Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Summary of the provision for income tax expense (benefit)

Income tax (expense) benefit for the years ended December 31, 2014, 2013, and 2012 consist of the following:



	2014		2013			2012
Current:
Federal	$	69,245	$	349		$	34
State	135		169			118
Total	69,380		518			152
Deferred:
Federal	35,314		(366		)	196
State	10,813		(561		)	39
Total	46,127		(927		)	235
Income tax expense (benefit)	$	115,507	$	(409	)	$	387

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

Total income tax expense (benefit) for the years ended December 31, 2014, 2013, and 2012 was allocated in the consolidated financial statements as follows:



	2014		2013			2012
Income tax expense (benefit)	$	115,507	$	(409	)	$	387
Income tax recorded in Accumulated other comprehensive income
Income tax benefit	127		—			—
Total income tax expense (benefit)	$	115,380	$	(409	)	$	387

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:



	2014			2013			2012
Tax at the statutory federal rate	$	182,700		$	1,603		$	2,240
State income taxes (net of federal benefit)	18,270			160			224
Decrease in valuation allowance	(86,882		)	(2,218		)	(2,870		)
Other	1,419			46			793
Total income tax expense (benefit)	$	115,507		$	(409	)	$	387

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, 2014 and 2013 are presented below:



	2014			2013
Deferred tax assets:
Federal net operating carryforwards	$	—		$	26,884
State net operating loss carryforwards	11,336			20,759
Impairment losses	116,451			151,050
Prepaid income from land sales	5,507			10,210
Other	1,398			4,697
Total gross deferred tax assets	134,692			213,600
Valuation allowance	(6,176		)	(93,058		)
Total net deferred tax assets	128,516			120,542
Deferred tax liabilities:
Investment in real estate and property and equipment basis differences	2,484			1,726
Deferred gain on land sales and involuntary conversions	31,574			31,385
Installment sale	126,225			58,969
Pension Plan assets transferred to the 401(k) Plan	3,057			—
Prepaid pension asset	—			15,596
Total gross deferred tax liabilities	163,340			107,676
Net deferred tax (liability) asset	$	(34,824	)	$	12,866