Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v2.4.1.9
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2014
Income Taxes  
Schedule of income tax expense

 

 

 

 

 

 

 

 

 

 

 

Years ended December 31,

 

 

 

2014

 

2013

 

2012

 

 

 

amounts in thousands

 

Current:

    

 

 

    

 

    

 

 

Federal

 

$

510 

 

(5,124)

 

(5,778)

 

State and local

 

 

473 

 

(3,102)

 

(1,213)

 

 

 

 

983 

 

(8,226)

 

(6,991)

 

Deferred:

 

 

 

 

 

 

 

 

Federal

 

 

62,014 

 

26,735 

 

(19,537)

 

State and local

 

 

4,689 

 

4,189 

 

(328)

 

 

 

 

66,703 

 

30,924 

 

(19,865)

 

Income tax benefit (expense)

 

$

67,686 

 

22,698 

 

(26,856)

 

 

Schedule of income tax expense reconciliation to the effective tax rate

 

 

 

 

 

 

 

 

 

 

 

Years ended December 31,

 

 

 

2014

 

2013

 

2012

 

 

 

amounts in thousands

 

Computed expected tax benefit (expense)

    

$

70,802 

    

22,549 

    

(24,766)

 

State and local taxes, net of federal income taxes

 

 

2,657 

 

2,462 

 

(642)

 

Foreign taxes, net of foreign tax credit

 

 

 —

 

(751)

 

751 

 

Change in valuation allowance

 

 

(2,154)

 

(986)

 

(3,168)

 

Dividends received deduction

 

 

819 

 

1,506 

 

973 

 

Change in tax rate

 

 

(998)

 

(1,756)

 

 

Change in entity tax status

 

 

 —

 

 

159 

 

Impairment of intangible assets not deductible for tax purposes

 

 

(6,452)

 

 —

 

 —

 

Loss on liquidation of subsidiary

 

 

3,082 

 

 

(3)

 

Other

 

 

(70)

 

(326)

 

(160)

 

Income tax (expense) benefit

 

$

67,686 

 

22,698 

 

(26,856)

 

 

Schedule of deferred tax assets and liabilities

 

 

 

 

 

 

 

 

 

December 31,

 

 

 

2014

 

2013

 

 

 

amounts in thousands

 

Deferred tax assets:

    

 

    

    

    

 

Net operating loss carryforwards

 

$

20,201 

 

7,946 

 

Accrued stock-based compensation

 

 

943 

 

870 

 

Deferred revenue

 

 

16,490 

 

15,210 

 

Other

 

 

6,759 

 

12,540 

 

Total deferred tax assets

 

 

44,393 

 

36,566 

 

Less: valuation allowance

 

 

(8,240)

 

(6,086)

 

Net deferred tax assets

 

 

36,153 

 

30,480 

 

Deferred tax liabilities:

 

 

 

 

 

 

Investments

 

 

(1,252)

 

(36,980)

 

Intangible assets

 

 

(4,039)

 

 —

 

Other

 

 

(40)

 

(240)

 

Total deferred tax liabilities

 

 

(5,331)

 

(37,220)

 

Net deferred tax asset (liability)

 

$

30,822 

 

(6,740)

 

 

Schedule of deferred taxes as reported in the balance sheet

 

 

 

 

 

 

 

 

 

December 31,

 

 

 

2014

 

2013

 

 

 

amounts in thousands

 

Current deferred tax asset

    

$

11,282 

    

17,598 

 

Noncurrent deferred tax asset

 

 

19,540 

 

 —

 

Noncurrent deferred tax liability

 

 

 —

 

(24,338)

 

 

 

$

30,822 

 

(6,740)