2013 2014 Deferred tax assets: (In thousands) Accrued expenses $ 5,772 $ 6,936 Net operating loss carryforwards 31.985 32,147 Stock-based compensation 7,524 13.142 Fair value investments 2.936 3.708 Other 4,450 3,172 Total deferred tax assets 52,667 59,105 Less valuation allowance (23,202) (24,805) Net deferred tax assets 29,465 34,300 Deferred tax liabilities: Intangible and other assets (67,554) (69,131) Other (4,682) (6,028) Total deferred tax liabilities (72,236) (75,159) Net deferred tax liabilities $ (42,771) $ (40,859) At December 31, 2014, the Company has federal and stale net operating losses ('NOLs") of $24.4 million and $8.3 million, respectively. If not utilized, the federal NOLs will expire at various times between 2031 and 2034, and the state NOLs win expire at various times between 2015 and 2034. Utilization of federal and slate NOLs will be subject to limitations under Section 382 of the Internal Revenue Code, and applicable state law. At December 31, 2014, the Company has foreign NOLs of $78.3 million available to offset future income. Of these foreign NOLs. $75.4 million can be carded forward indefinitely and $2.9 million will expire at various times between 2015 and 2034. During 2014. the Company recognized tax benefits related to NOLs of $0.8 million. During 2014. the Company's valuation allowance increased by $1.6 million unmanly due to an increase in federal NOLs. At December 31. 2014. the Company has a valuation allowance of $24.8 million related to the portion of NOLs and other items for which it is more likely than riot that the tax benefit will not be realized. F-36 Table of Contents A reconciliation of the income tax provision to the amounts computed by applying the statutory federal income tax rate to earnings before income taxes is shown as follows: Yearn ended December 31, 2012 2013 2014 (In thousands) Income tax provision at the federal statutory rate of 35% $ 52,400 $ 65.535