Income Taxes Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Summary of the provision for income tax expense (benefit)

ncome tax benefit (expense) for the years ended December 31, 2013, 2012, and 2011 consist of the following:



	2013			2012		2011
Current:
Federal	$	349		$	34	$	(2,091	)
State	169			118		(70		)
Total	518			152		(2,161		)
Deferred:
Federal	(366		)	196		(52,450		)
State	(561		)	39		(1,047		)
Total	(927		)	235		(53,497		)
Income tax (benefit) expense	$	(409	)	$	387	$	(55,658	)

Summary of total income tax expense (benefit) allocated in the consolidated financial statements

Total income tax expense (benefit) for the years ended December 31, 2013, 2012, and 2011 was allocated in the consolidated financial statements as follows:



	2013			2012		2011
Income tax (benefit) expense	$	(409	)	$	387	$	(55,658	)
Tax benefits recorded on Consolidated Statement of Changes in Equity:
Excess tax expense on stock-based compensation	—			—		907
Deferred tax expense on accumulated other comprehensive income	—			—		7,888
Total	—			—		8,795
Total income tax (benefit) expense	$	(409	)	$	387	$	(46,863	)

Schedule of effective income tax rate reconciliation

Income tax expense (benefit) attributable to income from operations differed from the amount computed by applying the statutory federal income tax rate of 35% to pre-tax income as a result of the following:



	2013			2012			2011
Tax at the statutory federal rate	$	1,603		$	2,240		$	(135,078	)
State income taxes (net of federal benefit)	160			224			(13,508		)
Increase (decrease) in valuation allowance	(2,218		)	(2,870		)	94,505
Real estate investment trust income exclusion	—			—			(1,468		)
Other	46			793			(109		)
Total income tax (benefit) expense	$	(409	)	$	387		$	(55,658	)

Schedule of deferred tax assets and liabilities

The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities as of December 31, 2013 and 2012 are presented below:



	2013			2012
Deferred tax assets:
Federal net operating carryforwards	$	26,884		$	29,222
State net operating loss carryforwards	20,759			20,888
Impairment losses	151,050			150,514
Prepaid income from land sales	10,210			10,262
Other	4,697			4,968
Total gross deferred tax assets	213,600			215,854
Valuation allowance	(93,058		)	(95,276		)
Total net deferred tax assets	120,542			120,578
Deferred tax liabilities:
Investment in real estate and property and equipment basis differences	1,726			2,055
Deferred gain on land sales and involuntary conversions	31,385			32,255
Prepaid pension asset	15,596			16,173
Installment sale	58,969			58,138
Total gross deferred tax liabilities	107,676			108,621
Net deferred tax asset	$	12,866		$	11,957