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Income Taxes
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6 Months Ended |
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Jun. 30, 2013
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| Income Tax Disclosure [Abstract] | |
| Income Taxes |
Income Taxes
Income tax (expense) benefit for the three months ended June 30, 2013 and 2012 was $(76,659) and $2,996,549, respectively, and $(155,699) and $2,993,747, for the six months ended June 30, 2013 and 2012, respectively.
We estimate our annual effective tax rate for the year ending December 31, 2013 will be 38.2%. For the three months ended June 30, 2012, we did not have any federal income tax expense as it was offset by a corresponding release of the valuation allowances related to our deferred tax assets. The income tax benefit of $2,993,747 recognized in the six months ended June 30, 2012 relates to the reversal of substantially all of our deferred income tax valuation allowance. As of June 30, 2013, there remains a valuation allowance related to deferred tax assets of $9,835 that are not likely to be realized due to certain state net operating loss limitations.
The increased ownership in us by Liberty Media to over 50% of our outstanding common stock did not create a change of control under Section 382 of the Internal Revenue Code.
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- Details
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- Definition
The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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