INCOME TAXES

Components of our benefit for income taxes from continued operations are as follows:



(In Thousands)	Year Ended December 31, 2014			Year Ended December 31, 2013		Year Ended December 31, 2012
Federal	$	(7	)	$	106	$	—
State	—			—		—
Total current	(7		)	106		—
Federal	—			—		9,697
State	—			—		—
Total deferred	—			—		9,697
Benefit for income taxes	$	(7	)	$	106	$	9,697

The Company recognized a tax expense of $7,361 in 2014 related to a reduction in an AMT credit refund requested during 2014.

The effective income tax rate from continuing operations differs from the statutory US federal income tax rate as follows:



	Year Ended December 31, 2014		Year Ended December 31, 2013		Year Ended December 31, 2012
Taxes at federal statutory rate	35.0	%	35.0	%	35.0	%
State income tax, net	—	%	—	%	(0.9	)%
Discontinued Operations	—	%	—	%	0.3	%
FICA credit	0.4	%	(1.3	)%	0.2	%
AMT credit	—	%	(1.9	)%	—	%
Other, net	(0.2	)%	(2.0	)%	(0.3	)%
Goodwill Impairment	—	%	—	%	(15.4	)%
Non-deductible interest	(12.0	)%	(6.8	)%	(2.2	)%
Valuation allowance	(23.3	)%	(22.6	)%	0.4	%
Benefit for income taxes	(0.1	)%	0.4	%	17.1	%

Under the accounting guidance, deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s net deferred income tax asset consisted of the following:



(In Thousands)	2014			2013			2012
Deferred Tax Assets
Reserves and accruals	$	748		$	1,149		$	1,556
Federal net operating loss carry forwards	38,712			29,992			24,181
AMT and other tax credits	2,284			1,733			2,664
Deferred interest	1,264			675			381
Other	3			18			136
Total before valuation allowance	43,011			33,567			28,918
Valuation allowance	(29,849		)	(19,559		)	(13,481		)
Total Deferred Tax Asset	13,162			14,008			15,437
Deferred Tax Liabilities
Prepaid expenses	(595		)	(583		)	(621		)
Property and equipment	(33,592		)	(34,238		)	(35,417		)
Intangibles	(1,409		)	(1,621		)	(1,833		)
Total Deferred Tax Liability	(35,596		)	(36,442		)	(37,871		)
Net Deferred Tax Liability	$	(22,434	)	$	(22,434	)	$	(22,434	)

We had U.S. net operating loss carry forwards in the amount of $140.9 million at December 31, 2014 and $130.9 million at December 31, 2013 that will expire in tax years ending 2019 through 2034. Our AMT credits of $1.7 million have no expiration date. Our other general business tax credits of $1.8 million at December 31, 2014 and $1.7 million at December 31, 2013 will expire in tax years ending 2023 through 2034. Due to certain significant changes in ownership in prior years, the net operating losses and general business credits for December 31, 2012 have been adjusted on the balance sheet to reflect the amount that will be available for use under Internal Revenue Code of 1986, as amended, Sections 382 and 383.

We have performed an assessment of positive and negative evidence regarding the realization of the deferred tax assets in accordance with accounting guidance. This assessment included the evaluation of the reversal of temporary differences. As a result, we have concluded that it is more likely than not that the net deferred tax assets, excluding the deferred tax liability related to the step up in land recorded in fresh-start reporting, will not be realized and thus have provided an allowance for the net deferred tax asset balance. The net change in our deferred income tax valuation allowance for the years ended December 31, 2014, 2013 and 2012 is as follows:



(In Thousands)	Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Balance - Beginning of Period	$	(19,559	)	$	(13,481	)	$	(13,682	)
Increase	(10,290		)	(6,078		)	—
Decrease	—			—			201
Balance - End of Period	$	(29,849	)	$	(19,559	)	$	(13,481	)

The Company is subject to the accounting guidance for uncertain income tax positions as of January 1, 2007. The Company believes that its income tax filing positions and deductions will be sustained on audit and does not anticipate any adjustments that will result in a material adverse effect on the Company's financial condition, results of operations, or cash flow. Therefore, no reserves for uncertain income tax positions have been recorded pursuant to the accounting guidance. In addition, the Company did not record a cumulative effect adjustment related to the adoption of the accounting guidance for uncertain income tax positions.

The Company recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense. The Company had no unrecognized tax benefits accrued at December 31, 2014, 2013 or 2012.

The Company files income tax returns in the U.S. federal jurisdiction, and the state of Colorado for the year ended December 31, 2012. As of 2013, the Company filed only in the U.S. federal jurisdiction. As of December 31, 2014, the Company is no longer subject to examination of its U.S. consolidated federal income tax returns filed for years ended prior to 2012. The IRS completed its examination of the consolidated federal income tax return for the 2011 tax year during 2014 and no tax adjustments were proposed.