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 Tax Disclosure [Abstract]  
Schedule of components of the provision for income taxes
    Year Ended
December 31,		  
    2014     2013     2012  
Current:                        
Bermuda   $ —     $ —     $ —  
United States     (9,162 )     8,098       —  
Foreign - Other     3,278       860       706  
Total current     (5,884 )     8,958       706  
                         
Deferred:                        
Bermuda     —       —       —  
United States     3,617       2,844       —  
Foreign - Other     —       —       —  
Total deferred:     3,617       2,844       —  

 

Income tax expense (benefit)   $ (2,267 )   $ 11,802     $ 706  
Schedule of reconciliation of income tax expense
    Year Ended
December 31,		  
    2014     2013     2012  
Tax at Bermuda statutory rate   $ —     $ —     $ —  
Foreign income taxes at different rates     2,813       14,020       706  
                         
Benefit from global tax platform(1)     —       (6,074 )     —  
Tax contingencies     275       1,394       —  
Return to provision adjustments     (14,444 )     —          
(Benefit) expense from change in tax status     (1,462 )     2,462       —  
Valuation allowance     10,551       —       —  
Income tax expense (benefit)   $ (2,267 )   $ 11,802     $ 706  

 

 

(1) During 2013, we implemented a restructuring plan to provide a global tax platform for international expansion. As part of the plan, the Company became a tax resident of the U.K. As such, it qualifies for relief from U.S. Branch Profits taxes under the U.S.-U.K. Tax Treaty. In addition, the restructuring resulted in additional interest and depreciation which reduced the Company’s overall income tax expense.
Schedule of deferred tax assets and liabilities
   

As of December 31,

  
   

2014

    

2013
Deferred tax assets:                
Loss carryforwards   $ 77,031     $ 28,351  
Shares in foreign subsidiary     17,808       59,587  
Other     1,121       2,920  
Valuation allowance     (81,704 )     (84,695 )
Total net deferred assets     14,256       6,163  
Deferred tax liabilities:                
Property and equipment     (20,888 )     (6,367 )
Total deferred tax liabilities     (20,888 )     (6,367 )
Net deferred tax liability   $ (6,632 )   $ (204 )
Schedule of reconciliation of the total amounts of unrecognized tax benefits
    Year Ended
December 31,
2014		  
Unrecognized tax benefits, beginning of year   $ 10,894  
Gross increases in tax positions in current period     280  
Unrecognized tax benefits, end of year   $ 11,174