INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2017

The Company’s federal and state income tax benefit (expense) from continuing operations is summarized in the following table (in thousands):

The effect of temporary differences that give rise to a significant portion of deferred taxes is as follows (in thousands):



	December 31,
	2017			2016
Deferred tax assets:
Reserves not currently deductible	$	10,707		$	19,249
Net operating loss carryforwards	110,773			122,420
Goodwill and intangibles (tax deductible)	12,757			25,268
Accrued expenses	95			467
Property basis differences	2,813			2,578
Stock based compensation	2,371			6,887
Other	—			638
Total deferred tax assets	139,516			177,507
Deferred tax liabilities:
Other	(180		)	—
Less: valuation allowance	(138,238		)	(179,788		)
Net deferred tax asset	1,098			(2,281		)
Deferred taxes	$	1,098		$	(2,281	)

The Company’s reconciliation of the statutory rate to the effective income tax rate from continuing operations is as follows (in thousands):



	Year Ended December 31,
	2017			2016			2015
Tax benefit at statutory rate	$	23,654		$	11,907		$	114,222
State tax benefit, net of federal taxes	4,587			1,398			8,414
Change in valuation allowance	41,550			(14,725		)	(57,567		)
Change in tax contingencies	10			66			37
Alternative minimum tax receivable	925			—			—
Corporate tax rate changes	(67,707		)	—			—
Goodwill impairment	—			—			(43,362		)
Other	1,111			(661		)	(212		)
Tax benefit (expense)	$	4,130		$	(2,015	)	$	21,532

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in thousands):



	Year Ended December 31,
	2017			2016			2015
Unrecognized tax benefits balance at January 1,	$	1,021		$	1,067		$	1,096
Lapse of statute of limitations	(7		)	(46		)	(29		)
Unrecognized tax benefits balance at December 31,	$	1,014		$	1,021		$	1,067