Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

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 21.0% for the years ended December 31, 2019 and 2018 to net income (loss) before income taxes as a result of the following:



	Year Ended December 31,
	2019		2018
Statutory tax (benefit) expense	21.0	%	(21.0	)%
Increase (decrease) in taxes resulting from:
Nondeductible expenses	0.4		1.5
Valuation allowance	(21.4	)	19.5
	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,
	2019			2018
	(In thousands)
Deferred tax asset:
Carrying values of ownership interests and other holdings	$	32,760		$	60,951
Tax loss and credit carryforwards	70,914			62,901
Disallowed interest carryforwards	7,292			3,831
Credit facility repayment feature	—			1,312
Accrued expenses	213			675
Stock-based compensation	432			550
Other	604			1,034
	112,215			131,254
Valuation allowance	(112,215		)	(131,254		)
Net deferred tax asset	$	—		$	—

Carryforwards Expiration

As of December 31, 2019, the Company and its subsidiaries had federal net operating and capital loss carryforwards for tax purposes of approximately $337 million, of which approximately $34 million have an indefinite life. These carryforwards expire as follows:



	Total
	(In thousands)
2020	$	—
2021	3,728
2022	48,848
2023	20,981
2024 and thereafter	229,615
	$	303,172