Income Taxes (Tables)

9 Months Ended

Sep. 30, 2014

Summary of the provision for income tax expense (benefit)

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



	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014		2013
Current:
Federal	$	(396	)	$	93		$	64,047	$	93
State	(4		)	169			125		169
Total	(400		)	262			64,172		262
Deferred:
Federal	59			(104		)	40,519		(110		)
State	(45		)	—			10,518		6
Total	14			(104		)	51,037		(104		)
Income tax (benefit) expense	$	(386	)	$	158		$	115,209	$	158

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 September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Tax at the statutory federal rate	$	(180	)	$	1,524		$	186,428		$	1,605
State income taxes (net of federal benefit)	(18		)	153			18,643			161
Decrease in valuation allowance	81			(1,376		)	(90,083		)	(1,476		)
Other	(269		)	(143		)	221			(132		)
Income tax (benefit) expense	$	(386	)	$	158		$	115,209		$	158

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



	September 30,			December 31,
	2014			2013
Deferred tax assets:
Federal net operating carryforwards	$	—		$	26,884
State net operating loss carryforwards	11,906			20,759
Impairment losses	118,203			151,050
Prepaid income from land sales	5,515			10,210
Other	4,324			7,592
Total gross deferred tax assets	139,948			216,495
Valuation allowance	(5,870		)	(95,953		)
Total net deferred tax assets	134,078			120,542
Deferred tax liabilities:
Investment in real estate and property and equipment basis differences	1,438			1,726
Deferred gain on land sales and involuntary conversions	31,574			31,385
Prepaid pension asset	14,729			15,596
Installment sales	126,002			58,969
Total gross deferred tax liabilities	173,743			107,676
Total net deferred tax (liability) asset	$	(39,665	)	$	12,866