Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2016
Income Taxes  
Schedule of income tax provision

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 

 

(in thousands of dollars)

    

2016

    

2015

    

2014

 

Current tax expense:

 

   

 

 

   

 

 

   

 

 

Federal

 

$
3,758

 

$

 —

 

$
53

 

State

 

 
223

 

 
113

 

 

 —

 

Total current expense

 

 
3,981

 

 
113

 

 
53

 

Deferred tax expense (benefit):

 

 

 

 

 

 

 

 

 

 

Federal

 

 
(27,245)

 

 
(1,137)

 

 
22,140

 

State

 

 
(522)

 

 
(1,757)

 

 
4,025

 

Total deferred expense (benefit)

 

 
(27,767)

 

 
(2,894)

 

 
26,165

 

Total tax expense (benefit)

 

$
(23,786)

 

$
(2,781)

 

$
26,218

 

Tax expense (benefit) attributable to controlling interests

 

 
(23,263)

 

 
(1,160)

 

 
22,819

 

Tax expense attributable to non-controlling interests

 

 
(523)

 

 
(1,621)

 

 
3,399

 

Total income tax expense (benefit)

 

$
(23,786)

 

$
(2,781)

 

$
26,218

 

 

Schedule of reconciliation of the Company's provision for income taxes as reported and the amount computed by multiplying income before taxes, less non-controlling interest, by the U.S. federal statutory rate

 

 

 

 

 

 

 

 

 

 

 

(in thousands of dollars)

    

2016

    

2015

    

2014

 

Provision calculated at federal statutory income tax rate:

 

   

 

 

   

 

 

   

 

 

Net income before taxes

 

$
(108,591)

 

$
(11,858)

 

$
251,838

 

Statutory rate

 

 
35

%  

 
35

%  

 
35

%  

Income tax expense (benefit) computed at statutory rate

 

$
(38,007)

 

$
(4,150)

 

$
88,144

 

Less: Non-controlling interests

 

 
14,972

 

 
2,911

 

 
(65,759)

 

Income tax expense (benefit) attributable to controlling interests

 

 
(23,035)

 

 
(1,239)

 

 
22,385

 

State and local income taxes, net of federal benefit

 

 
(622)

 

 
(1,011)

 

 
626

 

Reduction of TRA liability

 

 
(282)

 

 
(694)

 

 

 —

 

Equity compensation, shortfall

 

 

 —

 

 
338

 

 

 —

 

Change in enacted rate

 

 

 —

 

 
(650)

 

 

 —

 

Change in valuation allowance

 

 
950

 

 
2,333

 

 

 —

 

Other

 

 
(274)

 

 
(237)

 

 
(192)

 

Tax expense (benefit) attributable to controlling interests

 

 
(23,263)

 

 
(1,160)

 

 
22,819

 

Tax expense attributable to non-controlling interests

 

 
(523)

 

 
(1,621)

 

 
3,399

 

Total income tax expense (benefit)

 

$
(23,786)

 

$
(2,781)

 

$
26,218

 

 

Schedule of significant components of the Company's deferred tax assets and deferred tax liability

 

 

 

 

 

 

 

 

 

 

As of December 31, 

 

(in thousands of dollars)

    

2016

    

2015

 

Deferred tax assets

 

   

 

 

   

 

 

Net operating loss

 

$
8,687

 

$
9,414

 

Section 754 election tax basis adjustment

 

 
51,154

 

 
47,100

 

Other deferred tax asset

 

 

 —

 

 
505

 

Total deferred tax assets

 

 
59,841

 

 
57,019

 

Deferred tax liabilities

 

 

 

 

 

 

 

Investment in consolidated subsidiary JEH

 

 
56,888

 

 
73,559

 

Noncurrent state deferred tax liability

 

 
2,703

 

 
4,099

 

Total deferred tax liabilities

 

 
59,591

 

 
77,658

 

Net deferred tax assets (liabilities)

 

 
250

 

 
(20,639)

 

Valuation allowance

 

 
(3,155)

 

 
(2,333)

 

Net deferred tax assets (liabilities)

 

$
(2,905)

 

$
(22,972)