Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

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):

	2019		2018		2017
CURRENT:
Federal	$	(120)	$	(118)	$	(1,107)
State		(3,941)		(1,437)		(2,375)
Total current provision		(4,061)		(1,555)		(3,482)
DEFERRED:
Federal		(13,715)		(7,271)		32,308
State		(699)		(2,919)		18,299
Effect of federal tax law change		—		—		2,030
Total deferred (provision) benefit		(14,414)		(10,190)		52,637
Total (provision) benefit for income taxes	$	(18,475)	$	(11,745)	$	49,155

Summary of Taxability of Cash Distributions Paid on Common Shares

	2019		2018		2017
Ordinary income	$	2.55	$	2.67	$	2.97
Capital gains		0.05		0.05		0.03
Return of capital		0.88		—		0.15
	$	3.48	$	2.72	$	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 2019 and 2018 and 35% for 2017 and the actual income tax (provision) benefit recorded for continuing operations are as follows (amounts in thousands):

	2019		2018		2017
Statutory federal income tax provision	$	(30,822)	$	(58,047)	$	(44,431)
Adjustment for nontaxable income of the REIT		15,803		50,075		38,272
State taxes (net of federal tax benefit)		(4,596)		(4,268)		(1,317)
Permanent share-based compensation adjustment		1,257		821		1,446
Other permanent items		(377)		(46)		(251)
Change in federal valuation allowance		556		46		36,156
Change in state valuation allowance (net of federal tax benefit)		(44)		(88)		17,241
Effect of federal tax law change		—		—		2,030
Other		(252)		(238)		9
	$	(18,475)	$	(11,745)	$	49,155

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):

	2019		2018
DEFERRED TAX ASSETS:
Accounting reserves and accruals	$	15,931	$	14,594
Defined benefit plan		4,194		4,620
Deferred management rights proceeds		43,420		44,189
Federal and State net operating loss carryforwards		45,794		59,382
Tax credits and other carryforwards		499		870
Other assets		4,605		4,427
Total deferred tax assets		114,443		128,082
Valuation allowance		(12,387)		(14,210)
Total deferred tax assets, net of valuation allowance		102,056		113,872
DEFERRED TAX LIABILITIES:
Property and equipment, net		61,970		57,931
Investment in joint ventures		12,639		14,135
Goodwill and other intangibles		717		478
Other liabilities		771		771
Total deferred tax liabilities		76,097		73,315
Net deferred tax assets	$	25,959	$	40,557