Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Components of Provision (Benefit) for Income Taxes

The provision (benefit) for income taxes from continuing operations consists of (in thousands):

	For the year ended December 31,
	2014			2013			2012
Current:
U.S. federal	$	709		$	(194	)	$	(627	)
U.S. state and local	4,081			2,902			618
Non U.S.	(828		)	3,773			8,708
	$	3,962		$	6,481		$	8,699
Deferred:
U.S. federal	$	30,331		(106,996		)	1,771
U.S. state and local	(10,997		)	—			1,046
Non U.S.	(543		)	(599		)	(1,240		)
	$	18,791		$	(107,595	)	$	1,577
Provision (benefit) for income taxes	$	22,753		$	(101,114	)	$	10,276

Income Tax Rate Reconciliation

The following table reconciles the U.S. federal statutory income tax to the Company's actual income tax from continuing operations (in thousands):

	For the year ended December 31,
	2014			2013			2014
U.S. federal statutory income tax expense	$	29,815		$	8,742		$	9,249
Income not subject to U.S. corporate income tax	—			(15,583		)	(7,095		)
U.S. state and local income taxes, net of U.S. federal income tax effect	(4,495		)	1,881			772
Deferred tax benefit resulting from the Company becoming subject to U.S. corporate income taxes	—			(103,499		)	—
Nondeductible expenses (1)	230			3,627			200
Foreign taxes	(1,371		)	3,603			7,468
Federal research & development tax credits	(1,241		)	—			—
Other, net	(185		)	115			(318		)
Income tax expense (benefit)	$	22,753		$	(101,114	)	$	10,276

⁽¹⁾ Nondeductible expenses include nondeductible compensation and meals and entertainment.