Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Taxes

Provision for Income Taxes from Continuing Operations

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

	2021		2020		2019
CURRENT:
Federal	$	126	$	(101)	$	(120)
State		(1,077)		(457)		(3,941)
Total current provision		(951)		(558)		(4,061)
DEFERRED:
Federal		(3,646)		(13,565)		(13,715)
State		(360)		(12,961)		(699)
Total deferred provision		(4,006)		(26,526)		(14,414)
Total provision for income taxes	$	(4,957)	$	(27,084)	$	(18,475)

Summary of Taxability of Cash Distributions Paid on Common Shares

	2021		2020		2019
Ordinary income	$	—	$	—	$	2.55
Capital gains		—		0.05		0.05
Return of capital		—		1.80		0.88
	$	—	$	1.85	$	3.48

Differences Between the Income Tax Provision 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 recorded for continuing operations are as follows (amounts in thousands):

	2021		2020		2019
Statutory federal income tax (provision) benefit	$	39,868	$	91,085	$	(30,822)
Adjustment for nontaxable income of the REIT		(16,379)		(33,116)		15,803
Adjustment for noncontrolling interest in consolidated joint venture		(1,834)		(5,010)		(662)
State tax (provision) benefit (net of federal taxes)		8,581		5,876		(4,596)
Permanent share-based compensation adjustment		329		(579)		1,257
Other permanent items		(281)		(200)		(377)
Change in federal valuation allowance		(25,698)		(65,368)		556
Change in state valuation allowance (net of federal taxes)		(9,264)		(19,293)		(44)
Other		(279)		(479)		410
	$	(4,957)	$	(27,084)	$	(18,475)

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):

	2021		2020
DEFERRED TAX ASSETS:
Accounting reserves and accruals	$	26,340	$	17,545
Defined benefit plan		1,074		3,924
Deferred management rights proceeds		43,009		42,424
Federal and State net operating loss carryforwards		105,484		110,869
Tax credits and other carryforwards		1,484		1,114
Other assets		4,477		5,022
Total deferred tax assets		181,868		180,898
Valuation allowance		(125,387)		(97,700)
Total deferred tax assets, net of valuation allowance		56,481		83,198
DEFERRED TAX LIABILITIES:
Property and equipment, net		57,035		71,940
Investment in joint ventures		101		11,048
Other liabilities		4,016		875
Total deferred tax liabilities		61,152		83,863
Net deferred tax liabilities	$	(4,671)	$	(665)