Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Summary of the provision for income tax expense (benefit)

Income tax expense (benefit) for the years ended December 31, 2015, 2014, and 2013 consist of the following:



	2015			2014		2013
Current:
Federal	$	(1,377	)	$	69,245	$	349
State	(138		)	135		169
Total	(1,515		)	69,380		518
Deferred:
Federal	2,261			35,314		(366		)
State	62			10,813		(561		)
Total	2,323			46,127		(927		)
Income tax expense (benefit)	$	808		$	115,507	$	(409	)

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

Total income tax expense (benefit) for the years ended December 31, 2015, 2014, and 2013 was allocated in the consolidated financial statements as follows:



	2015		2014		2013
Income tax expense (benefit)	$	808	$	115,507	$	(409	)
Income tax recorded in Accumulated other comprehensive income
Income tax benefit	300		127		—
Total income tax expense (benefit)	$	508	$	115,380	$	(409	)

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:



	2015			2014			2013
Tax at the statutory federal rate	$	(323	)	$	182,700		$	1,603
State income taxes (net of federal benefit)	(32		)	18,270			160
Decrease in valuation allowance	(164		)	(86,882		)	(2,218		)
Fees and expenses for SEC investigation	1,092			—			—
Other	235			1,419			46
Total income tax expense (benefit)	$	808		$	115,507		$	(409	)

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, 2015 and 2014 are presented below:



	2015			2014
Deferred tax assets:
State net operating loss carryforwards	$	11,400		$	11,336
Impairment losses	112,143			116,451
Prepaid income from land sales	5,490			5,507
Other	1,358			1,398
Total gross deferred tax assets	130,391			134,692
Valuation allowance	(6,012		)	(6,176		)
Total net deferred tax assets	124,379			128,516
Deferred tax liabilities:
Investment in real estate and property and equipment basis differences	3,071			2,484
Deferred gain on land sales and involuntary conversions	28,691			31,574
Installment sales	126,741			126,225
Pension Plan assets transferred to the 401(k) Plan	2,723			3,057
Total gross deferred tax liabilities	161,226			163,340
Net deferred tax liability	$	(36,847	)	$	(34,824	)