Income Taxes (Tables)

3 Months Ended

Mar. 31, 2017

Income Taxes [Abstract]

Components of Income Tax Expense (Benefit)

The components of income tax expense (benefit) are as follows:

(in thousands)	Three Months Ended March 31,
	2017		2016
Federal – current	$	-	$	-
State – current		3		35
Total current		3		35
Federal – deferred		-		-
State – deferred		-		-
Total deferred		-		-
Income tax expense (benefit)	$	3	$	35

Income Tax Reconciliation

A reconciliation of the United States federal statutory rate to the Company's effective income tax rate is as follows:

	Three Months Ended March 31,
	2017		2016
Tax at statutory federal rate	35.0	%	35.0	%
State income taxes	(0.2)		(3.0)
Permanent differences, tax credits and other adjustments	-		-
Other	-		-
Change in valuation allowance	(35.0)		(35.0)
Effective income tax rate	(0.2)	%	(3.0)	%

Alternate Minimum Tax Credit Carryforwards

AMT Credits available which are not subject to expiration are as follows:

	Amount
AMT Credits	$	21,000,000

Calculation of Net Deferred Tax Assets from NOL Carryforwards

The Company has calculated a deferred tax asset arising primarily from NOL carryforwards and AMT credits as follows:

	March 31, 2017			December 31, 2016
Deferred tax asset	$	36,900,000		$	36,400,000
Valuation allowance		(36,900,000	)		(36,400,000	)
Net deferred tax asset recognized	$	-		$	-

Federal [Member]

Operating Loss Carryforwards [Line Items]

Net Operating Loss Carryforwards

The federal NOL carryforwards as of December 31, 2016 are as follows:

Tax Year Originating	Tax Year Expiring	Amount
2006	2026	$	500,000
2007	2027		12,700,000
2008	2028		4,600,000
2009	2029		2,400,000
2010	2030		1,900,000
2011	2031		1,900,000
2013	2033		3,700,000
2014	2034		4,900,000
2015	2035		4,200,000
2016	2036		2,600,000
		$	39,400,000

State [Member]

Operating Loss Carryforwards [Line Items]

Net Operating Loss Carryforwards

The state NOL carryforwards as of December 31, 2016,are as follows:

Tax Year Originating	Tax Year Expiring	Amount
2011	2031	$	1,800,000
2013	2033		2,700,000
2014	2034		4,200,000
2015	2035		4,100,000
2016	2036		2,800,000
		$	15,600,000