Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Summary of the provision for income tax expense (benefit)

Income tax (benefit) expense for the years ended December 31, 2016, 2015, and 2014 consist of the following:



	2016			2015			2014
Current:
Federal	$	(22,416	)	$	(1,377	)	$	69,245
State	(64		)	(138		)	135
Total	(22,480		)	(1,515		)	69,380
Deferred:
Federal	29,796			2,261			35,314
State	(169		)	62			10,813
Total	29,627			2,323			46,127
Income tax expense	$	7,147		$	808		$	115,507

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

Total income tax expense (benefit) for the years ended December 31, 2016, 2015, and 2014 was allocated in the consolidated financial statements as follows:



	2016		2015			2014
Income tax expense	$	7,147	$	808		$	115,507
Income tax recorded in accumulated other comprehensive income (loss)
Income tax expense (benefit)	2,003		(300		)	(127		)
Total income tax expense	$	9,150	$	508		$	115,380

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 or loss as a result of the following:



	2016			2015			2014
Tax at the statutory federal rate	$	8,065		$	(323	)	$	182,700
State income taxes (net of federal benefit)	806			(32		)	18,270
Decrease in valuation allowance	(941		)	(164		)	(86,882		)
Fees and expenses for SEC investigation	—			1,092			—
Other	(783		)	235			1,419
Total income tax expense	$	7,147		$	808		$	115,507

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, 2016 and 2015 are presented below:



	2016			2015
Deferred tax assets:
State net operating loss carryforwards	$	14,956		$	11,400
Alternative minimum tax credit carryforward	13,477			—
Impairment losses	63,108			112,143
Prepaid income from land sales	5,461			5,490
Other	—			1,358
Total gross deferred tax assets	97,002			130,391
Valuation allowance	(5,135		)	(6,012		)
Total net deferred tax assets	91,867			124,379
Deferred tax liabilities:
Investment in real estate and property and equipment basis differences	647			3,071
Deferred gain on land sales and involuntary conversions	28,920			28,691
Installment sales	127,260			126,741
Pension Plan assets transferred to the 401(k) Plan	2,170			2,723
Other	1,716			—
Total gross deferred tax liabilities	160,713			161,226
Net deferred tax liability	$	(68,846	)	$	(36,847	)