8.    Supplemental Financial Statement Information

 

Other Assets

 

Griffin's other assets are comprised of the following:

 

 

Accounts Payable and Accrued Liabilities

 

Griffin's accounts payable and accrued liabilities are comprised of the following:

 

 

Other Liabilities

 

Griffin's other liabilities are comprised of the following:

 

 

Supplemental Cash Flow Information

 

A decrease of $521 in the 2016 six month period and an increase of $449 in the 2015 six month period in Griffin’s Investment in Centaur Media reflect the mark to market adjustments of this investment and did not affect Griffin’s cash.

 

Accounts payable and accrued liabilities related to additions to real estate assets increased by $2,576 and $2,767 in the 2016 six month period and 2015 six month period, respectively.

 

An increase of $1,951 in accounts payable in the 2016 six month period relates to the repurchase of Griffin’s common stock. Griffin repurchased 60,000 shares of its common stock on May 27, 2016 and made payment subsequent to May 31, 2016.

 

Interest payments were as follows:

 

 

Income Taxes

 

Griffin’s effective income tax benefit rate was 20.2% for the 2016 six month period as compared to an income tax benefit rate of 36.3% for the 2015 six month period. The income tax benefit for the 2016 six month period reflects the effect of a change in Connecticut tax law, effective for Griffin in fiscal 2016, whereby, prospectively, the usage of state net operating loss carryforwards will be limited to 50% of taxable income. Therefore, in the 2016 first quarter, Griffin decreased its expected realization of the tax benefit related to its Connecticut state net operating loss carryforwards. The decrease is based on management's current projections of taxable income in the state of Connecticut in future years that would generate income taxes in excess of capital based taxes. The effective tax rate in the 2016 six month period is based on management’s projections for the balance of the year. To the extent that actual results differ from current projections, the effective income tax rate may change.

 

As of May 31, 2016, Griffin’s consolidated balance sheet includes a net deferred tax asset of $6,605. Although Griffin has incurred a cumulative pretax loss (excluding nonrecurring items) for the three fiscal years ended November 30, 2015, management has concluded that a valuation allowance against its net deferred tax assets is not required.