11. INCOME TAXES (Tables)
|
12 Months Ended |
Dec. 31, 2015 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Provision for income taxes |
| |
|
Years Ended December
31, |
|
| |
|
2015 |
|
|
2014 |
|
|
2013 |
|
| Current provision (benefit) |
|
$ |
(8,011 |
) |
|
$ |
11,040 |
|
|
$ |
– |
|
| Deferred provision (benefit) |
|
|
(2,023 |
) |
|
|
4,097 |
|
|
|
– |
|
| Total |
|
$ |
(10,034 |
) |
|
$ |
15,137 |
|
|
$ |
– |
|
|
| Schedule of Effective Income Tax Rate Reconciliation |
| |
|
Years Ended December
31, |
|
| |
|
2015 |
|
|
2014 |
|
|
2013 |
|
| Statutory rate |
|
|
35.0% |
|
|
|
35.0% |
|
|
|
35.0% |
|
| State income taxes, net of federal benefit |
|
|
9.2 |
|
|
|
10.0 |
|
|
|
(8.2 |
) |
| Change in valuation allowance |
|
|
(4.2 |
) |
|
|
(11.5 |
) |
|
|
458.0 |
|
| Fair value adjustments and warrant inducements |
|
|
2.0 |
|
|
|
31.8 |
|
|
|
– |
|
| Domestic production gross receipts deduction |
|
|
(2.9 |
) |
|
|
(2.0 |
) |
|
|
– |
|
| Section 382 reduction to loss carryover |
|
|
0.1 |
|
|
|
(24.2 |
) |
|
|
(141.1 |
) |
| Stock compensation |
|
|
(0.8 |
) |
|
|
– |
|
|
|
(20.9 |
) |
| Non-deductible items |
|
|
(0.5 |
) |
|
|
0.6 |
|
|
|
(27.7 |
) |
| Change in tax status of PE Op Co. |
|
|
– |
|
|
|
(1.6 |
) |
|
|
– |
|
| Convertible debt instruments |
|
|
– |
|
|
|
– |
|
|
|
(297.7 |
) |
| Other |
|
|
(3.2 |
) |
|
|
(1.3 |
) |
|
|
2.6 |
|
| Effective rate |
|
|
34.7% |
|
|
|
36.8% |
|
|
|
0.0% |
|
|
| Components of deferred income taxes |
| |
|
December 31, |
|
| |
|
2015 |
|
|
2014 |
|
| Deferred tax assets: |
|
|
|
|
|
|
|
|
| Net operating loss carryforwards |
|
$ |
53,867 |
|
|
$ |
12,385 |
|
| Railcar contracts |
|
|
5,143 |
|
|
|
– |
|
| Pension liability |
|
|
2,647 |
|
|
|
– |
|
| R&D and AMT credits |
|
|
2,303 |
|
|
|
– |
|
| Litigation accrual |
|
|
1,290 |
|
|
|
– |
|
| Capital leases |
|
|
1,021 |
|
|
|
– |
|
| Stock-based compensation |
|
|
724 |
|
|
|
781 |
|
| Other |
|
|
5,367 |
|
|
|
1,944 |
|
| Total deferred tax assets |
|
|
72,362 |
|
|
|
15,110 |
|
| |
|
|
|
|
|
|
|
|
| Deferred tax liabilities: |
|
|
|
|
|
|
|
|
| Fixed assets |
|
|
(30,272 |
) |
|
|
(24,813 |
) |
| Intangibles |
|
|
(1,091 |
) |
|
|
(1,134 |
) |
| Debt basis |
|
|
(912 |
) |
|
|
– |
|
| Other |
|
|
(1,423 |
) |
|
|
(450 |
) |
| Total deferred tax liabilities |
|
|
(33,698 |
) |
|
|
(26,397 |
) |
| |
|
|
|
|
|
|
|
|
| Valuation allowance |
|
|
(39,838 |
) |
|
|
(4,147 |
) |
| Net deferred tax liabilities |
|
$ |
(1,174 |
) |
|
$ |
(15,434 |
) |
| |
|
|
|
|
|
|
|
|
| Classified in balance sheet as: |
|
|
|
|
|
|
|
|
| Deferred tax liabilities |
|
$ |
(1,174 |
) |
|
$ |
(15,434 |
) |
|
| Net operating loss carryforwards |
| Tax Years |
|
Federal
|
|
|
State |
|
| 2016–2020 |
|
$ |
– |
|
|
$ |
21,344 |
|
| 2021–2025 |
|
|
7,258 |
|
|
|
1,412 |
|
| 2026–2030 |
|
|
13,624 |
|
|
|
33,635 |
|
| 2031–2035 |
|
|
116,729 |
|
|
|
67,071 |
|
| |
|
$ |
137,611 |
|
|
$ |
123,462 |
|
Certain of
these net operating losses are not immediately available, but become available to be utilized in each of the years ended December
31, as follows (in thousands):
| Year |
|
|
Federal |
|
|
State |
|
| |
2016 |
|
|
$ |
26,820 |
|
|
$ |
32,504 |
|
| |
2017 |
|
|
|
10,862 |
|
|
|
6,748 |
|
| |
2018 |
|
|
|
10,862 |
|
|
|
6,748 |
|
| |
2019 |
|
|
|
6,383 |
|
|
|
6,277 |
|
| |
2020 |
|
|
|
5,282 |
|
|
|
6,169 |
|
| |
Thereafter |
|
|
|
77,402 |
|
|
|
65,016 |
|
| |
|
|
|
$ |
137,611 |
|
|
$ |
123,462 |
|
|
| Federal Income Tax Note |
| Jurisdiction |
Tax Years |
| Federal |
2012 – 2014 |
| Arizona |
2012 – 2014 |
| California |
2011 – 2014 |
| Colorado |
2011 – 2014 |
| Idaho |
2012 – 2014 |
| Illinois |
2012 – 2014 |
| Indiana |
2012 – 2014 |
| Iowa |
2014 |
| Kansas |
2014 |
| Minnesota |
2014 |
| Missouri |
2014 |
| Nebraska |
2012 – 2014 |
| Oklahoma |
2014 |
| Oregon |
2012 – 2014 |
|