income taxes from continuing operations

Significant components of the provision for income taxes from continuing operations are as follows:

	Year Ended December 31,
	2015		2014			2013
	(in thousands)
Current:
Federal	$	21,632	$	85,966		$	86,437
State and local	6,702		5,389			6,595
Foreign	1,235		2,057			413
Total current expense	29,569		93,412			93,445
Deferred:
Federal	149,583		34,240			11,658
State and local	6,031		(122		)	389
Total deferred expense (benefit)	155,614		34,118			12,047
Total income tax expense (benefit)	$	185,183	$	127,530		$	105,492

Reconciliation of income tax expense

The income tax provision differs from that computed at the federal statutory corporate tax rate as follows:

	Year Ended December 31,
	2015		2014		2013
Expected provision at federal statutory tax rate	35.0	%	35.0	%	35.0	%
State tax expense, net of federal benefit	1.7	%	1.0	%	1.7	%
Income tax credits	—	%	(0.4	)%	—	%
Other	0.2	%	0.5	%	0.7	%
Total income tax expense (benefit)	36.9	%	36.1	%	37.4	%

Deferred taxes

At December 31, 2015 and 2014, the significant components of the Company's deferred taxes consisted of the following:

	December 31,
	2015			2014
	(in thousands)
Deferred tax assets:
Net operating loss	$	—		$	252
Deferred revenue	3,381			410
Nondeductible accruals	11,056			12,239
Deferred manufacturing credits	822			848
Unrealized (gain) loss on derivatives, net	—			1,865
Accrued maintenance	830			3,073
Equity compensation	4,485			4,514
Other	2,751			661
Deferred tax assets	23,325			23,862
Deferred tax liabilities:
Capitalized interest	286			568
Deferred gain (loss) on leases, net	2,393			2,349
Accrued rent	6,724			2,560
Prepaid expenses	2,151			1,681
Property, plant and equipment	168,813			37,369
Accrued aircraft and engine maintenance	64,439			45,702
Deferred tax liabilities	244,806			90,229
Net deferred tax assets (liabilities)	$	(221,481	)	$	(66,367	)