Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Loss Before Provision for Income Taxes by Region

Loss before provision for income taxes by country for each of the fiscal periods presented is summarized as follows (in thousands):

	Year Ended December 31,
	2014			2013			2012
Ireland	$	(9,714	)	$	(42,523	)	$	(35,898	)
U.S.	3,375			1,942			(5,507		)
Loss before provision for income taxes	$	(6,339	)	$	(40,581	)	$	(41,405	)

Components of the Provision for Income Taxes

Components of the provision for income taxes for each of the fiscal periods presented consisted of the following (in thousands):

	Year Ended December 31,
	2014			2013			2012
Current:
U.S. Federal	$	1,855		$	958		$	26
U.S. State	1			(5		)	—
Ireland	—			—			—
Total current provision	$	1,856		$	953		$	26
Deferred:
U.S. Federal	$	(1,045	)	$	(538	)	$	(20	)
U.S. State	—			—			—
Ireland	—			—			—
Total deferred benefit	(1,045		)	(538		)	$	(20	)
Total provision for income taxes	$	811		$	415		$	6

Reconciliation Between Income Taxes Computed at the Standard Irish Statutory Tax Rate and the Provision for income Taxes

Following is a reconciliation between income taxes computed at the Irish statutory tax rate and the provision for income taxes for each of the fiscal periods presented (in thousands):

	Year Ended December 31,
	2014			2013			2012
Taxes at the Irish statutory tax rate of 12.5%	$	(792	)	$	(5,073	)	$	(5,176	)
Income tax at rates other than applicable statutory rate	705			(3,169		)	4
Change in valuation allowance	2,444			10,365			5,176
Share-based payments	74			164			—
Tax credits	(1,643		)	(1,921		)	—
Other	23			49			2
Provision for income taxes	$	811		$	415		$	6

Significant Components of Net Deferred Tax Assets

Significant components of the Company’s net deferred tax assets as of December 31, 2014 and 2013 are as follows (in thousands):

	December 31
	2014			2013
Deferred tax assets:
Net operating losses	$	16,322		$	15,457
Tax credits	1,139			1,310
Accruals	1,016			1,149
Share-based compensation	2,225			779
Gross deferred tax assets	20,702			18,695
Valuation allowance	(18,815		)	(17,798		)
Net deferred tax assets	1,887			897
Deferred tax liability	—			—
Net deferred tax assets	$	1,887		$	897

Summary of Income Tax Contingencies

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows (in thousands):

	2014			2013
Gross Unrecognized Tax Benefits at January 1	$	480		$	—
Additions for tax positions taken in the current year	253			480
Reductions for tax positions taken in the prior year	(350		)	—
Gross Unrecognized Tax Benefits at December 31	$	383		$	480