Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Differences Between United States Federal Income Tax Rate and Effective Income Tax Rate

The total income tax provision (benefit) differed from the amounts computed by applying the U.S. federal income tax rate of 35.0% to net income (loss) before income taxes as a result of the following:



	Year Ended December 31,
	2015		2014		2013
Statutory tax (benefit) expense	(35.0	)%	(35.0	)%	(35.0	)%
Increase (decrease) in taxes resulting from:
Stock-based compensation	0.1		1.5		0.2
Nondeductible expenses	0.2		2.9		0.1
Valuation allowance	34.7		30.6		34.7
	0.0	%	0.0	%	0.0	%

Deferred Tax Assets and Deferred Tax Liabilities

The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets were as follows:



	As of December 31,
	2015			2014
	(In thousands)
Deferred tax asset:
Carrying values of partner companies and other holdings	$	83,042		$	68,557
Tax loss and credit carryforwards	84,493			76,766
Accrued expenses	1,391			1,484
Stock-based compensation	1,655			4,761
Other	1,369			1,353
	171,950			152,921
Valuation allowance	(171,950		)	(152,921		)
Net deferred tax asset	$	—		$	—

Carryforwards Expiration

As of December 31, 2015, the Company and its subsidiaries consolidated for tax purposes had federal net operating loss carryforwards of approximately $230.3 million. These carryforwards expire as follows:



	Total
	(In thousands)
2016	$	—
2017	—
2018	—
2019	—
2020 and thereafter	230,278
	$	230,278