Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Schedule of Income Tax Benefit from Continuing Operations

The income tax benefit from continuing operations for the years ended December 31, 2016, December 31, 2015, and December 31, 2014 is comprised of the following (in thousands):

	2016
	Federal			State			Total
Current income tax expense	$	121		$	—		$	121
Deferred income tax expense		(1,470	)		(140	)	$	(1,610	)
Income tax benefit	$	(1,349	)	$	(140	)	$	(1,489	)

	2015
	Federal		State		Total
Current income tax benefit	$	63	$	—	$	63
Deferred income tax benefit		17,735		2,825	$	20,560
Income tax benefit	$	17,798	$	2,825	$	20,623

	2014
	Federal			State			Total
Current income tax benefit	$	(10	)	$	(1	)	$	(11	)
Deferred income tax benefit		(15,472	)		(1,512	)		(16,984	)
Income tax benefit	$	(15,482	)	$	(1,513	)	$	(16,995	)

Schedule of Income Tax Benefit Computed Using Federal Statutory Income Tax Rate

The income tax benefit for the years ended December 31, 2016, December 31, 2015, and December 31, 2014 differs from the amount that would be computed using the federal statutory income tax rate due to the following (in thousands):

	For the Years Ended December 31,
	2016			2015		2014
Computed federal tax expense (benefit) at statutory rate	$	(1,476	)	$	14,275	$	16,298
State income taxes - net of federal tax benefit		(140	)		1,865		2,056
Gain on condemnation of Valencia		—			4,312		—
Valuation allowance		—			—		(35,800	)
Other differences		127			171		451
Income tax expense	$	(1,489	)	$	20,623	$	(16,995	)

Summary of Deferred Tax Assets and Deferred Tax Liabilities Including Valuation Allowance

The following table summarizes the Company’s temporary differences between book and tax accounting that give rise to the deferred tax assets and deferred tax liabilities, including the valuation allowance, as of December 31, 2016 and December 31, 2015 (in thousands):

	December 31, 2016			December 31, 2015
DEFERRED TAX ASSETS:
Taxable meter deposits	$	40		$	46
Net operating loss carry forwards		4,976			5,322
Balterra intangible asset acquisition		336			336
Deferred gain on Sale of GWM		1,652			1,705
Deferred gain on ICFA funds received		7,350			7,346
Equity investment loss		459			333
Property, plant and equipment		—			863
Other		1,606			482
Total deferred tax assets		16,419			16,433
Valuation allowance		(9	)		(9	)
Net deferred tax asset		16,410			16,424

DEFERRED TAX LIABILITIES:
CP Water intangible asset acquisition		(571	)		(571	)
ICFA intangible asset		(502	)		(141	)
Property, plant and equipment		(642	)		—
Gain on condemnation of Valencia		(17,078	)		(19,876	)
Total deferred tax liabilities		(18,793	)		(20,588	)
Net deferred tax liability	$	(2,383	)	$	(4,164	)