Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

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):

	2020		2019		2018
CURRENT:
Federal	$	(101)	$	(120)	$	(118)
State		(457)		(3,941)		(1,437)
Total current provision		(558)		(4,061)		(1,555)
DEFERRED:
Federal		(13,565)		(13,715)		(7,271)
State		(12,961)		(699)		(2,919)
Total deferred provision		(26,526)		(14,414)		(10,190)
Total provision for income taxes	$	(27,084)	$	(18,475)	$	(11,745)

Summary of Taxability of Cash Distributions Paid on Common Shares

	2020		2019		2018
Ordinary income	$	—	$	2.55	$	2.67
Capital gains		0.05		0.05		0.05
Return of capital		1.80		0.88		—
	$	1.85	$	3.48	$	2.72

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% and the actual income tax (provision) benefit recorded for continuing operations are as follows (amounts in thousands):

	2020		2019		2018
Statutory federal income tax (provision) benefit	$	91,085	$	(30,822)	$	(58,047)
Adjustment for nontaxable income of the REIT		(33,116)		15,803		50,075
Adjustment for noncontrolling interest in consolidated joint venture		(5,010)		(662)		—
State taxes (net of federal tax benefit)		5,876		(4,596)		(4,268)
Permanent share-based compensation adjustment		(579)		1,257		821
Other permanent items		(200)		(377)		(46)
Change in federal valuation allowance		(65,368)		556		46
Change in state valuation allowance (net of federal tax benefit)		(19,293)		(44)		(88)
Other		(479)		410		(238)
	$	(27,084)	$	(18,475)	$	(11,745)

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):

	2020		2019
DEFERRED TAX ASSETS:
Accounting reserves and accruals	$	17,545	$	15,931
Defined benefit plan		3,924		4,194
Deferred management rights proceeds		42,424		43,420
Federal and State net operating loss carryforwards		110,869		45,794
Tax credits and other carryforwards		1,114		499
Other assets		5,022		4,605
Total deferred tax assets		180,898		114,443
Valuation allowance		(97,700)		(12,387)
Total deferred tax assets, net of valuation allowance		83,198		102,056
DEFERRED TAX LIABILITIES:
Property and equipment, net		70,856		61,970
Investment in joint ventures		11,048		12,639
Intangibles		1,084		717
Other liabilities		875		771
Total deferred tax liabilities		83,863		76,097
Net deferred tax assets (liabilities)	$	(665)	$	25,959