Income Taxes (Tables)

9 Months Ended

Sep. 30, 2016

Components of Income Tax Expense (Benefit)

The components of income tax expense (benefit) are as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2016		2015		2016		2015

Current Federal alternative minimum tax (“AMT”) expense	$	8,000	$	56,000	$	149,000	$	175,000
Current state and local tax expense (benefit)		(49,000)		39,000		111,000		135,000
Deferred Federal tax expense (A)		245,000		836,000		1,490,000		3,196,000
Deferred state and local tax expense (benefit)		93,000		78,000		114,000		(394,000)

Consolidated income tax expense, including taxes attributable to discontinued operations (B)		297,000		1,009,000		1,864,000		3,112,000
Less income tax expense attributable to discontinued operations		—		89,000		—		797,000

Income tax expense (C)	$	297,000	$	920,000	$	1,864,000	$	2,315,000

(A)

Includes an AMT (benefit) of $(8,000) and $(56,000) in the three months ended September 30, 2016 and 2015, respectively, and $(149,000) and $(175,000) in the nine months ended September 30, 2016 and 2015, respectively.

(B)

Includes income tax expense attributable to income from discontinued operations.

(C)

Reflects the tax expense from continuing operations as reported on the consolidated statements of operations for the periods presented.