INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Schedule of income tax expense benefit

For financial reporting purposes, income before income taxes were:

	Years Ended December 31
	2017			2016		2015
	(in thousands)
TOTAL	$	(15,136	)	$	345	$	(7,239	)

The expense (benefit) for income taxes consists of:

	Years Ended December 31
	2017			2016			2015
	(in thousands)
Current:
Federal	$	(5,603	)	$	121		$	(2,534	)
State		10			—			—
Deferred and other:
Federal		5,603			(98	)		3,534
State		170			—			—
Total Tax Expense	$	180		$	23		$	1,000

Schedule of reconciliation between effective tax rate on income from continuing operations and the statutory rate

The reconciliation between the Company’s effective tax rate on income from continuing operations and the statutory rate is as follows:

	Years Ended December 31
	2017			2016			2015
	(in thousands)
Income tax expense (benefit) at federal statutory rate	$	(5,603	)	$	121		$	(2,759	)
State and local income taxes net of federal tax benefit		10			—			—
Repricing of deferred assets due to change in future rates		(19,871	)		—			—
Change in valuation allowance		25,644			(97	)		3,276
Calculated income tax (benefit) expense		180			24			517
Effective Tax Rate		N/A			6.9%			N/A

Schedule of components of net deferred tax assets or liabilities

Components of the Net Deferred Tax Asset or Liability

	Years Ended December 31
	2017			2016
	(in thousands)
Allowance for losses on notes	$	383		$	639
Installment note on land sale		2,876			4,793
Deferred gain		6,814			14,537
Net operating loss carryforward		46,709			66,015
Subtotal		56,782			85,984
Less:  valuation allowance		(29,806	)		(48,926	)
Total net deferred tax assets		26,976			37,058
Basis differences for fixed assets		26,976			37,058
Total deferred tax liability		26,976			37,058
Net deferred tax asset (liability)		—			—
Current net deferred tax asset		26,976			37,058
Long-term net deferred tax liability	$	26,976		$	37,058
Net deferred tax asset (liability)		—			—