Income Taxes (Tables)

6 Months Ended

Jun. 30, 2014

Summary of the provision for income tax expense (benefit)

Income tax expense (benefit) for the three and six months ended June 30, 2014 and 2013 consists of the following:



	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014		2013
Current:
Federal	$	(19,770	)	$	—		$	64,443	$	—
State	(31		)	—			129		—
Total	(19,801		)	—			64,572		—
Deferred:
Federal	28,415			(6		)	40,459		(6		)
State	76			6			10,563		6
Total	28,491			—			51,022		—
Income tax expense	$	8,690		$	—		$	115,594	$	—

Schedule of effective income tax rate reconciliation

Income tax expense 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:



	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Tax at the statutory federal rate	$	8,154		$	947		$	186,619		$	81
State income taxes (net of federal benefit)	816			95			18,662			8
Decrease in valuation allowance	(864		)	(907		)	(90,164		)	(100		)
Other	584			(135		)	477			11
Income tax expense	$	8,690		$	—		$	115,594		$	—

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 June 30, 2014 and December 31, 2013 are presented below:



	June 30,			December 31,
	2014			2013
Deferred tax assets:
Federal net operating carryforwards	$	—		$	26,884
State net operating loss carryforwards	11,800			20,759
Impairment losses	118,361			151,050
Prepaid income from land sales	5,517			10,210
Other	4,156			7,592
Total gross deferred tax assets	139,834			216,495
Valuation allowance	(5,789		)	(95,953		)
Total net deferred tax assets	134,045			120,542
Deferred tax liabilities:
Investment in real estate and property and equipment basis differences	1,794			1,726
Deferred gain on land sales and involuntary conversions	30,812			31,385
Prepaid pension asset	15,087			15,596
Installment sales	126,452			58,969
Total gross deferred tax liabilities	174,145			107,676
Total net deferred tax (liability) asset	$	(40,100	)	$	12,866