Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Taxes

(Provision) Benefit for Income Taxes from Continuing Operations

The income tax (provision) benefit for continuing operations consists of the following (amounts in thousands):

	2018		2017		2016
CURRENT:
Federal	$	(118)	$	(1,107)	$	(1,788)
State		(1,437)		(2,375)		(1,291)
Total current provision		(1,555)		(3,482)		(3,079)
DEFERRED:
Federal		(7,271)		32,308		321
State		(2,919)		18,299		(642)
Effect of federal tax law change		—		2,030		—
Total deferred (provision) benefit		(10,190)		52,637		(321)
Total (provision) benefit for income taxes	$	(11,745)	$	49,155	$	(3,400)

Summary of Taxability of Cash Distributions Paid on Common Shares

The estimated taxability of cash distributions to common shareholders is as follows (per common share):

	2018		2017		2016
Ordinary income	$	2.67	$	2.97	$	2.98
Capital gains		0.05		0.03		0.17
Return of capital		—		0.15		—
	$	2.72	$	3.15	$	3.15

Differences Between the Income Tax (Provision) Benefit Calculated at the Statutory U.S. Federal Income Tax Rate of 35% and the Actual Income Tax Benefit Recorded for Continuing Operations

The differences between the income tax provision calculated at the statutory U.S. federal income tax rate of 21% for 2018 and 35% for 2017 and 2016 and the actual income tax (provision) benefit recorded for continuing operations are as follows (amounts in thousands):

	2018		2017		2016
Statutory federal income tax provision	$	(58,047)	$	(44,431)	$	(56,914)
Adjustment for nontaxable income of the REIT		50,075		38,272		48,680
State taxes (net of federal tax benefit)		(4,268)		(1,317)		(1,705)
Permanent share-based compensation adjustment		821		1,446		1,571
Other permanent items		(46)		(251)		(200)
Federal valuation allowance reversal		46		36,156		5,519
State valuation allowance reversal (net of federal tax benefit)		(88)		17,241		(228)
Effect of federal tax law change		—		2,030		—
Other		(238)		9		(123)
	$	(11,745)	$	49,155	$	(3,400)

Components of Company's Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities at December 31 are as follows (amounts in thousands):

	2018		2017
DEFERRED TAX ASSETS:
Accounting reserves and accruals	$	14,594	$	14,830
Defined benefit plan		4,620		4,148
Deferred management rights proceeds		44,189		44,651
Federal and State net operating loss carryforwards		59,382		44,789
Tax credits and other carryforwards		870		640
Investment in joint ventures		—		317
Other assets		4,427		4,353
Total deferred tax assets		128,082		113,728
Valuation allowance		(14,210)		(14,616)
Total deferred tax assets, net of valuation allowance		113,872		99,112
DEFERRED TAX LIABILITIES:
Property and equipment, net		57,931		47,416
Investment in joint ventures		14,135		—
Goodwill and other intangibles		478		705
Other liabilities		771		874
Total deferred tax liabilities		73,315		48,995
Net deferred tax assets	$	40,557	$	50,117