Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

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,
	2016		2015		2014
Statutory tax (benefit) expense	(35.0	)%	(35.0	)%	(35.0	)%
Increase in taxes resulting from:
Stock-based compensation	0.2		0.1		1.5
Nondeductible expenses	0.4		0.2		2.9
Valuation allowance	34.4		34.7		30.6
	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,
	2016			2015
	(In thousands)
Deferred tax asset:
Carrying values of partner companies and other holdings	$	95,134		$	83,042
Tax loss and credit carryforwards	82,775			84,493
Accrued expenses	1,183			1,391
Stock-based compensation	1,763			1,655
Other	1,310			1,369
	182,165			171,950
Valuation allowance	(182,165		)	(171,950		)
Net deferred tax asset	$	—		$	—

Carryforwards Expiration

As of December 31, 2016, the Company and its subsidiaries consolidated for tax purposes had federal net operating loss carryforwards of approximately $225.4 million. These carryforwards expire as follows:



	Total
	(In thousands)
2017	$	—
2018	—
2019	—
2020	—
2021 and thereafter	225,369
	$	225,369