Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Taxes

Schedule of components of provision for income taxes

The provision for income taxes includes the following components (in thousands):

	Year ended December 31,
	2014			2013		2012
Current tax provision (benefit):
Federal	$	(176	)	$	1,767	$	—
State		838			343		441
Foreign		2,081			—		—
		2,743			2,110		441
Deferred tax provision (benefit):
Federal		4,697			34,728		31,791
State		371			2,738		2,507
		5,068			37,466		34,298
Provision (benefit) for income taxes	$	7,811		$	39,576	$	34,739

Schedule of income tax rate reconciliation

The following is a reconciliation between the statutory federal income tax rate of 35% and the effective rate which is derived by dividing the provision for income taxes by income (loss) before for income taxes (in thousands):

	Year ended December 31,
	2014			2013			2012
Computed provision (benefit) for income taxes at the statutory rate	$	(5,720	)	$	34,486		$	30,064
Increase (decrease) in income taxes resulting from:
State income tax provision (benefit), net of federal income tax benefit		(107	)		2,867			2,220
Non-deductible expenses		3,865			3,257			2,919
Valuation allowance changes affecting the provision for income taxes		5,981			1,430			1,614
Foreign income taxes, net of federal & state benefit		1,973			—			—
Other, net		1,819			(2,464	)		(2,078	)
Provision for income taxes	$	7,811		$	39,576		$	34,739

Schedule of components of the net deferred tax assets and liabilities

The significant components of the Company's net deferred tax assets and liabilities as of December 31, 2014 and 2013 are as follows (in thousands):

	As of December 31,
	2014			2013
Deferred tax assets:
Intangible Asset	$	34,819		$	36,164
Accrued benefits		43,853			40,850
Net operating loss carryforward		152,361			85,885
AMT credit carryforward		17,590			17,649
Deferred aircraft credits		53,797			44,350
Accrued reserves and other		27,008			30,987
Total deferred tax assets		329,428			255,885
Valuation allowance		(9,025	)		(3,044	)
Deferred tax liabilities:
Accelerated depreciation		(895,405	)		(824,149	)
Total deferred tax liabilities		(895,405	)		(824,149	)
Net deferred tax liability	$	(575,002	)	$	(571,308	)